Opinions wanted: 2 very different houses...thoughts?

So this is very preliminary but DH and I have seen a bunch of houses in our search so far, mainly through open houses, but yesterday we went out looking via appointments and out of 5 houses there were 2 that are on our maybe list and we're going back to see them both. I'm trying to get as many thoughts on this as possible, because others may think of things we haven't.

House #1: Older house (built late 1800s), well maintained but not 'updated' per se, but definitely liveable and not just bearable, really liveable. I would eventually want to update the kitchen. It is a 1.5 bath house but the half bath shares plumbing with the laundry so adding a shower shouldn't be too hard. Gorgeous, fully done, fully fenced, large yard (biggie for us because we have a dog). Perfect location, great block, and the house is very charming - it looks like a New England cottage. Large rooms, but very traditional inside so not an open floorplan.

House #2: Flipped house, totally gutted, big, completely updated. 2.5 baths, including ensuite in the master. Rooms are a nice size. Open floorplan on the main floor. Doesn't have any appliances, we would be responsible for those. Outside of the house hasn't been touched, I mean we would have to do EVERYTHING, right now it's all just dirt. Also good location (same neighborhood) but the block itself is just slightly less cute.

House 1 is priced $50k lower than House 2. House 2 would have to come down a bit for it to make sense for us, but it has been sitting on the market, empty, for a year.

OK, have at it! Any and all thoughts?

Re: Opinions wanted: 2 very different houses...thoughts?

Based on what you are saying I'd go with choice #1.

For these reasons:

1. Location and property size - you can always update your house, you can't add more property.

2. I am weary of Flips because they are known to just "Cover Up" big problems for the sake of selling the house. Looks good cosmetically and sadly you will be the one who uncovers the issues as the years go on.

3. With the first one - it may take time to do the updates, but they will be yours and you can see any problems and fix them as they come up (Ex: Knock down a wall to make something bigger and realize something with the electric, fix it and move on)
The 2nd house may have upgrades you really like, but when the time comes to upgrade yourself, you may find something that is more appealing to your style.

HTH

Good Luck. Finding a home is very exciting and can become stressful if you let it. ENJOY IT!!

Re: Opinions wanted: 2 very different houses...thoughts?

Re: Opinions wanted: 2 very different houses...thoughts?

I agree with flips. They don't usually use the materials, etc that I would. And very good point from PP that they could have covered up problems.

Re: Opinions wanted: 2 very different houses...thoughts?

Meredith, I was in the same boat. Liked the flips, but after watching Mike Holmes shows I would rather take and older house and fix it myself. We went with a 1956 house, short sales. The old owner updated the kitchen and main bathroom, so that was good enough to put my stamp all over the house. Just something to think about.

Re: Opinions wanted: 2 very different houses...thoughts?

I think a much older house is like opening up a can of worms sometimes. unless you get a super thorough inspection but someone who knows old homes, I'd be careful. I'm not sure I'd want the flipped house either. I'd probably keep looking, esp. as more homes go on the market closer to spring. I've always found that you know the house you want as soon as you walk into it.

Re: Opinions wanted: 2 very different houses...thoughts?

Older home for sure... Not a fan of flips...We want to redo all ourselves...

Re: Opinions wanted: 2 very different houses...thoughts?

Not a fan of a flip

Re: Opinions wanted: 2 very different houses...thoughts?

The first house sounds charming to me. I love older more traditional homes though.

Re: Opinions wanted: 2 very different houses...thoughts?

Thanks so much for the replies! I purposely didn't include more details because I didn't want to sway opinions.

The older house also has more rooms. It has a living room, formal dining room, EIK, rear sunroom and front sort of mudroom/bonus space, PLUS the 3 bedrooms. This is actually a big deal because it gives us extra space for office space and all 3 bedrooms can really be bedrooms.

We're going back to see both tomorrow, but are definitely leaning towards the older home. For the person who noted that when it's 'the house' you know, I feel that way about this house. My DH isn't that kind of person though and is VERY pragmatic and thinks things through a whole bunch, so we're really trying to do our due diligence. Of course, ANY home we are planning to purchase will undergo a full inspection!

Thanks again and I'm sure I'll be posting more as we get more involved in the process, whether this ends up being the one or not!

Re: Opinions wanted: 2 very different houses...thoughts?

