House Buying Question.

[78SA]

Originally Posted by JMS32935

That house was built in 1955, so it's 57 years old now. My own house is now over 50, and insurance company chose not to continue insuring such an old house without an inspection (which it seems, it was pre-determined to fail). Building codes were much looser back then, and there are some legitimate concerns with that.

If I go look at the house, what should I look for that might need updated?

[78SA]

Originally Posted by lspencer534

Master bedroom is 11' x 19'? Seems odd.

Seems like all older houses have odd size rooms.

[Allan]

Originally Posted by 78SA

If I go look at the house, what should I look for that might need updated?

You'll want a "Holmes Inspection."

FWIW - I put contracts on 4 different homes identified as a short sale, in Phoenix, AZ about 4 yrs ago. I'm still waiting to hear from any of them.

[JMS32935]

Originally Posted by 78SA

If I go look at the house, what should I look for that might need updated?

Aluminum wiring (not present in my house, but inspector said he found some in the kitchen stove feed, and I had to prove otherwise).

Structure not meeting current code. Insurance inspector can always find something, technical or otherwise, if they don't want to do business.


That house has wooden siding, and it's unlikely that's still sound if it's as old as the house.

I think I remember that you're in the construction business, so you should know where to look for trouble.

[lspencer534]

Originally Posted by 78SA

If I go look at the house, what should I look for that might need updated?

Everything. If you look at it and you are generally satisfied with the overall appearance of the house, get a home inspection. They're cheap ($200 here); maybe the seller will pay for it. That will reveal structural problems, roof condition, water leaks, etc. That house appears to be all-electric, so the house definitely needs to be well insulated, not just in the attic and walls, but at windows and doors. Many homes built in the 1950s were no insulated. You need to be sure you have plenty of attic and wall insulation, plus double-paned glass. Look at a year's worth of utility bills.

Google maps indicates the house is located in a rural area. Nothing wrong with that except your insurance rating will be high, and snow removal will be slow. The house has a septic tank, which is no concern if its doing the job. Taxes are almost $1000/year, which would be high here, maybe not where you are.

[78SA]

Originally Posted by Allan

You'll want a "Holmes Inspection."

FWIW - I put contracts on 4 different homes identified as a short sale, in Phoenix, AZ about 4 yrs ago. I'm still waiting to hear from any of them.

Originally Posted by JMS32935

Aluminum wiring (not present in my house, but inspector said he found some in the kitchen stove feed, and I had to prove otherwise).

Structure not meeting current code. Insurance inspector can always find something, technical or otherwise, if they don't want to do business.


That house has wooden siding, and it's unlikely that's still sound if it's as old as the house.

I think I remember that you're in the construction business, so you should know where to look for trouble.

I used to build bridges and then installed blinds. I have been in enough new and used homes to see some things but what is up to code or not is something I wouldn't know about.

Originally Posted by lspencer534

Everything. If you look at it and you are generally satisfied with the overall appearance of the house, get a home inspection. They're cheap ($200 here); maybe the seller will pay for it. That will reveal structural problems, roof condition, water leaks, etc. That house appears to be all-electric, so the house definitely needs to be well insulated, not just in the attic and walls, but at windows and doors. Many homes built in the 1950s were no insulated. You need to be sure you have plenty of attic and wall insulation, plus double-paned glass. Look at a year's worth of utility bills.

Google maps indicates the house is located in a rural area. Nothing wrong with that except your insurance rating will be high, and snow removal will be slow. The house has a septic tank, which is no concern if its doing the job. Taxes are almost $1000/year, which would be high here, maybe not where you are.

It has a gas range. Not worried about heating unless it's just that poorly insulated. Just about didn't have a winter here last year. I prefer it cool in the house.

[...Whitepower...]

Nashville Real Estate & Nashville Homes for Sale - Zillow

Current houses for sales in the area so you can get an idea on if the listing price is fair.

[78SA]

Originally Posted by ...Whitepower...

Nashville Real Estate & Nashville Homes for Sale - Zillow

Current houses for sales in the area so you can get an idea on if the listing price is fair.

Can you explain why Tax Assessment would be $159,400 in 2009, $169,800 in 2010 yet the first listed price was $149,900 in Jan 2011 and now down to $89,900?

I have never bought a house or even really learned anything about buying one.

[lspencer534]

Originally Posted by 78SA

It has a gas range. Not worried about heating unless it's just that poorly insulated. Just about didn't have a winter here last year. I prefer it cool in the house.

But next Winter could be a feckin' killer. My house has electric heat. When I first moved in it was poorly insulated and my AC bill would be about $700/month. I remodeled, added lots of wall and attic insulation, sealed all the cracks and brought it down to $400/month.

Right now I wish I had gas heat, but it's to expensive to plumb my house (>$6K). A few years ago, though, gas was ridiculously expensive.

[78SA]

Originally Posted by lspencer534

But next Winter could be a feckin' killer. My house has electric heat. When I first moved in it was poorly insulated and my AC bill would be about $700/month. I remodeled, added lots of wall and attic insulation, sealed all the cracks and brought it down to $400/month.

