Would you buy next to a cemetary?
We are in a situation where even though we are in a down market, we would consider selling to get away from an emotionally disturbed neighbor. We are currently on 1/8 acre lots - we love our home, but have absolutely no privacy.
We are looking at a home in the suburbs, a 1949 farmhouse on an acre lot, on a cul de sac next to a cemetary. There are only four homes on that street, a historical landmark, the church and a cemetary. The homeowner lot itself is tree lined. Next to us is a corn field, the property owner has 25 acres and rents to local farmers. He doesn't ever plan to sell off the land for builders, but anything can happen.
There are million dollar homes going up in the area - land purchased by high-end builders, and beautiful, beautiful homes way out of our league.
This home is a major fixer upper. We said we'd never do it again...but....it is appealing with the potential it has. We have put so much work into our current (first) home, but we value our sanity with this ridiculous neighbor, and we're young enough that we could sell and start over. People go back and forth about selling in a down market, but my response is that we're also buying in a down market. You'll never have the best of both worlds. Todays market is perfect for first time home buyers, but that's not us.
The home has hardwood floors throughout, looks structurally sound other than work I'm mentioning below, but we'd give it a cosmetic facelift inside and out - paint, awnings, landscaping, etc. It could be quite quaint and charming with a little TLC.
We were told by the realtor that the sellers are willing to come down on price based on the work needed.
The work needed:
New windows. I've read this can be very expensive, but I don't need top of the line energy efficient windows for $50-60k. Simple wooden double hung windows would suffice. I counted maybe a total of 24 double hung windows?
A new or improved garage; if we're lucky we can work with fixing the existing garage if there are any structural issues that can be resolved.
A sump pump; I've read installing is *easy* (yeah, right)and relatively inexpensive with a little sweat labor.
Bathroom needs a complete remodel, and a second bath would need to be added. The possibility for including an addition on the home is very practical - plenty of space to expand, and of course, we'd add on to the kitchen as this is where we'd get the most value.
Driveway. Current driveway is gravel. We'd have to add a concrete driveway. I have no idea the costs involved with this.
Some dislikes are that it has well water and a septic tank, a fieldstone basement, and we'd HAVE to add a second bath. The cemetary itself doesn't bother me...the more privacy the better, but wondering if this affects the resale value or if this is just personal preference? The house itself does not face the cemetary.
It is a wonderful opportunity home, but a major fixer upper. Given all the things mentioned, please feel free to talk me in or out of this one. I'm simply toying with the idea, and the fact that million dollar homes are going up just a block away is VERY appealing to me.