Fixer upper or money pit?
I sell alot of old houses and the thing I am most frequently asked is "Danny, is this a money pit?". This is definitely a concern when buying an older home, but the differences are profound. There are many clues to look for that will help determine "can this house be saved".
Let's start at the curb. Is the home below the grade of the street? Daddy always said never buy a house in a ditch. That is to say does water run to the house or away from the house. Water and houses do not mix well, especially when there is deferred maintenance involved. Now look at the windows, siding and roof. A "dip" in the roof could mean faulty roof sheathing or a rotten rafter, cracks in brick veneer could mean a foundation problem, and always look for wood rot on trim. Windows are relatively easy and inexpensive to have replaced unless it is an historic home. While we are outside, look around at the other homes on the street. Have they been maintained and in good condition with well kept lawns. If so, this is a good sign that the neighborhood is holding steady or improving.
Now let's go inside. What we are looking for is good bones. First of all....jump up and down. If the floor feels springy, look underneath the house immediately as there could be problems with floor joists. While on the floor, look for hardwoods under carpet, as many old homes still have Grandma's carpet with great hardwoods underneath! I always pull up a vent cover or pull at a corner. If the home still has plaster look for cracks....very common in older ITB homes, but a good paint and plaster crew and take care of this easily. It is usually a given that these homes will need a new kitchen, bathroom, or both. If these have been redone or added expect to pay premium. This covers the basics and the rest is up to the experts, inspectors and contractors.
The bottom line is: is this a money pit?
The answer is: if it is well priced based on condition, has no extreme material defects, and is on a good street.....no....it is a fixer upper!
I LOVE fixer uppers and live in one that I have been working on for 11 years, so stay tuned for some photos and stories of my renovations and call me to find your own!
DT
Let's start at the curb. Is the home below the grade of the street? Daddy always said never buy a house in a ditch. That is to say does water run to the house or away from the house. Water and houses do not mix well, especially when there is deferred maintenance involved. Now look at the windows, siding and roof. A "dip" in the roof could mean faulty roof sheathing or a rotten rafter, cracks in brick veneer could mean a foundation problem, and always look for wood rot on trim. Windows are relatively easy and inexpensive to have replaced unless it is an historic home. While we are outside, look around at the other homes on the street. Have they been maintained and in good condition with well kept lawns. If so, this is a good sign that the neighborhood is holding steady or improving.
Now let's go inside. What we are looking for is good bones. First of all....jump up and down. If the floor feels springy, look underneath the house immediately as there could be problems with floor joists. While on the floor, look for hardwoods under carpet, as many old homes still have Grandma's carpet with great hardwoods underneath! I always pull up a vent cover or pull at a corner. If the home still has plaster look for cracks....very common in older ITB homes, but a good paint and plaster crew and take care of this easily. It is usually a given that these homes will need a new kitchen, bathroom, or both. If these have been redone or added expect to pay premium. This covers the basics and the rest is up to the experts, inspectors and contractors.
The bottom line is: is this a money pit?
The answer is: if it is well priced based on condition, has no extreme material defects, and is on a good street.....no....it is a fixer upper!
I LOVE fixer uppers and live in one that I have been working on for 11 years, so stay tuned for some photos and stories of my renovations and call me to find your own!
DT
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