U
/u/RaspberryFairie31
Guest
My husband and I bought our first house in early 2022. It was a great deal for this market at 170k. We currently have 145k left on the loan and are really starting to see the flaws and serious issues with the house (built in the 60s) as we live in it:
It’s turning into a “money pit”.
Foundation is not level.
Attic is full of garbage and potentially full of asbestos.
The well water system in general keeps failing, water pressure goes away for minutes then comes back when we use too much water, water is super irony and hard, water heater doesn’t work well, pipes freeze in winter, etc.
The windows need replaced.
The whole house is like someone’s DIY project they didn’t feel like finishing with half the floors redone, the bathroom partway remodeled, and a very small addition.
We are unsure if there’s insulation or maybe not enough insulation in the walls.
It sits really close to a decently busy road.
The layout is not functional.
There’s no storage.
Not enough bedrooms for what we will eventually need.
The good things are:
It was a good price compared to anything else available now.
It sits on some land.
It’s a good location and good distance from town, work, families and friends.
My questions are:
Is moving the house further back on the property away from the road with a new foundation, potentially basement, more cost effective than a rebuild?
Is it then worth it to then gut the house, remodel, fix all the things that are wrong with how they DIYed it, add additions, like 500 sqft, in order to make the layout functional for us?
Or should we just try to sell when we notice more options on the market?
submitted by /u/RaspberryFairie31
[link] [comments]
Rehab, tear down and rebuild, or sell and move
Continue reading...
It’s turning into a “money pit”.
Foundation is not level.
Attic is full of garbage and potentially full of asbestos.
The well water system in general keeps failing, water pressure goes away for minutes then comes back when we use too much water, water is super irony and hard, water heater doesn’t work well, pipes freeze in winter, etc.
The windows need replaced.
The whole house is like someone’s DIY project they didn’t feel like finishing with half the floors redone, the bathroom partway remodeled, and a very small addition.
We are unsure if there’s insulation or maybe not enough insulation in the walls.
It sits really close to a decently busy road.
The layout is not functional.
There’s no storage.
Not enough bedrooms for what we will eventually need.
The good things are:
It was a good price compared to anything else available now.
It sits on some land.
It’s a good location and good distance from town, work, families and friends.
My questions are:
Is moving the house further back on the property away from the road with a new foundation, potentially basement, more cost effective than a rebuild?
Is it then worth it to then gut the house, remodel, fix all the things that are wrong with how they DIYed it, add additions, like 500 sqft, in order to make the layout functional for us?
Or should we just try to sell when we notice more options on the market?
submitted by /u/RaspberryFairie31
[link] [comments]
Rehab, tear down and rebuild, or sell and move
Continue reading...