Investing in an 30 year old house (San Diego, Carlsbad: real estate, how much, new house)

[Stayhomemom77]

Hi folks, trying to find answers to a question- Is it worth investing 820k in a 30 year old house in SD built in 1989 with no upgrades, and if you are not a DIY person. Common sense tells me not to- but I would like to hear from the experts.

[jnojr]

Originally Posted by Stayhomemom77

Hi folks, trying to find answers to a question- Is it worth investing 820k in a 30 year old house in SD built in 1989 with no upgrades, and if you are not a DIY person. Common sense tells me not to- but I would like to hear from the experts.

Would need the address to answer, as well as an inspection to know the current condition. Otherwise, the only possible answer is "Maybe"... there are a bunch of 30+ year old houses in San Diego I'd leap at the chance to pay $820K for. Just as there are brand-new houses I wouldn't touch for half that.

[Stayhomemom77]

92010 zip code. My question is more with regards to - how likely is it that will we have to incur major repairs in the near future. House itself seems to be well maintained at the first look.

[anita house]

There are a lot of factors that come into play when purchasing a home but info needs to be gathered prior to making that decision . . Carlsbad is desirable however, is it priced competitively vs other same sized and aged homes in the area ? Have there been any renovations to the home? what is the roof like? Is the water heater new? Are there any termite concerns? Is the home being sold 'as is'? what is the flooring situation?

Sorry... I could go on and on (haha--hazard of my job!).... make sure you get a real estate professional to help you so that you can eliminate all of the se questions prior to making such a big decision. Good luck!

[Stayhomemom77]

Priced competitvely, yes , but everything in the house is 30 yrs old. Any lessons learnt, anyone?

[TacoSoup]

Originally Posted by Stayhomemom77

92010 zip code. My question is more with regards to - how likely is it that will we have to incur major repairs in the near future. House itself seems to be well maintained at the first look.

Once again we’d need to know the neighborhood to see what the comps are, plus an inspection report, or at the very least a walk through. An experienced agent that wants your business, and future referrals, not just a quick sale, should be able to answer all your questions.

Without knowing anything besides it being 30 years old makes me believe the electrical and plumbing is good. Look to the roof, that’s the other big expense. Posssibly the AC/Furnace, but you could easily get another decade out of those. I’m assuming the water heater has been replaced. If it’s just dated, but still functioning, all that can be upgraded over time.

[jnojr]

Originally Posted by Stayhomemom77

Priced competitvely, yes , but everything in the house is 30 yrs old. Any lessons learnt, anyone?

That's what an inspection is for. It might all work perfectly. There might be things about to catastrophically fail. The only way anyone could know is to check.

[Stayhomemom77]

Thank you everyone for your answers. Really appreciate it!
Yes, we sure do plan to have a home inspection done if we plan to buy it. But I read things about old houses, on the internet, like the roofing/ plumbing/ electrical systems needing an overhaul and was wondering just how much of it could be likely to happen, generally speaking, and hence was looking for answers from experienced folks as well who have been through such situations, lived in old houses. It has been such a dilemma trying to decide on this issue, because after investing at this price, we could be house rich and cash poor, with not a lot set aside for any major overhauls. Sadly, SD doesn’t offer much at this price in a decent school district anymore.

[anita house]

Good for you for seeking out answers!

Even new homes can fall prey to issues once they are purchased, so just try to gather as much information as possible about the home prior to making an offer. What does the MLS say about the home? If there are recent changes, the listing info will probably indicate that in order to start answering some of those questions for you. Other questions can be routed through your agent and once your offer is accepted, you can have any inspections done to help you better understand the condition of the home.

Additionally, through the offer process, you may be able to acquire a one year home warranty which can/will help with any items that pop up unexpectedly. Real estate is still a very wise investment but you are smart to think it through prior to moving forward.

[hitman619]

Originally Posted by Stayhomemom77

Thank you everyone for your answers. Really appreciate it!
Yes, we sure do plan to have a home inspection done if we plan to buy it. But I read things about old houses, on the internet, like the roofing/ plumbing/ electrical systems needing an overhaul and was wondering just how much of it could be likely to happen, generally speaking, and hence was looking for answers from experienced folks as well who have been through such situations, lived in old houses. It has been such a dilemma trying to decide on this issue, because after investing at this price, we could be house rich and cash poor, with not a lot set aside for any major overhauls. Sadly, SD doesn’t offer much at this price in a decent school district anymore.

This thread should be moved to the real estate section where you can the answer you need
Generally a house built in 1989 in Southern California should be up to code and solid when it come s to electricity and Plumbing.
820k is the going prices for some houses built in Carlsbad in the late 80's early 90's 2000's.
My question to you is, How long are you planing on staying in the house?
Is going to a rental, air bnb ect...