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Listing price was about 500K a year ago - it's down to about 400K now, but I have it on decent information offers (even grotesque offers) will be entertained. So that's part 1 - they accept my grotesque offer.
It has been unoccupied (but heated and electrified) for three years, and only sporadically inhabited for five years before that. Health problems (the occupants, not the house).
It's in the MidWest, so let's call it a relatively inexpensive market, not near a big city. There is winter here, lots of snow.
I totally agree - if it were a "classic" actually older home - I'd be more enthused. Having said that - it's not traditional or generic in the least (crappy 70s construction notwithstanding). It was an architectural design, hints of euro flavor, kind of a failed effort to recreate an English Country Estate. Today, it looks roughly like an apartment building. My wife denies this. She says it looks like a fairy tale. So there ya go! Men vs Women!
What is the heat source? Oil-based? A forced air furnace? A boiler with hydronic heat (circulates essentially a warmed antifreeze through pipes underneath the floor)? Have they been maintained properly? Multiple systems? Motorized dampers that open/close to route warm air to the correct locations? How many thermostats - and are they in the correct locations? Do some rooms get too hot while others are cold? etc?
Will it need a new furnace sometime soon?
What is the AC system? Is it older - with the old refrigerant that is harmful to the Ozone Layer (and hence no longer available, and hence maintenance on that AC system can be a major problem) Or with the more modern refrigerant? How old is that compressor motor? etc, etc?
How old is the water heater? Has it been maintained properly (e.g., periodic draining of the tank to expel sediment, and periodic replacement of its sacrificial anode rod?) Might it be on its last legs?
Does it have a water softener? If so, how old is it? Does it seem to still work?
What type of piping does the house have?
What is the capacity of the electrical panel? Small-ish (e.g., 200 amp) or larger? A 600 amp panel would be preferred.
Finish plumbing fixtures might be old enough it could be difficult to get replacement parts.
While the house is nice sized (8Ksf), its space allocation sounds dated and outmoded - lots of small rooms.
Of course, it needs a thorough analysis of the foundation & roof. Any yellow flags in the foundation means you should run, not walk, away. What about drainage?
And, of course, the roof - how old is it? Might it need a complete re-roof? What about the windows - might it need new windows - and doors?
First - a pre-offer inspection is my plan - so the red flags or even yellow flags are likely deal breakers - but I'll tell you what I know and saw:
Heat is forced air, several furnaces, new controls. Not sure when the furnace was replaced, but it's not original. Same with the hot water tank.
The roof was inspected - it's 15 years old. I'm not saying it's perfect. I'm saying it's not 40 years old - their inspector, not mine, I'll get my own.
Water softeners not a thing around here - I understand the need in some places, but not here.
Pipes - copper is what I saw - but disguises are possible and I didn't look everywhere. This is a question for the inspector - if it's galvanized, we're out.
I'm an electrical guy, it's got plenty o' juice there, no worries. That's the one part of this I'm capable of. It will still be inspected (not by me).
It is not lots of small rooms. it's the opposite. All large square rooms, and not that many of them EXCEPT the bathrooms. Several rooms are 600 sq ft or more. Lots of paint. Lots.
Windows are good, updated in last 15 years. Again, their words, not mine. Inspect. But for a house this size - not as many as there could be!
Finally - the flooring - it's not to my taste, but it's usable. Some rooms have new-ish carpet, livable for now, but most do not. Some rooms have tile or wood floors, these can wait - no damage or only cosmetic damage. From the basement - looking up - the floors seem fine, but
I'm no house-builder. To be sure - new floor coverings for several rooms are required - the 2nd floor, in particular, has several rooms with what just might be the original carpet. Not a hurry on that tho.
You'll NEVER get your money back on a place like that. The market for a huge house is extremely limited. Hardly anyone has a big enough family to need a 10 bathroom house (which assumes at least 6-8 bedrooms?).
