Wednesday, July 18, 2012

Deal

On July 18th, we signed a contract to buy a 160-year-old house with a tree through the roof.

Or at least there was a substantial hole where a tree used to be. After looking over the damage, we realized that most of the problems were in areas we were likely to substantially modify anyway, such as the roof line on the back half of the house. Our realtor helped us strike a deal with the sellers to allow for a delayed settlement and a price adjustment, and the sellers didn't have to commit to major repairs to return the house to the market.

Our deal allowed us time to conduct a "feasibility study", such that we could ensure the house wasn't so badly damaged that it would be prohibitively expensive to renovate. We will bring in a structural engineer to look at the foundation, conduct an asbestos assessment to figure out what remediation is necessary for such a large renovation, and figure out how much termite damage exists. We expect both asbestos and termite remediation of some sort, since few houses this old are devoid of either.

Closing is set for late October, which gives us time to work through all of the design and permitting process such that we can be ready to start construction when we receive the keys.