Settling for 'good enough'

[MacLawn]

Well, Fpj, old jk96 gave some solid advice there. Since foundation has wood lice, I'd pass too. But, I've seen only kind of surface wood lice damage too that was not structural, but if this one is structural, I'd pass. A beautiful 6 acres though!

 

[Country Geek]

A new house is great to live in because you shouldn't have any problems for 20 years whereas fixing one up is a pain.

Yeah I wish.

I built my house new in 1999, used a quality builder and materials, and have just replaced my HVAC system. 15 year life seems about normal around here. On my 2nd dishwasher (they have a limited life) and second washer and drier set. Replaced front windows after only a few years because I made the wrong choice (wood instead of steel clad that could hold up to the weather, my fault not seeing the value of stepping up to the clad windows at build time). Had two internal floods because of poorly done plumbing (I said quality builder, learned that doesn't always apply to the subs). Carpets inside have already been replaced twice. Etc.

Don't expect a new house to be trouble-free. It may not a total money pit like an old wreck, but no house is ever trouble free.

All that said, no regrets on building. We got the dream house exactly the way we wanted on a beautiful lot, and plan to be carried out in a box.

As another way of looking at it ... . my observation is that vacant land around here sells pretty quickly for good value. Put a house on it and it's a harder sell. Buyers want to build their dream, not buy yours.

 

[Country Geek]

Dumb question, but why is the house assessed at $6,380 for tax purposes? That makes no sense...was somebody's brother in law the appraiser or something?

Don't know for sure, but could be a voluntary agricultural district? Around here they appraise well below market value for that.

 

[sixdogs]

Having seen a lot of these family situations over the years, I'd say get an attorney, do a warranty deed and have an estate and survivor plan in writing before anything happens. Should probably visit an estate planning attorney, check their references and do what they say. It doesn't sound like anything can go wrong but I've seen a lot of them head south.

EDIT----Let me add that I once saw a guy that had expected to inherit $50,000 from his father's estate. He was the sole survivor but the father did not want to gift the money in advance. Anyway, during probate, someone claimed an old quit claim deed his father had signed took some of that neighbor' land.

Anyway, the claim was not valid but with surveys, decades of deeds and tracking down various people and litigation, all or nearly all of the $50,000 was spent. The attorney was obligated to defend the claim and had no choice.

Turns out the neighbor needed just a few more feet of frontage to be able to build on his undersized house lot and was willing to try.

 

[Oaktree]

Replaced front windows after only a few years because I made the wrong choice (wood instead of steel clad that could hold up to the weather, my fault not seeing the value of stepping up to the clad windows at build time).

Something's wrong there, even el-cheapo "contractor grade" should have lasted longer than that. Didn't you paint them? I have wood windows on my house that I'd guess are 100+ years old, easy and are in perfectly good shape. Went thru and re-did the glazing a couple summers ago, it probably was last done in the 50s.

 

[newbury]

UPDATE- Just got an email from a trusted realtor:

"I just looked at the additional info on this home. You may not want to bother with this one. The foundation timbers are infested with termites, and have caused extensive damage."

Thanks guys for the input, though. It has been an interesting exercise in decision making, and I'm glad the choice was made before I had to make the call New roof/shingles I can deal with; foundation issues? Thanks, but I'll pass.

Well pj, time to start an new "what I am going to build" thread! And termites are easy to deal with, using a bulldozer and napalm

 

[Steppenwolfe]

Live the dream, nothing is worse than, " I should have..."

 

[buckeyefarmer]

140 acres, only 10 minutes away. I wouldn't consider the moneypit.

 

[jk96]

PM sent...

Reply sent with requested info.

Also - I'm posting one more thing I forgot to mention in regards to lot size for other members benefit as well. Our original parcel co-owned between me and Dad was just over 80 acres. When we had the smaller parcel surveyed out for the house, the bank wanted us to try to keep the lot at 25 acres or less. The reason for this was for getting comps for the appraisal. In our area, there is just not enough sales of homes sitting on 80 acres of land to get reasonable comps. Without comps, the appraiser could not provide us an appraisal on the home. Without an appraisal there is no loan from the bank. Just something else to consider and discuss with the bank if you do end up partitioning the land for the home.

Jeremy

 

[Country Geek]

Reply sent with requested info.

Also - I'm posting one more thing I forgot to mention in regards to lot size for other members benefit as well. Our original parcel co-owned between me and Dad was just over 80 acres. When we had the smaller parcel surveyed out for the house, the bank wanted us to try to keep the lot at 25 acres or less. The reason for this was for getting comps for the appraisal. In our area, there is just not enough sales of homes sitting on 80 acres of land to get reasonable comps. Without comps, the appraiser could not provide us an appraisal on the home. Without an appraisal there is no loan from the bank. Just something else to consider and discuss with the bank if you do end up partitioning the land for the home.

Jeremy

The way that's handled around here is that the 80 acres would be considered two parcels for valuation purposes. A one-acre "building lot" with the house on it and a pretty high per-acre value, and then 79 acres of raw land (at a significantly lower per-acre value). You don't have to actually separate it into separate parcels, but that's how it's done for valuation purposes.