I bought a house 2 years ago from flippers and in that time the 20x10 ft back deck has completely dry rotted, the privacy fence is dry rotting and has fallen down in some places, and now I’m having soft spots and unevenness popping up all over the house. The fence and deck were built new by the flippers and crawl space inspectors found a bunch of quick fixes that they did that aren’t up to code. Between that and moisture problems under the house starting to cause rot I’m looking at around 8-14k (USD) quoted from two inspectors so far and that's with leaving some things to “wait and see if they become an issue.”
They also said new shower was improperly installed and is already having small leaks. 2k for a bandaid that will stave it off for a few years or 10k for a total fix. I used the inspector my realtor suggested because I’m an idiot. Basically none of this except the fence not looking great was brought up.
I'm wondering if it's worth it to just try to sell. It's mostly a decent neighborhood but I also hate my methhead neighbors who live next door, are loud, and have been steadily filling their yard with junk. Conditions weren’t like that when I bought but that won’t help trying to sell.
Some stats… bought for $189k 2 years ago. Put 10% downpayment, 2.85% interest on fixed 30yr mortgage. Monthly payment of $1k with no extra put in (tax and insurance included in payment). Currently have $163k left on the loan. I have good credit and no debt. I make 80k a year but I'm aggressively trying to catch up on retirement savings (36yo) so I've been maxing out my 401k and IRA. I can pull back on those if needed plus I have savings to make the repairs or a new downpayment. For the little it's worth, Zillow estimates my current home value at $238k but they obviously don't know about the repairs needed.
I kind of just want out but I don't know how much that's going to hurt financially. With interest rates really high now and housing costs going up (you can maybe guess how much in my area with the Zillow quote), it seems like I'm screwed either way if I try to sell now. Just looking for advice or possible options I haven't considered. Thanks to anyone who can try to help.
Edit: to be more clear just the crawlspace/foundation issues were 8-14k with some issues that can wait but might start showing later. Shower was 2k for quick fix and 10k for full fix. Don't have a quote for deck and fence but that's probably another 15k or so.
Submitted July 30, 2023 at 06:48PM by ilovemetalandscience https://ift.tt/u2R4xAs
