housing advice

[allycat0303]

Hey everyone,

My boyfriend and I are currently looking for a house, and we''ve come upon a question, so maybe some home owners could weigh in. We asked our real estate agent (and she doesn''t seem to know anything, so not much help). How much does the age of a house affect resale?

We have two choices: A very big, beautiful bungalow with lot''s of space and a lot of land but built in 1957. It has a 3 foot crawl space where all the piping is.

OR: Semi detached (another house stuck to one side), same # of rooms, but much smaller built in 1977, with a about 1/4 of the land.

Both need similar renovations on the inside, both are in great locations, and both about the same price. However, the semi detached is much newer and plumping would obviously be newer. Electrical wiring is not a problem, as my boyfriend is an electrical engineer and wired my basement, so he could do it for free.

If we buy a house built in 1957 (obviously it will be inspected before purchase) are we just asking for trouble in terms of resale and potential problems down the road? This is my boyfriend''s first house purchase so all opinons, advice would be much appreciated.

Thanks everyone!

 

[dazedland]

I don''t know anything about resale value, but 1957 isn''t really old and you described it as beautiful while the other one you described as house attached. When my fiance and I lived in Phoenix we were looking at houses built in the late 1800s to early 1900s. As long as everything in the house is in great condition if you re-sell it you might even get more for your money because it''s an older home with more character. My family is in the real estate business and I don''t know if it''s different in Canada, but a house built in the late 50s wouldn''t be looked at as much older than one built in the late 70s. Just my thoughts...

 

[Libster]

Hi Ally,
I can only weigh in on the Atlanta area and what is going on. My brother-in-law purchased a home in Atlanta that is an old craftsman bungalow with 2 bedrooms and 1 bath, but since it''s in the city (Morningside neighborhood) it''s quite valuable. In addition, these types of older homes are very appealing in this area of town. People just love the "charm" of the craftsman bungalow home. His home is worth $500K. We built a home in a suburb of Atlanta (East Cobb) with all the bells and whistles, 4 bedrooms/3 baths, 6000 sq feet and it''s worth $500K. As far as resale, our homes would sell in approximately 2-4 weeks as we are both in really great markets.

My point is that if both of the homes you are looking at are worth the same amount of money then I think it would come down to personal preference. Each may need a bit of renovation, but so far as resale, if they are in the same market, then go for the one that you really like. There are many factors that go into why a person buys a particular home. In our area the schools play a huge part in where you decide to live, and the ease of commute into the city.

Keep us posted and would love to see pics!

 

[fire&ice]

As Libstereilluded to - three words in real estate - "Location, Location, Location" which house is in a better neighborhood & *typically* single family detached will always sell better.
That being said, 1957 is a little late for a "bungalow". Libster is correct - they are the buzz word in real estate. As far as the age of the house - I''ve seen houses better built that are 100 years old than a new house. The 1970''s were a time of great inflation & notoriously poor building. I can only speak in generalities though as I don''t know of the houses you are looking at.

How are the systems? When have they been updated - if at all? Ect.

 

[MissAva]

Libters I think you must live near where I was born! Perhaps we can have a southern meeting too!
Personally I would go for the house with more land, land is always a plus and there are those who wont look at a house without a certain amount. Personally I would rather the older house becuase I like the homes from that period and the picture you posted were fabulous!

 

[MichelleCarmen]

Date: 7/19/2005 10:20:01 AM
Author: Libster
People just love the ''charm'' of the craftsman bungalow home.

Older homes have a lot of charm in the Seattle region, too. . .we sold our 1936 bungalow in one week! It had a TON of problems when we sold it, but the buyers loved the charm of the home so much, they were willing to take most of the issues - except the wiring - which we had fixed before they moved in.

Personally I''d take a older home over a semi-detached ANY DAY. I cannot imagine buying a home where I''m stuck being so close to my neighbors. This would drive me nuts!

