Homeownership: more complicated than I thought
OK, we've done some inspections. The house needs foundation work. As in, a new foundation. A bunch of people come over, lift up your house, put it on thingys, jackhammer the old foundation (or, in the case of this crumbly one, just kick it vigorously), build a new foundation, and attach the house to it. There are firms that specialize in this. The engineer thought that this would cost about $50,000.
Oh, and it needs chimney work, electrical repairs, a new furnace, some roof work, and some of the kitchen appliances don't work. And that's just the high priority stuff. We're getting a bunch of estimates on Tuesday. They could easily come in at $80K total. Then we're going to present those to the seller and try to get the price reduced. If she does not do so sufficiently, we'll have to cancel our offer. (Since we'd do so during the inspection period, we lose no money except what we've already spent on inspections).
So much education in so little time! SO MUCH MONEY!
Oh, and it needs chimney work, electrical repairs, a new furnace, some roof work, and some of the kitchen appliances don't work. And that's just the high priority stuff. We're getting a bunch of estimates on Tuesday. They could easily come in at $80K total. Then we're going to present those to the seller and try to get the price reduced. If she does not do so sufficiently, we'll have to cancel our offer. (Since we'd do so during the inspection period, we lose no money except what we've already spent on inspections).
So much education in so little time! SO MUCH MONEY!
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