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For its' age (which is not that old), I'd say it looks like a very well-maintained home. Cosmetic updates could be done at one's leisure and preference. The geothermal system is a real plus, IMHO. However, if the house is indeed on a cistern, I would need to price out the cost of either drilling a well or connecting to public water. There is no way I'd want to depend on rainfall totals for my total water usage. Either of those costs could price it out of the OP's comfort range, even if they got the price down to their max of $325K.
Where does it say that the house is on a cistern ? It's most likely on a drilled well. The OP can check that out real quick with a call to the agent if they didn't know to check for that him/her self when viewing the house.
Where does it say that the house is on a cistern ? It's most likely on a drilled well. The OP can check that out real quick with a call to the agent if they didn't know to check for that him/her self when viewing the house.
I took the "cistern" aspect from Post #70, which is why I said "if it's on a cistern". Obviously if it's on a drilled well then they can buy it as is (I certainly would) or factor in the cost of connecting to public water.
Where does it say that the house is on a cistern ? It's most likely on a drilled well. The OP can check that out real quick with a call to the agent if they didn't know to check for that him/her self when viewing the house.
My husband and I found the perfect house! The location is a gem. It is on a private driveway up a hill and the 3 acre property overlooks farm land. 12 minutes to his job, right near town, near the highway, A+ school district. Our max budget was 325 MOVE IN READY...this house is 350.
The house was built in the 70's...and the entire house has not been updated since the 70's! The appliances are from the 70's, the layout, the doors...everything!
If we could get the property for 325...it would take at least 5-10 years to be able to afford all the renovations and updates needed...even if we take it one project at a time...I feel like it would be a never ending project...
Is it worth it? What do you do in a situation like this? My gut is telling me no...but the property has exceeded our expectations! Thanks so much in advance for your wisdom and guidance!
The first thing you need to do is consult a good dictionary for the definitions of "needed" and "desired."
It seems to me that everyone here is arguing about the color of the bathroom and how the doing some work by yourself over time would make it cheaper and how you don't need an HGTV house - but most people seem to be getting away from the simple fact that this house is OVER YOUR BUDGET FOR MOVE IN READY.
Unless you have a really lax idea of what your budget is, that means if you buy this place, you're already in the hole. That means that if there's a problem or the boiler goes or there's a problem with the wiring/electrical/plumbing that's 40 YEARS OLD AND LIKELY NOT UP TO CODE then you're screwed.
Forget if the toilet is pink or beige. You're leaving yourself no cushion for problems. You're buying outside of your means to get something "better" but how is it better if you can't afford it? I can buy a better house than I have if I buy something that's over my budget too - but then what?
I don't see why people are telling you to buy it and paint the cabinets. Who cares about the cabinets? It's the behind the scenes stuff that's going to bury you in this house.
Do yourself a favor and walk away.
My husband and I found the perfect house! The location is a gem. It is on a private driveway up a hill and the 3 acre property overlooks farm land. 12 minutes to his job, right near town, near the highway, A+ school district. Our max budget was 325 MOVE IN READY...this house is 350.
The house was built in the 70's...and the entire house has not been updated since the 70's! The appliances are from the 70's, the layout, the doors...everything!
If we could get the property for 325...it would take at least 5-10 years to be able to afford all the renovations and updates needed...even if we take it one project at a time...I feel like it would be a never ending project...
Is it worth it? What do you do in a situation like this? My gut is telling me no...but the property has exceeded our expectations! Thanks so much in advance for your wisdom and guidance!
To me it does NOT sound like the perfect house for you. For one, it's over your budget. Do not buy more than you can afford. It may seem like it's doable now, but at some point you will regret it.
Secondly, if you need to update everything then that's ALOT of $$$, again not the perfect house. If it was already updated or WAY cheaper so you can afford the updates now instead over 10 years then maybe, but that is not the case. You would also get tired quickly of living in a house constantly being renovated.
It seems to me that everyone here is arguing about the color of the bathroom and how the doing some work by yourself over time would make it cheaper and how you don't need an HGTV house - but most people seem to be getting away from the simple fact that this house is OVER YOUR BUDGET FOR MOVE IN READY.
No, what we are saying is that by any REASONABLE definition, the house IS move-in ready! Any updates are cosmetic and strictly optional. IF the location and the lot are as perfect as the OP claims, it would be a pity to rule the house out solely because of strictly cosmetic issues.
But yes, the listing price is over the OP's budget, so if the seller won't come down significantly, that rules the house out.
Quote:
That means that if there's a problem or the boiler goes or there's a problem with the wiring/electrical/plumbing that's 40 YEARS OLD AND LIKELY NOT UP TO CODE then you're screwed.
There's no requirement that older houses be retrofitted to meet modern building code, and most are not. Unless the OP buys a brand-new home directly from a builder, any house she buys will not be "up to code." It's no big deal, as long as the major mechanical systems have been maintained properly and are in good shape.
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