Oh, and our current home that we''re moving out of in one week from now is from the 70s. . . and it''s built VERY solidly, but it''s DULL inside. Nothing to oooh, and ahhh. It''s hard to decorate a home that lacks character. . .(we didn''t buy ANY furniture during the seven months we''ve lived here, but already, now that we''re moving have purchased new stuff for many of the rooms of our new house

)

 

[Nachoman]

My RE agent used to say that at a certain point, an old home is just and old home, regardless if its 30 or 50 years old. Both of the homes you are looking at fit that description. No one is going to go into the 1950''s home and say ''wow, this looks 20yrs older than the 1970''s home''. In terms of value, there shouldn''t be much difference. You''re not paying for any ''newness'' in either of them like you would for a home built in the +90''s. Basically beyond a certain point all older homes are pretty much evaluated the same. It sounds like the one built in the 50''s is a better deal, more land, larger, detatched. I''d say go with that. Plus most folks renovate anyways, so your 50''s home won''t really look like it''s from the 50''s. Plus it has more land and probably a good location.

 

[gingerBcookie]

hi alley! i''m semilooking at homes right now and i can''t tell you anything professionally, but as a potential home buyer, i would chose the more land, great location, detached, older home anyday over the newer one. although i would love a brad new house with the idea that things are new and wouldn''t break down, the charm of older well built houses lure me in pretty strongly. and i wouldn''t say that 1977 is new, so if i had to chose older house, hands down the 1950s house.

good luck with your home shopping! isn''t it exciting?

 

[allycat0303]

Hey everyone,

Wow! Thanks for the fast advice. I don't know if it's bungolow. It's basically one floor (no basement) my friend on pricescope called it "Ranch" although it's listed as bungolow. It's a truly beautiful house, and from what I see, very, very charming from the exterior. Lots of beautiful space. Interior needs a bit of work but nothing major. The bungolow type house is in a slightly better location (no traffic, with beautiful older/very well maintained homes) but truly splitting hairs.

I'm concerned about plumbing, and foundation. I don't know if foundation eventually crumbles, but no visble cracks etc. Also the whole crawling space (no basement thing) worries me, because I have never heard of that before. Well the newer semi detached it like a box, no intrest etc... and for me at least, on the outside, looks the same age as the much older house. For me anyway I REALLY prefer the older house, but at the same time, we will be staying in this house for about 7 years (so it doesn't have to necessarily be my dream house). It's a tough decision, so I appreciate all the input!

Ginger

. Yes exciting, but really nerve racking too, because I don't want to make this huge mistake. Can't wait to hear how it goes for you!

 

[AChiOAlumna]

Up and beyond the location portion and the amount of work that needs to be done, I would also have to say that getting a single-family dwelling is going to be more desireable (and profitable if you sell in the future!) than a semi-detached dwelling...there''s a lot of insurance issues you also have to deal with in a semi-detached home especially if your neighbors side ends up causing problems with your portion of the home (water damage, mold, etc.)...in a single family dwelling, you don''t such issues..

If location, repairs, etc. is equal, then I''d go for the 1957 home!

 

[partgypsy]

Comparing 1977 and 1957 they are both "old" in the sense they are not brand new. And that can be an advantage; for either of those houses if something strange was going on with settling, foundation etc, it should be noticeable by now, if haven''t so far, that''s a good sign.
On the other hand they are not that old; in Europe people live in houses passed down through the generations.

You really have to look at the houses individually, because regardless of the age some houses are well built and others are not. This is a much bigger consideration than the age of the house.
A well built 1957 house (especially if it is a more attractive design) is more desirable than a poorly built mass produced cookie cutter 1977 home (I know which one of those houses I''d pick!).

Our house is estimated to have been built around 1925 (arts and crafts). As the inspector expressed to us, they are some things they did that are of course not in code anymore, and needed to be replaced and updated (electricity, heating, kitchen). On the other hand there are some things how they built it then they just don''t do it that way anymore because it is prohibitively expensive (the size and quality of the wood beams used for structural support, 10 foot ceilings, plaster walls, all wood heart pine floors).
Old houses can be a good buy because they have stood the test of time. On the other hand, they may need more updating, and they are not as energy-efficient as new houses (windows, insulation, etc). Regardless, all houses need to be maintained and kept in good repair (all houses age).

 

[fire&ice]

It''s probably a 50''s ranch - so popular at the time. In general, they are usually well built. I''d pick that one. Plumbing should be fine. If you are concerned, have it checked out - or contact the person that services their HVAC & plumbing.

