New Home

Hook-Line-N-Sinker · 10-14-2007, 07:04 PM

My wife and I are moving out to the Tigard area to be closer to work and family. We've found a house that we think has some great potential but is almost the opposite of what we were originally looking for.

Originally we were looking for a 90's or newer 2-story, 3+ bedrooms, and around 1800-1900 square feet around $330-350k. Today however we looked at a house that was built in '61 on a half acre with great freeway access and somewhat tucked away. This house happens to have 3200+ square feet between the main level and a fairly unfinished basement (much more space than we really need, but always nice to have extra).

The great thing about the house is the location, size, and the fact that it is on a level half acre with a lot of potential. It is also very close to the price range we were looking at for a newer yet smaller house on much less land. The downside is that it is completely original, as the couple who had the house originally built in '61 have lived there for 46 years and are probably close to being in their eighties. It needs a lot of updating but we do see a ton of potential.

If you were in your mid to late 20's with a 4 month old baby what would you do?

Oh yeah, I almost forgot. It has a huge RV pad perfect for my future toys

huntercgr · 10-14-2007, 07:14 PM

IMO I'd buy the older home. After updating it should have more value long term. Even if you're not talented in updating, it really doesn't take much to learn.

RogueFishr · 10-14-2007, 08:27 PM

I'd also buy the older home and fix it up.

Good luck.

RF

Cornbread · 10-14-2007, 08:44 PM

I'd buy the old one and either fix it up myself or hire some one to do it for me.

Fishingfanatic · 10-14-2007, 08:45 PM

Homes with large lots are very hard to come by these days. Buy it!!!!

iwanttofish · 10-14-2007, 09:00 PM

Make sure you get it inspected!!!!!!

anglingaddict · 10-14-2007, 09:12 PM

By all means, GO OLD!! :grin:

When that baby starts to get older you will be SO GLAD you have the yard!

As mentioned above, don't skimp on the inspection! You will want to know as much as possible about what you are getting into and it could help on the price as well !!

Best of luck!!

Jsail · 10-14-2007, 09:39 PM

Buy the old one!
Nobody stays with a problem for 46 years.
Higher quality of craftsmanship
As you said LOCATIONx3
The room sizes will be different than the houses built today, but that can be changed if the budget allows.
I'd be happy to meet with you regarding ideas and cost to do the upgrades. Hopefully they have allready upgraded the electrical.
Good Luck

Hook-Line-N-Sinker · 10-15-2007, 04:28 PM

Thanks everybody for the words of advice!

I think we are going to put an offer on it later this week. I'll let you know how we make out.

Geemo · 10-15-2007, 06:27 PM

I agree with Jsail. No one stays with a 46yr old house if there are problems.
Updating can come with time. Hope it's there when you make your offer.

We live in a 1977 house on a half acre. Our home is on a cul-de-sac and was perfect for the kids as they grew up. The space gave them lots of room to move around.

Good luck

Jetridinfool · 10-15-2007, 07:36 PM

The older home may be a gold mine!!!!
There is no equity like sweat equity!

IDWITHELD · 10-15-2007, 07:41 PM

People do stay with homes for 46 years with problems. They just learn to deal with it in their own creative way. (like stuffing news paper in walls for insulation!)
I have a '63. I love it.
You have to ask yourself if you are capable of living in a home designed for that era until you can afford to upgrade or are capable of doing the work yourself.

negoc8 · 10-16-2007, 10:52 AM

Inspection, inspection inspection!!
Make sure the inspector is well versed in the type of home you are considering. Do an extensive phone interview with potential inspectors, ask questions like, how many homes similar to this one have you inspected in the last two months? can I have names and numbers of those past customers? What is your back ground? Guarantee?
Some inspectors have a plumbing or electrical back ground and they will have a tendency to focus on what they are most familiar with. You want an inspector with a wide range of knowledge. Make sure and have a professional inspection for an oil tank too, even if the heat is electric or gas today, that does not exclude the potential for an old buried oil tank (or gas tank) in the driveway or back yard. 60's houses are usually pretty well built. As stated before make sure the electrical is safe and sound. I would buy an old house before a new one for sure. With that said, some builders are offering huge buyer incentives right now.

MacFish · 10-16-2007, 11:31 AM

I had to chuckle when I read the part about not needing that much room. read this again in 10 years and you'll laugh too

. Take the older home. If you like wine, the basement would be a perfect place to build a wine cellar.

Hook-Line-N-Sinker · 10-16-2007, 04:15 PM

So.....We were going to write up an offer tonight and fax it over to the listing agent who was well aware over the last week that we were interested. Our realtor called him early this afternoon to let him know our intentions and he said oh, well it just went pending.

My wife and I are beside ourselves. Sure there are plenty of houses on the market, but we really feel like we got hosed. Our realtor asked him last week to let her know if there were any offers or other interested parties. The only response she got from him was a voice message on Sunday night asking what we thought after taking the second tour of the home.

She didn't respond to him because we were waiting to have the final inspections done this morning on our current home we are selling in Hillsboro. The seller's realtor said that the offer they recieved was terrible and that they were miles apart but that they countered and it was accepted. I just don't understand why the seller's realtor would not have let us know to give us a chance to submit an offer. :frown:

negoc8 · 10-16-2007, 04:43 PM

Some Realtors can barely handle one offer at a time, let alone two.
Write a back up offer. The first one could blow up as fast as it went together. Even when it is a buyers market you have to act fast when it's a house you like.
You never know there could be a better one just down the street!!