[Rustie]

I think I need something to sink my teeth and time into for a while and this has hit the local housing market. I have always loved old farmhouses. They are so neat. This one has all of the original woodwork on the inside, bannisters, fireplaces and moldings. It even has the old tin wall and some old fashioned paneling in one of the back rooms. All of the windows above the interior doors have working components and real glass. It needs updating - especially HVAC, plumbing and electrical work. I have a carpenter giving me a price quote on the work needed to replace the siding, a portion of the roof which is caved in over the front porch and the windows need replaced as well. But the house would be a show piece after I am done, if I buy it.

Here's a link to the MLS listing. Any references for a plumber or electrician in the local area would be great. I want to know a bit more what I am getting into and how much fixing it up is going to cost before I buy it. Don't want to get so far over my head that I never get anything else done in the rest of my lifetime.

http://www.seibrmls.com/sei/maildoc/...531015156.html

Thanks.

[Old Blue 66]

Good luck with it Carole. It looks like a realy nice place. I to am a big fan of old farmhouses.

[sdbob]

Just a suggestion,look what the homes in this area are selling at.You do not want to put to much money into it and can't sell it.Unless you plan on staying there for many years,to offset your investment. My father and i were contractors for many yrs.The previous home I had I redid everything.if i had to pay labor and material I could not have sold the house as i put alot of labor into it.the neighborhood just wouldn't stand that kind of price.I did make money though.So plan waht you want to do and get good firm prices,then add it up and see where you are. Doing the work is no bigge for the contractor.Bob

[Kurt Zimmerman]

Good looking house. Straight lines.

Some of the good things about old houses:

They have history. Fun to research.
They are usually built on the best lot on the mile.
They have alot of appeal (to the right people) when they do sell.
Don't be afraid to offer much less than they are asking, especially after you get a roof and HVAC estimate in hand. You will need to replace the windows, too.

The bad part is you can sink alot of money into it without it appreciating. Because of the layout, the size of the windows, the lack of closet space, these only appeal to the adventurous.
Another bad thing is distributing the cold air from the AC into the far reaches of a unusual floor plan. Tough to get return air back to the furnace.

Good luck on your project.

Kurt

[dreamingmuscle]

Get two companies to check for termites. If the roof needs repair you can bet anything underneath it is wet, that is what termites like to eat old wet wood.

Glen

[cuz68]

There is a old farm house near me but it sets very low to the ground looks like it would be very hard to get under it, How far is it off the ground?

[fyrffytr1]

My guess is that it would take about half the asking price to renovate this house. That would put you at about $170,000 to $185,000 when you are done. That would mean a worth of $70 to $75 a square foot. That is still a good price.
Also think about adding insulation as there was probably never any installed when the house was built.
Good luck if you decide to pursue it.

[zbuickman]

The termite reply reminded me Also check for powderpost beetles. in the beams and such if there are pin head sized holes in the floor joists with powder dust by them RUN!!!!! very common in old farms

[Joe RKD]

Careful with the asbestos roof. Asbestos removal is very expensive to remove and dispose of. I am currently working on a 12 unit building that has asbestos siding and the total cost to remove and dispose is $24,000. Asbestos dealings vary by municipality so find out first and use it to offer far less than they want. There are some very good home convertible renovation loans that convert to perm mortages from country wide home loans. Not sure if you need one. Love the look of this house and the poition on the land from what I can see. The wife and I just bought a cape cod built in 1928-- the whole interior is chestnut and it is post and beam framed-- Gotta love old houses-- Like old pontiacs-- They dont build em the way they used to. Good luck

[general]

Termites, beetles, and the asbestos issue are all excellent comments. Like said earlier, check out the asbestos issue as it can sneak up on you and bite you in the a$$ in a hurry! Been thru that one thru work. Those people can require you to do just about anything they want, regardless of cost.

Couple other things, check ordinances for what needs done with respect to the plumbing and electric. Some areas won't simply allow you to replace or update, instead you have to update EVERYTHING to current code if you disturb the original. This can mean opening walls and ceilings, not something you really want to do.

Also, tip on roofing. Look into the new metal roofing available, excellent quality at 40-50% of shingles installed. Just did it on mine, and it's right at 100 years old so know where your heading!!

Finally, areas to think about in advance are the kitchen, bathrooms, and closets. Those three items will make $$$$$$ difference in resale today, but can also be the most expensive to update in these old homes.

Good luck,
Bob

[The Boss]

I would get a quote on removing and replacing the asbestos roof and have that number taken off of the listing price. The rest of the suggestions above are all good.

Do your homework and don't make an emotional buy - use your head. If you can live in it for two years you can carry the capital gain forward tax free.

Always remember - it's easy to make a new house look old, it's hard to make an old house look new.

[Rustie]

Originally Posted by cuz68

There is a old farm house near me but it sets very low to the ground looks like it would be very hard to get under it, How far is it off the ground?

It is three feet off of the ground on all sides. Root cellar is wet tho...

[Rustie]

Originally Posted by fyrffytr1

My guess is that it would take about half the asking price to renovate this house. That would put you at about $170,000 to $185,000 when you are done. That would mean a worth of $70 to $75 a square foot. That is still a good price.
Also think about adding insulation as there was probably never any installed when the house was built.
Good luck if you decide to pursue it.

There was some insulation blown in on the one side only so I asked the carpenter to add that into his estimate for the siding and windows and new sofits and gutters (it currently has the old box style gutters on it.)

[Rustie]

Originally Posted by dreamingmuscle

Get two companies to check for termites. If the roof needs repair you can bet anything underneath it is wet, that is what termites like to eat old wet wood.

Glen

Termite inspection needs to be done. Roof is good except over the front porch which was an addition at some point. But the side of the house where the electric comes in is bad. Water ran down the lines and rotted a large portion of the side of the house.

[Rustie]

Originally Posted by Joe RKD

Careful with the asbestos roof. Asbestos removal is very expensive to remove and dispose of. I am currently working on a 12 unit building that has asbestos siding and the total cost to remove and dispose is $24,000. Asbestos dealings vary by municipality so find out first and use it to offer far less than they want. There are some very good home convertible renovation loans that convert to perm mortages from country wide home loans. Not sure if you need one. Love the look of this house and the poition on the land from what I can see. The wife and I just bought a cape cod built in 1928-- the whole interior is chestnut and it is post and beam framed-- Gotta love old houses-- Like old pontiacs-- They dont build em the way they used to. Good luck

Current owners had asbestos claim checked and there is no asbestos in the roof. The original roof was completely removed at some earlier piont.

[Deadhead]

I have taken on projects like this. I have one I did & have kept for 15 years that is like an infomercial for real-estate investing. I have used the equity to do all kinds of things since that are worth far more than the property if sold. I am now in the process of demolishing it in favor of a big 3-bay garage with a 2 bedroom mother-in-law on top of it. I think if you keep them after they are made conventional, the best play is to use the equity for other projects like this.

Another big bargaining chip you will have is that "unconventional" properties like this typically will never qualify for any kind of mortgage or loan. That greatly limits the pool of prospective buyers. When I did mine, I got what amounted to a 'branch' or car loan to buy it.

Take your time & enjoy. Buyer's market on most of this stuff.