Hey everyone! I'm considering buying a charming home built in 1955, which has been in the same family its whole life. It's in a great neighborhood and priced reasonably, but it definitely needs some cosmetic work—like removing carpets to reveal the hardwood floor, repainting, updating trim, and replacing some tiles, toilets, and appliances. I can handle those fixes, but I've noticed a few concerns that have me worried. For starters, it has original electrical with a lot of two-prong outlets. Will I need to rewire the entire house? The furnace is 31 years old; should I expect to replace that soon? Given that the plumbing seems original too, I'm concerned about what that might entail. The windows are lovely but also original from 1955; are they going to need replacing soon? I'm a bit stressed about if this house is going to turn into a money pit, especially since it's right at the top of my budget due to the area. Any advice?
2 Answers
Glad to hear they’re offering 10k for repairs and appliances; that can help a lot! It's also good to know the roof, water heater, and AC are updated. Just make sure to factor in the potential costs for rewiring and possibly replacing those older windows too. It might be worth getting a solid inspection before making a final decision.
It's great that you like the house, but it sounds like you should have at least 20-40k set aside for repairs and upgrades, especially since you're already stretched at the top of your budget. You mentioned the roof, but do you know how old it is? That could be a major expense if it needs replacement soon.