“Free” House with a catch. How can I make this work?

[Eric Huebner]

Free House. Not something we hear all that often. I ran across this story and am racking my brain on how I can make this a win-win deal for everyone involved. Long story short- there is a historic (1870’s) home that a nearby city in Wisconsin needs moved to make room for a library parking lot expansion. The house is free, but the “buyer” needs to pay to move the house off the lot by July 31st. I believe that the city is even offering a free lot for the home to be moved to, but I cannot confirm that at this time. I know that moving a completely intact house is very expensive. Just think of all the power lines in the way. Not to mention all of the permits needed to travel with a house on a trailer. Then there is the costs involved with getting it set on a foundation on a lot and hooked up to services. Has anyone ever done something like this successfully? Is it even worth all of the work needed? From the photos I have seen, I believe they may have the home set up as a three family, due to three gas meters in one of the photos I saw. So what do you think about this BP???? Here is a link to the news story they had on the home: http://fox6now.com/2018/03/25/theres-not-another-house-thats-like-it-and-it-could-be-yours-for-free-but-theres-a-catch/amp/

[Josh Caldwell]

Ok so this isn't exactly a free house. People do give houses away sometimes, but this once comes with some costs.  You need to determine a few things here. First, where will this house be placed?  The value of this house will vary greatly if you put it in a war zone vs a hot market.  So the landing spot will go a long way to determining value.  Start with value.

After value, you need to figure out costs.  There may be a lot that the city is offering, maybe not. Answer that question first. Then, no matter what that answer is, start shopping for lots.  This is spread sheet territory.  You will need to make an array of lot costs and land values to see best location to drop this house. Then you will need to contact a freight company, actually many. You need to determine who actually has the ability to move this thing.  Then ask them what this will cost. Big variable here.

Lastly, you need an excavator.  The cost to dig a foundation will be large.  Make sure they dig a big trench to connect water, sewer, etc.

I have a feeling that the effort and cost will scare off most people. There may still be a bargain to be had here, but you have a lot of research ahead of you.

You will also need to account for after move repairs. That is an X factor that you can't really predict.  Expect to have some wall cracking and maybe even a structural issue to deal with.

In my opinion, I would treat this as an academic exercise.  There are a lot easier ways to get a house.  Free houses come when you market to the owners of abandoned houses.  This one could be a booby trap.

To your success

Josh