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  • 82ne
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Did your dream home turn into a money pit?

I'm just curious...did your dream home suddenly become a money pit?  Did you fall in love with the home again after the financial bleeding stopped?  Did you ever suffer from buyers remorse?  What happened or what did you do to get over it?

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March 19 2008 - US
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Well... as a home inspector I can tell you this much with certainty: there are some people who will buy a house even if they *know* it's going to be a money pit - the reality just does not register until they start writing the checks.

 

These are the clients who scare an experienced inspector worst than any others.

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March 19 2008
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A perfectionist is not going to be satisfied even if living in the penthouse suite of a 5-star hotel with full servant staff.  A clutterer is going to ignore most conditions even if the repair gets to be critical.  There is a happy median someplace.  I know of nothing that does not require at least some periodic maintenance.  And if one doesn't want housing cost increases and doesn't want maintenance responsibilities, I suppose such a person would choose to live under a freeway bridge.

 

I suppose everyone will sometimes think "I should have bought such and such instead"; but we didn't; and it still would have needed maintenance, so we just need to learn what the Apostle Paul wrote; that we are to be joyful and thankful regardless of our situations.

 

Probably we should also learn some typically needed maintenace skills as well; or possibly teach someone to take over as we loose abilites.

 

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March 19 2008
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We bought our first home 4 years ago and the renovations and repairs are a monthly occurance. I figure it will eventually get to apoint where EVERYTHING has been either replaced or repaired and our 1885 home will arrive into the 21st century. One room at a time........=)

 

I must say though, that although we have had to do more work that we didnt count on and a few that we didnt HAVE to, it has been definitely worth it. Ive learned more about home repair then I thought I would and try to DIY just about everything..........except electrical and gas.

 

A new home would have been nice but I dont think it would have had the charm ours does and it wouldnt have needed all that sweat equity............Seriously, who needs weekends anyway..........LOL.

 

-LS

 

 

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March 19 2008
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And a new house would have needed repairs sooner as often materials are thinner or otherwise not as durable.

 

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March 19 2008
Profile picture for BtrL8ThnNvr

I saw on "Haulin' House" last night...these people paid $1 for a house that was 170 years old, they were going to move it across town but they said the minimum cost to move it and fix it was going to be somewhere in the $600k-$650k range I believe.  I couldn't believe it!  The stress of having to move it, plus the cost!!?? They could have built a brand new house!

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March 20 2008
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$10 million dollar house for 1.7 million?  May be a bargain.  The materials alone are probably worth more than any new house that could be built.

 

Not enough details to really make a determination, but house moving is often not that difficult; and repairs are just the same typical repairs.  Everything needs maintenance, and if you move a house, you need all the utilites brought in, a new foundation, and if the house was cut for the move, it needs to be spliced back together with refinishing of all walls, floors, ceilings and roofs that were cut.  It still amazes me that house movers use chain saws to cut the houses into pieces for moving.

 

 

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March 20 2008
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pas are you responding to me?  if so, I meant that house was 170 years old and they paid $1.00.  Like one single dollar for it because the guy was going to tear it down.  And it was cut in half.  It got rained in really bad after it was cut. 

 

If you weren't responding to me, never mind. :)

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March 20 2008
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So the total cost is only $650k plus the cost of the land?  And possibly it will be worth $1 Million when done?

 

Houses that are in areas where the land owner doesn't want them often get sold for $1 and have to be moved.  The city actually mandates that for historic structures that the owner offer it, even for free, for at least 6 months; sometimes extending for a year or two before a demolition permit can be obtained.

 

The city lists many of these on the city website.

Have a lot to put an historic house on and want to get one cheep in Pasadena?

Pasadena Houses that need Relocation

check it out...

 

Now why someone wouldn't tarp a house already cut if they were expecting rain is beyond me.

 

 

 

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March 20 2008
Profile picture for BtrL8ThnNvr

LOL that is what I thought. It looked like they tried to tarp it, but there were also high winds.  And I don't know if it will be worth that much when it's moved because...There were a lot of costs for moving the house.  In the end they were at least 3 hours over the time frame and the guy said he'd have to pay OT but not sure if he really did or not. 

 

I do know that it was $40k to pay the utility (phone cable electric whatever) to work for hours moving the lines that went over the road so the house wouldn't hit.  $40k!?! That seems in sane. 

 

Also they demolished someone's nice bricked in mail box, had to trim back a bunch of trees on the way.  I'm wondering if they didn't have to pay the owners for that too.

 

Plus the stress!  The house was rotting, had water damage, in the end it was crumbling almost!  I am glad we have a house, bricked on a concrete foundation, never to be moved! LOL

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March 20 2008
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My family has hired house movers 3 times.  One time I just had the house movers replace a header in my garage to remove a stem-wall.  I thought they would use their hydrolic jacks...  NO they just kicked 2x4's under the roof rafters, then took out their chain saws and started cutting.  I left; I didn't want to see it fall on them if they made a mistake.  They also just disconned a shed type roof that had been added at the back and let that part sag.  To reconnect, they just had one of their strong heavy guys lean against it from the outside while another one secured it on the inside.

 

Another time, a house needed the foundation replaced.  The movers jacked up the house.  The fundation forms were set, concrete poured, the house set back down, and then bolted down.

 

And the real house moving experience, I have on an 8mm movie real, that occured at 2 o'clock in the morning.

 

Yes, we pay to lift the house, we pay to disconnect utilities, we pay to cut what is necessary, we pay to move utilities that might be in the way, we pay for escort cars, we pay for traffic light relocation, resetting, we pay for someone to ride the top of the house, we pay for extra traffic direction and/or traffic officers, we pay for tree trimming...  All normal expenses.  Our move cost $10,000 but it was a while ago.  We were fortunate that the house didn't need cutting.  We were fortunate that only one signal arm needed to be swug out of the way.  We were fortunate that most wires that were too low the man that rode the roof was able to pick up and carry across the top of the roof as the house moved forward.  I would show you the movie if I could.

 

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March 20 2008
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One of our city council people moved a house that was owned by one of the local private schools when the school needed that space for their campus alterations.  The house looks really good in its new location and is occupied; but the movers incorrectly measured at the site, did not trim a tree properly, and broke a huge branch off when trying to get the house off the property.

 

Actually, I think the movers knew the branch was in the way, but Pasadean has a very restrictive tree protection ordinance, and they probably figured it was better to damage the tree; get the house stuck and have to use the chain saws on the spot and worry about the consequences later.  The council person got lots of critisism and reprimand.  I think he even had to pay a fine for the damage to the city tree.  But it is over and no one is discussing the damage he caused to the tree anymore.

 

He did say he wouldn't move a house again, it was too much stress for him.  But that may just be political talk.

 

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March 20 2008
 
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