We had it inspected and learned that it needs serious foundation work, as well as a lot of electrical work and some plumbing. We had hoped to fix it up with a 203k loan, but that won't cover foundation work, and with all the problems the house has, we wouldn't have anything left for cosmetic work or appliances. On top of that, Citibank, which owns the house (a foreclosure) was fighting us every step of the way (asking for much more than the standard amount of earnest money, not giving us much time for inspections, etc.). We think they were hoping to sell to an investor who would pay cash and not have to deal with all the complications of people who need a loan and actually care about the place being livable in the long term. After a few weeks of alternating between stress and excitement we finally decided it was best to walk away.
We were really disappointed when we began to realize that fixing up this cute 1904 house on a corner lot was a pipe dream, but just as we were coming to a decision we found another house in the neighborhood for sale in our price range. It's a bit more expensive and on a less desirable lot, but it's in a better location (closer in and in easier walking distance of a lot of businesses). We made an offer the day we viewed it and it's been accepted! We're having it inspected this evening.
We know it will need some work, but nothing like what the last one needed. We'll probably use the 203k loan to get some new floors and windows and perhaps some more efficient appliances. Then we'll do some other work ourselves (interior painting, for example), but with the exception of a hole in the basement wall, which the owner has agreed to repair before closing, we expect it to be pretty much up to code.
In the long term we'd like to do more to it (maybe put an addition where the back deck is, so we can have a bigger kitchen and have basement access from inside the house; maybe eventually finish the attic), but with just some minor work it will be a very livable space for us.
We're hoping to close before the end of July and be moved in by the beginning of August.
I can't wait to start putting work into a place where I'll actually get to stay and enjoy the fruits of my labor. I'm very excited about finally getting to have a garden that we plan from start to finish. We plan on doing away with all or most of the lawn (such a waist of energy). We're hoping to attend the FoPo Garden Tour in a couple of weeks, which I'm sure will help us to get some ideas about where to start.
In the mean time, we're focusing our energy on living as cheaply as possible while we scrape together our down payment, and getting our belongings pared down and organized.
No comments:
Post a Comment