Maybe a little more acceptance here? Im new and my story is...
I had posted in the repair forum, and I seem to be getting good and worthy opinions, but not the understanding I had expected. So, maybe this forum, since it is for old houses ;) can offer new advice, opinions, and maybe a little bit more acceptance lol.
My husband and I are first time home buyers. We are young, and being young, not always smart about certain decisions, and being a woman, I tend to lead with emotions and heart over brains ;)
We have looked a about 60 or 70 homes, and found that we adored the old farm houses compared to your newer updated construction. I have nothing against the newer homes, but there is something about the old farm houses that I cant seem to get over. Anyways, with that said, My husband and I have found a house that we absolutely LOVE and ADORE, so much so, that we can't see ourselves in any other house...we have looked at about 6 since we seen the house we fell in love with, and it just wasn't the same feeling. It is an older home, farm house to be exact. Built in 1920, but the inside is somewhere along the lines of 1960-70ish. I know with older homes, a lot of issues can suddenly sneak up on you when you least expect it, and those issues can be costly...I'm fine with that and so is my DIY capable husband.
The home does need work to say the least, but we are not looking for a house with 30k kitchens or looking to spend 30k in kitchen renovations...I'm a very simple woman and would like to remain that way as far as decor. I can easily paint a distressed look onto the very old cabinets instead of paying 15k for new ones ;) Aside from that the sellers have installed new vinyl siding, hot water heater, furnace, new wiring throughout, carpet/tile, insulation and a hideous paint job lol. We have seen all the receipts for the upgrades. All the upgrades have at least a 5yr warranty which will transfer to us if we purchase the home. It does not currently have AC, but it is AC compatible and I have a unit that can be installed, but won't do it until next year as summer is almost over.
Now, here comes the part where the home repair forum has told me to run and run away and never look back. The foundation. I have an independent structual engineer coming to inspect the foundation on Monday, however the sellers have records of having the foundation inspected already, the paper said the foundation is in fair condition. BUT....I have flooring issues. The left side of the house is leaning. It's where if you drop a ball in the center of the kitchen the ball will immediately roll to the left, same with the living room but not quite as bad. I understand 150% that the foundation can have an issue that will likely be a costly repair, but knowing this even though slightly scared because i'm not knowledgeable in this area, I still want the home. And so does my husband.
The roof also needs shingles, but the seller will reimburse us for all costs...He is an older gentleman and does not want the hassle to deal with.
With all of that said, what would your opinions be? Would they be the same as the home repair forum...run and run as fast as we can lol, or is it worth a shot? I feel it is, but I also want to make sure I know exactly what i'm getting into with owning an older home. I know what THIS particular home needs or possibly needs(will know more with inspection) and I understand things here and there can pop up that can be costly to repair if we cannot do it ourselves.
Am I scared? Sure! But I am a first time home buyer(Hubby has bought one home prior to this in his last marriage), he isn't as worried as I am ;) We have the time, and the money to make improvements and keep up with maintenance. On a plus side as well, my mortgage payments will be far less than what i'm paying now to live in a 2bd 500sq ft give or take duplex, with a lot of kids lol. I'm tired of throwing money away on rent, and I want my children to have a real home they can grow up in.
This purchase would not be for temporary living. I want to be in it for at least 15yrs or more. And I am in no way at this given moment looking for a profitable return. I would spend the 30k in kitchen upgrades and reno if I were, but in 20yrs time, granite may be as old school as laminate now, I'd hate to spend 30k now to upgrade just to turn around 20yrs later and spend another 30k to make it more desirable for resale. But by that time frame, the house should be paid for and I can just give it to one of my children ;)
I also wanted to add a few more things before I forget. It has new windows ;) It's a perfect location for us, with just a short commute to work (10min) for both. It's a quiet neighborhood, less than 300 residents, 1 school k-12 a gas station, and a playground....with the grain co-op about 3 miles away. And the only appliances that are included is a dishwasher lol. Which isn't a big issue for us.
Oh, The house is listed at $59,900 from an original price of $69,000. with the consideration of being reimbursed the roofing costs, by the seller paying closing costs. So if I pay $4200 for a new roof, he will pay $4200 worth of closing costs as reimbursement.
And to all the home repair forum members, I totally respect and appreciate all your advice and opinions, but I want to seek out the advice and opinions from those who live, admire, love older homes, as they seem to know a bit more of what its like to live in an old house, compared to just repairing them, remodeling and reselling.