Copper pipeing for plumbing has been around a long long time. I''m assuming that is what the house has. Just for perspective, my parents bought a home that was only a few years old. As part of a class action lawsuit, ALL of their piping was replaced. The flexible pipe used leaked like a sieve.

 

[hoorray]

Date: 7/19/2005 11:53:43 AM
Author: allycat0303

I''m concerned about plumbing, and foundation. I don''t know if foundation eventually crumbles, but no visble cracks etc. Also the whole crawling space (no basement thing) worries me, because I have never heard of that before.

This is pretty much the way that every California house is built. Crawl spaces are the norm, and basements are practically unheard of. It''s not a problem in CA. I don''t konw if weather differences make a difference where you are.

The older home sounds like my choice, hands down. Land and location are where a lot of the value is.

 

[Dancing Fire]

Date: 7/19/2005 11:53:43 AM
Author: allycat0303
Hey everyone,


I''m concerned about plumbing, and foundation. I don''t know if foundation eventually crumbles, but no visble cracks etc. Also the whole crawling space (no basement thing) worries me, because I have never heard of that before. Well the newer semi detached it like a box, no intrest etc... and for me at least, on the outside, looks the same age as the much older house. For me anyway I REALLY prefer the older house, but at the same time, we will be staying in this house for about 7 years (so it doesn''t have to necessarily be my dream house). It''s a tough decision, so I appreciate all the input!

Ginger

. Yes exciting, but really nerve racking too, because I don''t want to make this huge mistake. Can''t wait to hear how it goes for you!

all the expensive new homes in our area are built like that. may be different down south because,of tornados?

 

[Buena Girl]

...
I''m concerned about plumbing, and foundation. I don''t know if foundation eventually crumbles, but no visble cracks etc.
....

You said that you boyfriend is an engineer? If he had any friends that became structural or civil engineers or if you know any, they should be able to tell you more about building foundations. This is not my area of expertise, but I don''t think that you need to worry too much about a 50 year old foundation. There will be degradation over time, but under normal conditions that is a long process. I''m sure that you would start to see early warning signs like small cracks or pitting, and since you said that there are no visible ones, then I would not stress over it if I were you.

Generally, it is not the age of the foundation that causes large cracks. Large cracks are more typically the result of "soil movement" under the foundation, as long as the building was built to code. The phrase people tend to use is "house settling". This you would have very little control over and it would not matter how new or old the home is. A significant shift of ground under a foundation could happen slowly over time or be brought on suddenly by some abnormal conditiions.

Like I said, this is not really my area of expertise. If you are concerned about the foundation, then you could try contacting a structural engineer in your area.

Good Luck and enjoy your future new home!!!

 

[Nachoman]

Just be careful if you are planning on rewiring your home yourself. I''m an EE as well, but I would have no idea how to rewire a home myself. The basic principles are the same, but there''s a lot of intricacies regarding building codes that I have no idea about. Of course it depends on how much experience your BF has had doing it, but I know I wouldn''t trust myself to do it properly. Just be careful with home made wiring, the last thing you want is a fire in your new home.

 

[allycat0303]

Hey everyone...

Well we made a bid on the older house! Yea! I went with all of your advice, and decided to give it a go, because it is really gorgeous. I''ve had everyone in the family weigh in and it is much more popular. Yes, my boyfriend is an EE, but he his job is a bit unconventional I think. He''s on the construction site, getting his hands dirty with the electricians. He''s basically a supervisor on the job. He redid all the wiring in my present house last year, so electricity isn''t a problem.

Now let''s hope we can come to an agreement on the price

. Thanks everyone!

 

[MichelleCarmen]

Congratulations!

Can you post a picture from the real estate web site? I'd love to see what this house looks like!

(oh, and DO NOT buy anything on credit until AFTER you close. . . get this, there was a guy that told my husband about how he bought a house - a REALLY cheap one - like $135K and after the offer was accepted, he went out and purchased a bunch of furniture on credit and the house deal fell through because suddenly his credit to debt ratio screwed up his credit score. Can you imagine??? He lost his house and is stuck with a bunch of furniture !)