I am interested in buying a foreclosed house with cash in a good neighborhood (listed 50-75% cheaper than other houses in the area). I looked at it today and here are the things that it could possibly need soon:
- Roof- the old owners put shingles on over the old roof and some pieces are almost falling off on one corner of the house (other sides look good)
- Septic- A lot of septics fail in my area due to the tighter new regulations. When my family sold our old house, we had to replace the septic for the new owners even though it could have lasted several more years. Since I don't have to deal with mortgage company regulations, I am hoping the septic company can be honest and tell me if it is livable for several more years.
- There is a decent slope on the bottom of the stairs leading to the upstairs (stairs are two feet from the edge of the house). This usually indicates foundation issues, but I have yet to read what the dangers of having foundation issues are. In modern day housing, I would think that the house might have slants in the floors, but the house isn't going to cave in. I am hoping it could be addressed after moving in, if necessary.
There are several more cosmetic things, such as sagging kitchen counters and outdated bathroom, but that is fine for the time being. I am willing to live with most of these things due to the good location and being mortgage free. I could have an initial renvo budget of 20-30k, but if the septic needs to be replaced, that would eat that all up and leave me with waiting to repair the other things, if they can wait.
Any thoughts?
September 23, 2017 at 08:12PM