Not a fan of a flip BUt a home that old is going to need a lot. Wiring, pipes, all the insides of the house which are costly could be an issue if it has never been updated.

Re: Opinions wanted: 2 very different houses...thoughts?

I was in a similar situation. We put offers in on both homes. Both were accepted. We had both inspected.

We said if the older home turned up anything really bad we would take the newer one.

The older home turned up things the owners were willing to fix...they fixed $12K worth of stuff..still there was more to do but that will happen with any home.

We bought the older home. It's definitely more charming, has it's issues but we are glad we bought this one.

It's not our forever home though..we will probably look to move in less than 5 years. Been here 9.

Re: Opinions wanted: 2 very different houses...thoughts?

Re: Opinions wanted: 2 very different houses...thoughts?

I would go with #1

It sound like it has such charm and you know what you ate getting - no surprises!

I am partial to historic homes, I love the character and details

Re: Opinions wanted: 2 very different houses...thoughts?

I wouldnt buy a flip because the contractor may have used really cheap materials and could have been sloppy so you may notice little things that are off in time. I also like to pick everything out myself.

Good luck!

Re: Opinions wanted: 2 very different houses...thoughts?

Weird question but is the flip inHoltsville? Sounds exactly like one in my parents neighborhood where I grew up. I went to the open house and it sounds the same.

Re: Opinions wanted: 2 very different houses...thoughts?

Re: Opinions wanted: 2 very different houses...thoughts?

I personally don't like the flips, you never know the quality of work that was put into it.

Re: Opinions wanted: 2 very different houses...thoughts?

I'd go with #1 for several reasons.

1. Older homes have a lot of charm and unique characteristics that newer homes sometimes lack.
2. Property - it sounds like property is important to you guys because of the pet situation. You dont want to be moving into a new house that you're going to have to do major outside work to and the yard will be unuseable or undesireable for your pet to use for some time.
3. Flips can mean trouble. Many times when someone is flipping a house, they're using the cheapest materials they can find to make the job LOOK good, but not necessarily work well. It could mean a lot of problems for you down the road. Also, if this flip has been on the market for a year with no one living in it, it could mean 1 of 2 things. Either there are major problems that are being covered up, or the seller is looking specifically for an all cash purchase or is not willing to budge on price because they sunk a lot of money into the flip.
3. Now that you've shared more info - the older home has more liveable space as well. Sounds like a house you can grow into.

While older homes do come with their own set of issues, as long as you check to make sure that the electrical system is updated (if you have old electric it may not support things like a microwave and blowdryer without constantly blowing fuses), your heating system, roof, etc. beforehand you'll know basically what you're getting yourself into as far as what might need to be replaced right away.

Message edited 1/16/2012 1:40:57 PM.

Re: Opinions wanted: 2 very different houses...thoughts?

I agree that a flip house could have been done using shoddy materials, unskilled labor, etc. However, an older house can bring many problems. Lead paint, drafts, old windows. The cost to heat it might be insane.

That being said, I love love love the character of an old house.

Re: Opinions wanted: 2 very different houses...thoughts?

Thanks again for all the replies!

We went back to both today. I have officially ruled out the flip. Walking in the 2nd time it just did nothing for me...in fact I got a bit of a bad feeling in there. I still love the old house and we are thinking it over and keeping an eye on it while we do some more research and check out a few more houses.

Thanks again!

Re: Opinions wanted: 2 very different houses...thoughts?

As far as the older house -- aside from maintenance issues -- ask yourself is it really conducive to your lifestyle?

I love the charm and character of older homes, but they tend to be a lot smaller and have a layout that doesn't necessarily work for most people's modern lives, imo. You mention the older house has more rooms, but are they small rooms? A lot of times, the older homes I see have issues like low ceilings, tiny bedrooms and bathrooms, lack of storage space, and more closed in layouts (a lot of smaller connecting rooms versus open areas). When I was personally house hunting a few years ago, we looked at a few older homes in Merrick, and while I loved certain aspects of those homes, I realized that it wouldn't really work for my family or be a house I could grow into.

However, if a house has been renovated/expanded, but still retains a lot of its original charm, that is the best of both worlds.

As others have said, I would just consider things like the electrical and heating systems. For example, a lot of older homes have old steam heating systems, which can't be zoned off the way hot water heating systems can (to my knowledge).