Right now I wish I had gas heat, but it's to expensive to plumb my house (>$6K). A few years ago, though, gas was ridiculously expensive.

We used a couple little space heaters the past 3 winters and our electric bill was the same as it was the rest of the year. Tried gas for one month the first year and got a $300 bill on top of the normal electric bill. Not doing that again.

[repo]

At that price who cares if it is a short sale? They already came down a lot ( whoever "they" is).

A short sale only complicates things.

I would look at septic, roof and electrical.

[MrPeabody]

Originally Posted by lspencer534

But next Winter could be a feckin' killer. My house has electric heat. When I first moved in it was poorly insulated and my AC bill would be about $700/month. I remodeled, added lots of wall and attic insulation, sealed all the cracks and brought it down to $400/month.

Right now I wish I had gas heat, but it's to expensive to plumb my house (>$6K). A few years ago, though, gas was ridiculously expensive.

When we built our house in '04, we had it set up for a propane furnace. At the time, That was the cheapest way to heat the house. Since then, propane has more that doubled in price, while electricity stayed about the same. We mostly use electric space heaters in the winter now.

[78SA]

Originally Posted by repo

At that price who cares if it is a short sale? They already came down a lot ( whoever "they" is).

A short sale only complicates things.

I would look at septic, roof and electrical.

Yeah, I couldn't believe how much they have come down. I plan on finding out more about it this week. It's a little closer to the road than I like but I can tolerate that. The interior pics look better than anything else I have seen in that price range in the area around Columbus, Indiana without being in parts I want to stay away from, ie high drug areas. Meth is a huge problem up here.

[lspencer534]

Originally Posted by MrPeabody

When we built our house in '04, we had it set up for a propane furnace. At the time, That was the cheapest way to heat the house. Since then, propane has more that doubled in price, while electricity stayed about the same. We mostly use electric space heaters in the winter now.

Propane? Never heard of a propane furnace. That sheit is $3/pound here.

[MrPeabody]

Originally Posted by lspencer534

Propane? Never heard of a propane furnace. That sheit is $3/pound here.

Pretty much any gas appliance can be modified for propane. There has never been any gas lines laid in my county, so if you want gas it's propane. Any gas appliance you buy here comes with a kit to do the modifications. (Basically different jets and a regulator, I think) We buy it by the gallon. It was $1.40 when we built the house. It's $3.79 a gallon now. It pretty much follows the price of gas, and it goes up in the winter when demand increases.

[mrvette]

Yeh, my house in Maryland had a 3 car garage, and so the work bay was heated by Propane, and so was switched over yet again to nat gas via a line from the house....plumbing for gas is no sweat, done a bunch of it....

unless you find a propane leak with a torch, THEN it's fun....another thread....

any house on over 1/2 acre is a break in target, meth heads have cars too, you know.....and you have no neighbors close enough to watch your house, let alone hear/see anything....believe me when I say, my folks moved from a nice safe house in the 1/4 acre burbs to a isolated house out in 2 acre zoning, and it was hit 6 times in the years they stuck it out there.....last time some crap head in a 'red sports car' (hell, ANY red car was a 'sports car' to Mom) well he broke open the back kitchen door, and she hears the noise at ~83 or so and confronts him in the hall, he ran, she got lucky, all the rest of the breakins were done when they not home.....

[repo]

Originally Posted by 78SA

Meth is a huge problem up here.

I had a meth problem once. I ran out.

[lspencer534]

Originally Posted by repo

I had a meth problem once. I ran out.

I have preached and preached about the danger of drug abuse--you might run out!

[78SA]

Originally Posted by mrvette

Yeh, my house in Maryland had a 3 car garage, and so the work bay was heated by Propane, and so was switched over yet again to nat gas via a line from the house....plumbing for gas is no sweat, done a bunch of it....

unless you find a propane leak with a torch, THEN it's fun....another thread....

any house on over 1/2 acre is a break in target, meth heads have cars too, you know.....and you have no neighbors close enough to watch your house, let alone hear/see anything....believe me when I say, my folks moved from a nice safe house in the 1/4 acre burbs to a isolated house out in 2 acre zoning, and it was hit 6 times in the years they stuck it out there.....last time some crap head in a 'red sports car' (hell, ANY red car was a 'sports car' to Mom) well he broke open the back kitchen door, and she hears the noise at ~83 or so and confronts him in the hall, he ran, she got lucky, all the rest of the breakins were done when they not home.....

There is a house on either side and across the street.

[lspencer534]

Originally Posted by 78SA

Can you explain why Tax Assessment would be $159,400 in 2009, $169,800 in 2010 yet the first listed price was $149,900 in Jan 2011 and now down to $89,900?

I have never bought a house or even really learned anything about buying one.

Assessed value has little to do with actual value. It's used solely to calculate ad valorem taxes...but usually assessed value is much lower than actual value.