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inspection was a disaster!
I've been posting about the 119 year old home that we were really liking. So much charm and right in the downtown area. Well, our inspection was yesterday and it was a disaster! I mean, I knew that there would be a few problems.
The roof has three layers of shingles, the bottom two of which are rotting. The entire roof needs to be replaced.
The electricity is a nightmare. None of the outlets are grounded and there is LIVE WIRING in the attic which is a huge fire hazard.
There's a crack in the sewer line and super low water pressure throughout the house.
Asbestos and lead paint chipping on old doors. The garage (detached) needs to be totally torn down and rebuilt.
UGH!!! We're looking at $30-50000 in repairs, none of which would increase the value of the home, just bring it up to code. We're pretty disappointed, but knew this was a possibility. We are just going to cancel our contract as we feel that even if the seller agreed to fix everything (highly unlikely) the resellability is a huge concern. I guess the search for our new home continues.
Re: inspection was a disaster!
Wow. Sounds like they probably wont sell the house unless they drop the price super low or fix everything... (and it also probably wont appraise...) If you really love the house why not try to see if that can work to your advantage?
After all this, it's hard to love the house. Maybe that sounds bad, but we just can't imagine ourselves there anymore. All we see is even more problems coming up in the future that may turn into a money pit. We found out the sellers never had an inspection when they bought it 6 years ago. It will be very difficult for them to sell...I don't know. We have until to tomorrow to make our final decision but this is all so discouraging.
I know what you're saying. Just throwing the idea out there of working the results to your advantage! But in all honestly I would probably walk, too. Our house was a money pit and didn't have nearly as severe of issues as your house has...
UGH that is so disappointing. So sorry!!! I would walk to. We bought an older house (64 years old) and I was worried about the inspection turning up something horrible. That's why we do inspections, better to know before buying than to get into a real problem.
There is a perfect house out there for you I promise
That does seem like a lot for an inspection, but for an older house that is priced to sell to a fixer-upper person, it seems okay.
How big is the house?
Roof might be something they can do with insurance. I would think it would be around $10k.
We have an ungrounded house and got a quote to bring the electrical up to code to the boxes and then we can run the wire from the box to new outlets over time as we remodel (3000 sq ft house) and it is around $2800
Asbestos paint? That is confusing. Asbestos can be found in insulation, older plaster/taped seams, and in the glue for older linoleum, but often not in the paint itself. Are you sure on this? Did they use an XRF to scan the wall?
In general asbestos abatement is not cheap, but if it's painted over on a wall and not airbore, it is not a threat. Same with Pb-paint if it's not chipping, it's not a threat (unless you were going to strip painted wood trim back to wood). Paint for a whole house would only cost around $400 for the paint and I bet $1000-$1500 for labor to hire out, but I'm not sure on labor.
But, that garage...if it's structurally compromised and unfit for use, that could cost you $20k - $30k!
As for resale - if I saw a 120+ yr house with updated wiring, a newer roof, a new garage, and well painted, I would think it would sell much better and would increase your ability to sell. Even kitchen remodels don't change an appraisal value if the kitchen was usable before, but they do change the resale value.
Good luck finding a house in less disrepair.
Are you united with the CCOKCs?