Watch the movie 'The Money Pit'.
I would agree that since this house is so large or a normal residential area, it will be very difficult to sell.
Other than resale, if you are not skilled enough and have the time to dedicate to working on the house and being able to do at least 50% of the work yourself, chances are it will be a money pit as JonahWicky has mentioned. And, your wife will be miserable during the process.
I'm talking "gas station bathrooms are preferable" kind of awful. Really - really - awful. I don't know if they kept livestock in there or what. But they didn't keep a toilet brush, that's pretty clear.
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Originally Posted by roodd279
Finally - the flooring - it's not to my taste, but it's usable. Some rooms have new-ish carpet, livable for now, but most do not. Some rooms have tile or wood floors, these can wait - no damage or only cosmetic damage. From the basement - looking up - the floors seem fine, but
I'm no house-builder. To be sure - new floor coverings for several rooms are required - the 2nd floor, in particular, has several rooms with what just might be the original carpet. Not a hurry on that tho.
You really think the people who never met a toilet brush gave a damn about keeping their carpets clean? Whatever ick is in those bathrooms has been tracked over every floor in that house.
I like where Rational is going with his line of questioning, the answer to your Big Question will probably reside in the answers to many Small Questions. I, for one, would be interested in knowing how large the footprint is, how many stories it has, etc.. Have the doors and windows been replaced? If not, you're probably looking at maybe fifty grand just for those, depending on complexity (tall arched or bay windows cost a lot more than small double-hung). Is it an interesting layout (say, with a courtyard or walkout basement), or is it a "big box", as you alluded with your "apartment building" description? Attached garage? Outbuildings? Zoned for horses? Land suitable for a "hobby farm"? Water availability and quality? Quality services nearby? Well and septic? LP gas for heat? What has been the gas usage for the past three years (likely increase it by 50% for occupied vs. unoccupied)
The Good News is, a house built in 1979 has a much lower chance of being full of lead paint or asbestos than a home built in decades prior. The Bad News is, homes from the 70's have their own architectural demons - particle and chipboard construction, aluminum wiring, thin drywall, etc.. The area you described is also a turnoff, especially if it's in a state with high real estate taxes (Wisconsin, or worse, Illinois). A large house in an area with cold winters and relatively high summer dewpoints limits your ability to zone it off and heat/cool portions of it (as was mentioned previously), I'd feel a lot better if it were located in West Texas or New Mexico (low humidity and mild winters). Also, if it were in Utah, for instance, you'd have a lot better potential finding a family with ten kids to live in it when you do get ready to sell. The rural Midwest? Demographics are not your friend here, the rural Midwest is being depopulated - a report came out recently that said all ten MSA's in IL lost population last year, the first time that's ever happened.
At age 50, you're probably only fifteen years or so from looking to downsize, you'd just be getting it to where you want it by the time you need to get rid of it. Personally, I'd love to have 8000 square feet on ten acres (in a warm semi-arid climate) but I want it in a Barndominium that only has a thousand square feet that I have to heat, cool, furnish and pay "livable space" taxes on. What you're describing would feel overwhelming to me - I can't imagine keeping 8000 square feet dusted, let alone furnished. If you were thinking about related living, renting out rooms, opening a B&B (especially if it's near a touristy area, like Galena), etc., that would be a different story. But that much volume for two people? It has White Elephant written all over it.
Personally, if you're still interested after you've done your DD, and especially if you're still ambivalent, there's nothing saying that you can't put in a lowball offer and see what happens. Good luck with whatever you decide.
Last edited by Curly Q. Bobalink; 04-18-2019 at 10:35 PM..
The Bad News is, homes from the 70's have their own architectural demons - particle and chipboard construction, aluminum wiring, thin drywall, etc..
Not really. Aluminum would have been gone before 1979. In fact, most of the construction in TX from that era is only plagued by cast iron drainage pipes - everything else is solid.
