Buying a house 60 years old (Jackson nj)

naturalmom5

Sat, Sep 15 2018, 7:54 pm

amother wrote:

Hi...what happens to these houses that are 50-60 year's old.the house we are looking at is in very good condition but being realistic it's old.does the value really go up? How does it work? Who will buy a 80 year old house later on when I want to sell?

The property will double and triple in value... What are you worried about..

We rented a house about 20 years ago.. When we moved in the house was worth 100k, 5 years later we were forced out, because the house was condemned and in decrepit condition, but the land was worth 500k.. To pay the taxes, the LL had to sell and the new owner knocked it down and rebuilt..

Amarante

Sat, Sep 15 2018, 9:39 pm

Location is everything and there are 300 year old houses that are still inhabited.

Older homes are like older cars - at a certain point, they are going to need major maintenance items - I.e. if very old, electrical would need to be updated or heating or cooling systems or new roofs. People renovate kitchens and bathrooms all the time. Many people will replace windows so they are energy efficient.

Exteriors of homes also need to be maintained - they need to be painted and depending on the exterior materials, they might need replacement siding.

But a home is not like a car - it doesn't die or collapse after a certain number of years. As others have written often an older home will have construction materials or touches that wouldn't be found in a newer home because it isn't cost effective- I.e. plaster coved ceilings versus sheetrock for example.

What is critical is that one needs to properly inspect an older home (or even a newer home) so that one knows exactly what the estimated useful life is of the important aspects of the home. And one must also figure in an appropriate maintenance budget/savings account so that when the inevitable repair happens, it's not an economic catastrophe.

Last edited by Amarante on Mon, Sep 17 2018, 12:04 am; edited 1 time in total

DVOM

Sun, Sep 16 2018, 7:40 pm

We bought a home in Lakewood but right on the border of Jackson about a year ago, built in the 19 teens. It's a beautiful property in a really nice neighborhood, and already, in one year, the price of the houses around us have risen significantly. The house itself does need work; we knew we were buying a fixer-upper. So far we've updated the electric system, installed lighting, and fixed up the roof. Next project will be replacing all the windows. We definitely are banking on someone wanting to buy it from us someday. I figure we loved it even though its old, hopefully someone else will love it a little bit older. Our house has some lovely period features (three fireplaces, many built-in shelves, bookcases, and desks, lovely original wood flooring, some original stone walls) that we're hoping will help us sell it, but I think a poster upthread who said the value is in the land is right.

amother

Seafoam

Sun, Sep 16 2018, 7:59 pm

My house was built in the 1960s.
When we first got married we moved into a house built around 2005. The house was all of 5 years old. We were forced to move 5 years later due to a bad mice infestation and mold running from the basement to the fifth floor that the landlord couldn't get rid of.... and the porch was off our bedroom and the door wasn't properly sealEd neither were the windows and it was COLLLLLDDD.

Then we moved into a brand new house. We were the first tenants.
The insulation, window instalation, floor levels were AWFUL. It was impossible to heat up the house in the winter and cool it off in the summer. My dds room was so cold that she couldn't sleep in there in the winter. We'd see the curtains move from the breeze. That's how bad the window installation was. And the utility bills were thru the roof!
By the time we moved 2.5 years later, the condo has had flooding, burst pipes, bug infestations and it's still a ice box in the winter and suana in the summer.

Now we live in an "old" house. With the original windows!!!! It's nice and cozy in the winter and other than two days this summer the downstairs was cool! Upstairs one large ac for living areas, another small one in the master, ceiling fans for the kids room and we're good.

There are no bust pipes. No freezing rooms. No mice. No bugs. (Well except what comes thru the front door when you leave it open. Lol)
But bh we are very happy!

And did I mention it's WARM in the winter?
Only someone who has suffered from the cold for 7 years can understand how greatful we are!

Also, since we baught the house the property value went up by 100k because of location.

All houses need maintenace.
A newer (properly built) house you have a few years till you have to start replacing things. An older house already needs care. Like roof changing every 15 years or so. Siding needs to be replaced not as often. Major machinery like boiler and stuff. Driveway repaving.... decks need to be replaced.

But yearly maintenance needs to he done anyway.
Like maintaining the grass, power washing the siding/walls (not all). Painting/sealing a wooden deck (unless it's the newer sealed treated wood)

Maintaining a house is not so simple. But it's worth it.

Any house you buy, you need to see how it was maintained.
Does it have a smell, do the owners have pets? Check out the property. Do you see big holes (woodchuks)? Small holes? (Chiomunks) both can ruin a house and foundation.
Do a radon test, mold test and a good inspection with an experienced inspector.

Much hatzlucha

amother

Floralwhite

Sun, Sep 16 2018, 8:43 pm

My new house in Lakewood probably won’t still be standing in 60 years! These days the houses here are not constructed well at all. Now it looks nice but I can tell you that you can barely bang a nail into the wall to hang up a picture because the sheet rock starts crumbling. The house is freezing in the winter because there is no insulation. You are worried about a 60 year old sturdy house and I am worried that my new house won’t be here in another 60 years ( then again, I doubt if I’ll be here in another 60 years...)
I think if the house was well built and it is maintained you don’t have to worry about another 20 years.