I looked at a house, and want to know how expensive repairs will be.?

Question

It needs the vertical structural support in the basement replaced, because they are pulling moisture from the basement floor,and rotting. Also it needs a new furnace. the house is 2400 square feet, about 1400 on the ground floor. How do i know how much it will cost to replace them?

I would definitely get an inspection and estimates before buying, but i wanted to see if anyone could give me a rough idea first. The house is an estate sale, and the elderly owner clearly did not do much about maintenance, although the house is a real architectural gem, and of some historical significance, as a result. It was built in 1923, and is an Arts and crafts 1.5 story beauty, Amazing details in the craftsmanship, beautiful sense of proportion--just no sign of an update from somewhere around 1970, Electric system is updated, but plumbing, bath and kitchen will need work too. I think the place could be worthwhile, but it could also be a money pit.

Answer 1

I know this isn't what you want to hear, but I don't think it's really wise to buy into an investment without sound structuring, no pun intended!
There is no guarantee purchasing any home without a sound test drive, I would suggest renting a home for a year or so first, saving your money all the while, and if you've done so learning the bugs it has, or preferrably doesn't, you aren't so easily taken and out alot of cash for a poor decision, and if you are renting, the owner/landloard will be responcible for all charges to repair these things, once all the work is complete and you know there is no major expence, then buy the house...suggestion...it's the approach I've taken, and it was wise for me, because of what I wouldn't have known until it was too late, now every costly problem has been rectified and I have a clean slate without anymore the investment than the home itself, and the asking price dropped considerably through negotiation because I was in the know, and nobody could dispute the fact...good luck....if you just have to have this house inspite of the risk...get a few estimates, you usually can free of charge, especially if you have them thinking you are interested

Answer 2

Furnace is $2500-$3500US installed for a mid efficiency model as to the vertical support, it could be simple like replacing the supports with steel support jacks, or sky is the limit. Before you decide pay for a home inspection, it will cost you upwards of $500 (depends where you live) but will allow you to make an informed decision with respect to your purchase. Sounds like the house was a bit neglected so I would bet that what you listed are not the only issues you would have to deal with.

If you really want a wild guess here is mine: The moisture which decayed the structure is coming in from somewhere, built in 1923 the house probably has an inadequate foundation or basement, at least there is poor moisture control, you need to dig up the perimeter install proper weeping tile, probably re pour the foundation, or at least water proof existing foundation, then you get into replacing the supports and structure, none of this has yet made any cosmetic difference on the house. My point is pay for some solid advice, understand that it will cost you more than you expect and go into this with your eyes open. After the home inspection, I would bring in a contractor who has experience with old homes and discuss your options with him.

Answer 3

Once you get a home inspection on the property, go to a local Home repair store to see how much it would cost you to do some of the work yourself. I'd also get estimates from contractors in your area. It's probably not wise to buy a home with severe damage like that unless you're experienced in dealing with renovating a home.