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At age 50, you're probably only fifteen years or so from looking to downsize, you'd just be getting it to where you want it by the time you need to get rid of it.
Says who? I don't get you people that are checking out on life at 65. That's the new 40, in my mind.
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Personally, I'd love to have 8000 square feet on ten acres (in a warm semi-arid climate) but I want it in a Barndominium that only has a thousand square feet that I have to heat, cool, furnish and pay "livable space" taxes on. What you're describing would feel overwhelming to me - I can't imagine keeping 8000 square feet dusted, let alone furnished.
Furnishing was one point I would question, a 600 sq ft room is going to take a lot of furniture to look right.
Listing price was about 500K a year ago - it's down to about 400K now, but I have it on decent information offers (even grotesque offers) will be entertained. So that's part 1 - they accept my grotesque offer.
It has been unoccupied (but heated and electrified) for three years, and only sporadically inhabited for five years before that. Health problems (the occupants, not the house).
It's in the MidWest, so let's call it a relatively inexpensive market, not near a big city. There is winter here, lots of snow.
I totally agree - if it were a "classic" actually older home - I'd be more enthused. Having said that - it's not traditional or generic in the least (crappy 70s construction notwithstanding). It was an architectural design, hints of euro flavor, kind of a failed effort to recreate an English Country Estate. Today, it looks roughly like an apartment building. My wife denies this. She says it looks like a fairy tale. So there ya go! Men vs Women!
What kind of area is it in? Are most homes significantly smaller and cheaper? If it is an over improvement, it may not be worth much more than a home a quarter the size. The only thing the list price tells you is how much it's NOT worth after a year on the market.
With a "unique" home like this, get an appraisal, prior to making an offer. You may find even a grotesque offer is still too high. Call a few appraisers in the area and describe what you have. A good appraiser will talk to you, and explain a few basics. Do not hire the cheapest one, get someone who understands the complexity, knows the work involved and has the expertise to do the job. Depending on your area, it may cost $800 - $1,000, but may save you thousands.
Not really. Aluminum would have been gone before 1979. In fact, most of the construction in TX from that era is only plagued by cast iron drainage pipes - everything else is solid.
Says who? I don't get you people that are checking out on life at 65. That's the new 40, in my mind.
Furnishing was one point I would question, a 600 sq ft room is going to take a lot of furniture to look right.
Alter, they were still using aluminum buss components outside of Chicago (our Industrial building had a 1978 460V panel with aluminum that arc-flashed a guy standing near it when I threw the breaker (at the Electrician's request) due to oxidated surfaces - nobody got hurt except the guy's underwear, but it showed me the dangers of aluminum). You may be right about residential, no experience myself. I always thought that cast iron sanitary pipe was a Plus, it's not?
Not sure how old you are, but in my 50's, my plan was still to build my own house after I retired. Then a badly ruptured vertebral disc and subsequent surgery changed my plans for me. The Doc said, "No digging (not even post holes), no sledge-hammer or axe work, etc., etc., etc.....unfortunately, life happens to a lot of people in your 60's. I can still paint and do light plumbing / electrical work, but my days of toting around plywood and bags of rock / shingles / concrete are over. Most people are slowing down in their 60's, they're still only 40 in their mind. In fact, I had an uncle who was on the Ski Patrol, he had climbed most or all of the fourteeners in his youth. He still had his gear in his garage at age 80, but "Didn't want to get rid of it because he may use it again". He couldn't walk from the car to the tram without assistance the last time I saw him. I wish you Good Health.
Yeah, I see a bunch of empty rooms in that house's future, maybe OP can turn it into a dance or yoga studio. I looked on Zillow for homes in the Midwest with "Ten acres and 8000 square feet in the $400-700K range" and got quite a few hits, there's one that's move-in ready down in Kentucky for $365K. I'd definitely watch an episode of "Flip this House" featuring OP's if he gets it, very interesting premise.
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