Anyone who has walked inside my house knows that it's not worth $357K. Hell, I could point out one thing that would make anyone considering buying it laugh that price out of the building. You see, the house was built in 1951 and someone came up with the idea of blocking off the original bedrooms with half the bathroom and turning them into a small apartment. Then they built an extension behind the house adding back 3 rooms, a large sun porch and the toilet half of the bathroom, extending all the way back to the garage. Unfortunately, while the original house has a concrete foundation, the extension was done with pier & beam. Over the years, the ground has shifted a little thanks to droughts and such meaning the pier & beam areas have shifted, too. The concrete foundation, however, has not. Ergo, the back half of the house is coming away from the front half. Sure, it's slight and barely noticeable right this moment other than a couple of large cracks along a couple seams but it has changed/shifted slightly in just the 5 months we've lived there. Luckily it has changed for the better but that still means we're losing tiles and grout from places where patches and fixes aren't quite required now when once they were. Oh and don't forget the windows we can't open or entirely close because the frames have shifted or the glass door leading to the pool that the owner won't fix because it would cost at least $2K and would just break again once it shifted enough. Nobody who even looks at that house would pay $357K for it. Oh and the realtor has a rental price there that's 70% more than we're paying. I could see how our place could be worth more in rent (even despite the major flaw I just described), but not 70% more. For that kind of money, we could rent a nice big condo downtown or make mortgage payments on a nice big place a little farther out than we are now or a slightly smaller place in the neighborhood we're in now.
So we're definitely going to get to finish out our lease and, if we're lucky, may be able to extend it. We do like the place. Just wouldn't buy it unless it were really, REALLY cheap. It's in a great neighborhood with a large lot. We'd have to put at least another $50K into it just for the foundation issue alone, much less other things. Seriously, it'd be cheaper and better to tear the thing down and have a new house constructed on the lot. Even better would be to emulate some other owners in the area, rip down the house and put up two houses or a series of townhomes, live in one and rent out or sell the others.
The important thing is that we're not going to be thrown out on our keisters tomorrow. That's what matters...
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