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WWYD? (LIP)
So, I stumbled upon this house listing a couple of months ago. We went out, looked at it, and I fell in love. It needs a *ton* of work, but I see such potential, and it's on a 7 acre lot (rare in RI).
It's a forclosure, and they are giving us a hard time - not wanting to get the well working, not getting back to our agent, etc. Already had 2 extensions on the closing date.
A list of repairs that need to get done right away:
1) gutters
2) radiators (Someone stole all the cast iron radiators in the house)
3) new windows
4) lead abatement/or encapsulation
5) cement the dirt floor basement
6) repair 3 floor beams
At this point, we're wondering if we should back out.
I need a fresh set of eyes. What do you think of this house?
http://www.zillow.com/homedetails/135-S-Killingly-Rd-Foster-RI-02825/66040392_zpid/#7
In the confrontation between the stream and the rock, the stream always wins--not through strength but by perseverance. - H. Jackson Brown
Re: WWYD? (LIP)
I think it's beautiful! It's a house I would probably fall in love with at well if I saw it in person. Definitely needs some work though. The price to me sounds great for the size of the house and lot. We just bought a 1300 for $199,000 with just about as much work as yours needs, so that would have been an amazing price for us, but that's our area and our budget. I really don't think what needs to be done is too much to handle. But my dad has worked in construction all his life so he handles most of our projects.
It really comes down to, do you love it and is the price right? If the answer is yes then I say stick with it. If you think you can find something you love more for a better price then think about backing out.
I agree that it's a very beautiful home. I too can see a lot of potential in it as well. I guess looking at your list of things that need to be done, something that sticks out to me are the windows. That home seems to have a lot of them. Are you going to have to replace every one of them?
The floor beams would be something that would scare me. I refused a house just because it was super creaky which the RA told us probably meant loose floor beams. You really want to make sure those are done right the first time!
I'm of the opinion that if you don't feel that those fixes are too much to handle (that you've budgeted appropriately) and if you are really in love with it - then I'd stick it out. I might still window shop other homes just in case this one fell through, but only YOU know what your dream home is! Good luck with everything.
I didn't look at the house, but based on your list, questions I would ask myself are:
1. Can we realistically afford to make all of these changes?
2. With 2 soon-to-be toddlers, will you want to live in a home that is under repair?
3. Do you plan on hiring the work out or will you do it yourself (DIY taking a lot more time of course, but potentially cheaper)?
My Valentine Bookends (2~13~13, 2~15~09)
Thanks! Well, there are 44 of them, and all but 6 need to be replaced. There is a program in RI that will come in and replace your windows and abate/encapsulate the lead by using a 50%grant/50% loan that is forgivable in 5 years as long as we live at the house. We're definitely going to apply for it, and I'm told we go to the top of the list because we have kids under 6.
Great questions! We're planning on living in the house for a very long time, so I figure it will always be a work in progress. We're getting a 203K loan, which is where we borrow over and above the cost of the house for house repairs/improvement. With a 203K loan, the repairs have to be done within 6 months of purchase by a qualified contractor. We won't be moving into the house right away - we'll be living in another house through the winter (my great aunt's house that is vacant and for sale - they don't want to keep it vacant through the winter.)
I'm hoping to bypass most of the repairs, and the high heating bill the first year. Next year, the windows will be replaced, and we will have a pellet stove, so it will help out tremendously with the heating.
As much as I'd like to do the work myself, I just can't with the kids and work. DH is not handy at all. Luckily, we have good friends who are plumbers, electricians, and contractors.