Reading a 54 page inspection report.
Remember this house?
Simply put- it not only made our hearts sing... it made them dance. The neighbors, the street, the potential.
oh the potential.
We put in an offer.
We countered and stuck our feet in the ground.
We called an interior decorator. She saw the potential and the beauty in it all.
We called an inspector and $400 later, he started walking through the house with my inlaws.
He delivered the 54 page inspection report. We read it like teenagers read Seventeen, scouring the pages and the pictures, our hearts sinking (yet hopeful) with every turn of the bleak report. Words like asbestos, rot, exposed, and damage littered the pages. Phrases like galvanize piping, not attached to the wall, cracked fireplace, rusty water, sealed entrances, corroded and decrepit electrical, and EPA standards made us see dollar signs spill out of this house.
Two words came to mind: Money Pit.
Husband called some general contractors and got a few estimates. I called my favorite plumber, Eddie Weigle, to see what he said. Love me some Eddie!
The best estimate came back at ... one hundred thousand dollars.... and that was just the estimate. We were expecting a large number and we could have handled a large number- but that was just past our ability. The contractor said that those beautiful lead windows would have to be tossed as they were hardly holding water out of the house and once he opened up the casings, he would be shocked if he didn't see black mold in the walls. Every time it rains, the house becomes a little less valuable.
He saw the potential, but he also saw the problem. Three contractors came back and said the same number-- $250,000.
The house, in the condition it is in, is worth $250,000. To put this in perspective, the same size lot next door sold for $200,000. I would have my feelings seriously hurt if I were the owners of this house. It really makes me sad because this house is beautiful and would have been a lifetime of lovely. But, I don't see them accepting $250,000, nor do I see us spinning our wheels on a beautiful money pit.
What I know about real estate:
* It's never the last great deal.
* It's never the last great house.