I am looking at purchasing multi-family house that was built in 1850s. I understand that a home this old obviously needs a lot more attention then a newer build. I am not looking for feedback of ROI and all the standard advice that people give who just flip houses, rent, and repeat. This is a great location where my wife and I really want to live, so we are very interested in this multi-family for personal reasons. I'm trying to do research on what I am in for with getting a home of this age. Does anyone have experience or insight into 1800s homes?
Also, as a side note the posting for this home says, "Buyers and agent to do their own due diligence". I personally do not like seeing this and find it to be a red herring for, "There is a issue, we know about it, but it's on you to figure it out". Does anyone else find that statement to be a red flag?
OK - have you bought a house before? if possible, you'd want to get it under contract, have a standard home inspection, and if also have a contractor or contractors walk it with you so you can get quotes. if your agent is good, they'll help you negotiate. but the buck stops with you.
or if you have a friend or relative who is handy or has a contracting background, bring them, go see it, and try to come up with your own rough estimate of the repairs needed before you make an offer.
happy to help, but you said you don't want the 'standard advice'... so what specifically are you looking for?
you need to know what condition all of the big ticket items are in. maybe the roof was just done but the furnace is 25 years old. or the roof is shot, the furnace is shot, the basement floods when it rains, the electrical hasn't been updated in 50 years, and the driveway is breaking up.
it's hard to help without more info. and there's no 'standard' checklist for an 1850s house.
By not the standard advice I just mean that it's not about flipping it for as cheaply as possible and getting it on the market ASAP for renters. This is a home that my family wants to live in, so we are okay with the repairs being more expensive then what would make sense for a property that is purely an investment property. I am just not familiar with homes this old, so I'm trying to gain an understand of what I would be in for with this older house.
OK - have you bought a house before? if possible, you'd want to get it under contract, have a standard home inspection, and if also have a contractor or contractors walk it with you so you can get quotes. if your agent is good, they'll help you negotiate. but the buck stops with you.
or if you have a friend or relative who is handy or has a contracting background, bring them, go see it, and try to come up with your own rough estimate of the repairs needed before you make an offer.
@Aaron Landau If it has a basement check the support beams for dry rot. I’ve been finding a lot of this in older properties I’m looking at.
Usually you can add additional support and fix this problem but I did run into one house where there was a single center support running through the middle of the house that was entirely rotted and the only way to get a new support of the appropriate length in would have been to take out a portion of the basement and first floor walls.
I did not buy that building.
Also be on the lookout for knob and tube wiring. Most insurance companies won’t insure it. And even if you only find it in one place chances are it’s in other places behind the walls. Of course you just remove what you can see and what you find connections to.
Be sure to get multiple estimates. Some of our cheapest go to contractors have given us outrageous prices that we wouldn’t have thought twice about if we hadn’t gotten multiple estimates and then realized the second and third bids were sometimes $10,000 or more cheaper. One new electrician we started using even walked us through buying supplies online to avoid him ordering them at a 40% markup!
I guess some additional items would be how much are the floors sagging? Usually its not a structural problem, its just that things sag even with buildings from the 1900s...
If it hasn't been renovated, are you keeping the lathe walls? They are really heavy and suck up the rf for wifi...
The wall studs are really thin, from the early 1900's homes I've seen. Are you going to beef out the exterior walls to make room for more insulation? Perhaps add it to the outside?
Any historical society complications?
Regarding the due diligence, its not always a "red herring." At least in NJ its always "buyer beware" (the onus is truly on the buyer) so its used as reminder especially in situations where there is a higher risk or more unknowns from the seller.