My husband and I may have a chance to take on my former marital home from my ex-husband since he stopped paying the mortgage and my name is legally still on it. It is not in a great area, and he has let it fall into serious disrepair. The choices are to either take it on and repair it to make it liveable for us and our kids, or to let it go into foreclosure and still be liable for the balance financially. Taking on the mortgage would save us money in rent (about $500 per month), but we have little liquid money to work with in a repair capacity. What additional concerns should we look out for and what would make this a smart thing to take on?
2006-12-03 02:56:18 · 10 answers · asked by thelilred_whocould 1 in Business & Finance ➔ Renting & Real Estate
Make certain the ex's are out of the picture and you have the title..
after all your hard work you do not need a questionable title..
if that is clear..go for it
you save $500
better you get the home and make a profit..
2006-12-03 04:21:44 · answer #1 · answered by m2 5 · 0⤊ 0⤋
My first apartment was on the top floor of a 100 year old mansion. It was really cool, and would've been nicer had they kept up with the maintenece.
Put the $500/month that you save in rent into an account that you dedicate towards home repairs, prioritize what needs to be done, and chip away at it.
I'd say go for it. If the schools in the not-so-nice area aren't the quality that you want to send your kids to, you could look at open enrollment options or charter schools.
2006-12-03 11:09:32 · answer #2 · answered by Gabby_Gabby_Purrsalot 7 · 0⤊ 0⤋
My home is 106 years old now. It needed a lot of TLC since the former owners did nothing to repair it for 11 years. I have slowly been repairing it for 6 years. It looks great now. New flooring on front porch, new windows, siding, doors, insulation, painting all room, updated bathroom and kitchen. I put about $22,000 in the house after paying only $35,000 for it. It's value has gone up even more for resale.
2006-12-03 11:08:38 · answer #3 · answered by physandchemteach 7 · 0⤊ 0⤋
Be prepared for the unexpected. How is the foundation? Are the mechanical all in working order? Is the house structurally sound? How are the windows? What shape is the roof in? These are all very critical things and you will need to take into account. And for the person above me who said "you will be surprised how cheep it can be" you obviously know nothing of construction because upkeep on 100 year old home is quite a lot. Especially if the previous owner neglected its upkeep.
2006-12-03 11:12:24 · answer #4 · answered by sexylatinguy23 4 · 0⤊ 0⤋
Probably the best thing to do is to take the house and do a general clean-up. Don't go to extremes in restoring, just make it look nice, then put it on the market.
It will probably take a year or two but if you can put up with living in the neighbourhood for that long you should come out with a reasonable sum to get you on the way to a better property.
We did that and were satisfied with the result.
2006-12-03 11:08:10 · answer #5 · answered by David74 3 · 0⤊ 0⤋
Use the money you are going to save on rent to slowly repair the house, start with the essential repairs first.
2006-12-03 11:19:47 · answer #6 · answered by tom_nearhood 3 · 0⤊ 0⤋
even if its a crappy house, you have 500 extra per month, that could go towards fixing things. stay in the house a while fixing things as you go.sell it later once you have some equity. and if you choose to do nothing, at least youll have property ownership. or just keep giving your paycheck to somone eles each month and have nothing to show for it. seems like a no brainer to me
2006-12-03 11:10:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
shure take it on i grew up in a hows thats goig on about 150 years old in texas just slowly fix it dont get to much projects going at once
2006-12-03 11:00:09 · answer #8 · answered by wofford1257 3 · 0⤊ 0⤋
Paint and paper do wonders to a property ...if you or your husband..are prepared to roll your sleeves up and get stuck in ..you be very surprised how cheap it will be
2006-12-03 11:04:23 · answer #9 · answered by JJ 7 · 0⤊ 1⤋
Get a heavy hammer. 100 year old wood is HARD!!!
2006-12-03 12:17:17 · answer #10 · answered by teran_realtor 7 · 0⤊ 0⤋