i have been searching for 2 family homes and realized most of them are pushing 90-100+ years old. i was wondering from other investors what your experiences are with homes of that age? i've already looked into a couple but didn't get further then inspection due to foundation issues. the homes are sagging in the center. should i keep away from homes this old? should i find a deal good enough that this can be resolved with a structural engineers help?
What do you mean by the center? The foundation is around the perimeter.
Hi! I wondered this myself when I began looking at investment properties. I have since bought two SFRs that were built around 1910. Both have a bit of slope in the floor but nothing extreme. Slope toward the center is pretty common in older homes and usually nothing to worry about. You can place jacks under the main support beams in the basement and straighten the floors out that way and then add support from the floor to the beam. I have seen this done successfully. The only thing I would worry about is any cracking in the foundation walls or cracks running vertical in the walls of the house. I would have that assessed by a structural engineer if I was going to purchase.
Another important consideration is not all insurance companies will insure those older homes. Plenty that will but not all.
It really depends on how good the structural integrity is. We've got lots of amazing old houses in our area that have held together beautifully considering their age. These properties are highly desirable from both a sale and rental perspective. They will mostly likely have a fair amount repairs and maintenance required, but you'll then become a craftsman and will never want to touch another house built between 1970-2000.
I love older houses. They have real character, and they hold up better than new construction in many ways. Just be used to the fact that you'll have to replace plumbing and electrical and gas lines, maybe not immediately but someday.
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