Should I buy my grandfathers 1956 house?
I am considering buying my grandfathers house which he built himself in 1956 (he was a builder, woodworker)
The house is not big enough for my needs, but I like the location and all the extra outbuildings. My uncle is a builder and have a friend who is an architect. I have been working on plans for adding a second story to the house. They are confident it can be done just fine (not sure on price yet), but I don't want to put a bunch of money into an old house that may have underlying issues. My primary concern is basement which has had water in it in the past. It is a fairly level lot, no slopes for water to drain. Basement is cinderblock walls that were painted at one time. Should I put drylok on it? But I would have to get block clean first. It appears that black mold is on the walls at places. The floor joists have some kind of blackness on them. I can't tell if its mold or just dirt or from woodstove that was in basement.
The exterior is brick veneer with celotex fiberboard behind that. There is no insulation in the walls! Plaster walls inside. I am afraid of moisture in this house. Right now the basement is 70% with it raining outside. I took a moisture meter to cinder block and its at 25% while its raining, about 10-15 while it isn't. The blocks feel dry and everything is dry. We haven't had major flooding in years. There are no signs of mold in the living areas, but I don't know whats inside the walls.
Here is a link to pictures of the place (click on picture to go to photo album):
Any suggestions/comments would be appreciated. I am going crazy trying to figure out what I should do!