Post # 1
I stubled upon a house while scouring the interwebz one day in a town my husband and I would like to live in. It would only be a 20 minute commute, great location, nice community.
I already own the condo we live in, so were in no rush to move, but I would like a nice house sometime soon and then rent out the condo for a while until the economy picks up.
It’s 5,000 square feet! Which is HUGE! Has multiple wood/pellet stoves. There arn’t many pictures posted on this website, a few additional ones on other real estate websites I’ve found, but it looks awesome to me. I showed a few pictures to my mom and she instantly knew the house and even knew the owner. (A woman she went to college with inherited it and went through a divorce maybe 5 years ago) Well that would make sense seeing as its been on the market since 2008, empty and has dropped in price from $499,000 to $325,000
I also looked up the deeds online to the house to see if they had a mortgage out on it. Nope, strickly a $1 inheritance in the 1970’s.
Should we go take a look? Should I stop dreaming about it? We could financially swing it. We rather more in the 200’s but possibly get it down to 280??? Maybe I would hate it?
Post # 3
I would look, it’s can’t hurt.
Post # 4
If you don’t try to get that house then I will! (jk) Very nice. Are you and your husband house people? Or are you happy to stay in a condo? Do you think you’d be able to sell the condo in this economy?
Post # 5
@MapleMoose: We would never be able to sell. I plan on renting it out for sure. We are definitly house people!!!! We can’t wait to move. We just don’t fit in my condo anymore. I bought it back in 2007, just as I met my now husband.
We want land, a yard, the ability to be obnoxious and not have to worry if the neighbors heard everything.
Post # 6
It never hurts to look at something, but be realistic. 5000 sq feet is a lot of house.
Also note the use of the key word in the realtor’s description “great potential”- usually means lots of updating and/or repairs needed.
If you seriously want to buy it, make sure you get a home inspection- will likely need a new roof if it hasn’t been done already.
Post # 7
Since you dont need to move, I would look at it and make an offer you are comfortable with. The worst they can say is no. I would not offer more than you are comfortable paying though.
Has it been on the market long? If so, or for other reasons, they may be motivated to sell at an even lower price.
Post # 8
Before you look and fall in love, ask yourself if you can really afford it? It would suck if you fell in love with it and found out the owners wouldn’t sell it for an amount that you’re comfortable with.
Keep in mind that moving into 5000sq ft. house will mean paying higher property taxes than you’re used to in your condo. It’ll also mean that you’re paying higher utilities and such.
You’re already a homeowner, so you’ve probably already thought all of this through.
Post # 9
If there is no mortgage they have time to hold out on it, I really doubt they will go down to 280k.
From what I can see it looks great- but yes I would expect a lot of repairs.
Post # 10
@coffeegal85: Yes I’ve thought about it a LOT. Our property taxes would increase from 1500 to 6500 which is a big difference, but that would be included in the mortgage anyways.
I think we would drag my Husbands father with us. He’s practiclly a house inspector anyways to judge it.
Post # 11
Nothing wrong with taking a look, but let me tell you from first-hand experience: renting and being a landlord is NOT all its cracked up to be. We just got royally screwed by a tenant and we’re now paying two mortgages and working on taking her to small claims. She owes us over $8000 (not including each month the house sits on the market).
This house is also extremely large and sounds like it needs updates. I think it’s a great house and definitely up my alley but have to admit I think you should just look and not even think about buying, at least until you can sell your condo.
Post # 12
@Luckygir15: I hear ya about the privacy/freedom of a house. 🙂
Post # 13
It looks awesome, but I don’t know…what if you fall in love with it, and they won’t come down that much?? I bet they have gotten a lot of low ball bids on it, which is why its still on the market 3 years later.
Post # 14
All I have to say is, can I live in your state? lol That’d be a million dollar house here lol.
Post # 16
Can hurt to look, but if its already near the top or over your budget, I’d be really careful about buying such a big house. The winter heating costs is going to be freaking brutal. The wood stoves may help out a lot, but dont underestimate the cost of oil. My house is only about half that size, we block off half the top floor, have newish double pane windows and it was still $500-600/month to keep the house to just 65 deg during the evening when we are home. Same goes with cooling in summer, not as drastic, but still significant.