Over the weekend, something incredible happened. We had an opportunity to buy a home on an amazing block with an oversized plot for a bargain price.
Too good to be true, right?
At first, we looked at the 1920s fixer upper as an adventure. We were ready to take it on. The kitchens and the bathrooms and every single wall in every single room (because they were filled with cracks – ALL OF THEM) had to be redone. I was OK with that truth be told. But something else was off. Literally. An engineer did a walkthrough and said that half of the house was sinking by 3 inches.
Perhaps that’s why the entire house was filled with cracks. I’m not kidding. There wasn’t a wall that didn’t have a HUGE crack right down the center. It looked like an earthquake hit the place. The realtor told us that the family was divorcing and just stopped taking care of the house but that couldn’t be. It just didn’t make sense.
Bill took the engineer’s findings to some of his friends (who are also engineers) and all three of them told us to walk away. A ONE-inch discrepancy was normal… but a THREE-inch discrepancy was actually unheard of! It would be a money pit. We would have to put at least $40,000 in support beams under that portion of the house just to stabilize it and that would just be for NOW. Who knows what type of issues would come up later in life? Perhaps we would have to do it over and over again?
So, we did the math.
$50,000 – to red0 all the walls , ceilings, and floors
$40,000 – to support the bottom of the house so it doesn’t continue to sink
That puts up $90,000 in the hole before we even BEGIN to rip out the kitchen and bathrooms. It was too much to take on. Too high of a risk.
I was excited because the LOT was SO HUGE and the house was a 5 bedroom and the price was really cheap… but now I know why. Sad to see it go but also relieved. Can you imagine if we went into that house and started at $90,000 in debt?
I think we made the right decision. But for a moment, it was an exciting feeling to think that we would rip out the entire house and create it into our version of new.
Onward and upwards! 🙂 That’s what they say, right?!