I happen to like old houses, but banks and loan officers see them entirely different as money pits. A 100 year old house unless it is a classic with irreplaceable wood and or stone work, it in the eyes of many, a disaster looking for a place to happen. Old wiring, old plumbing, little or no insulation, squeaky floors and stairs, musty wall paper, rotting wood and plaster, and this list is just the beginning. What I am saying in the short run is that even when one of these structures is paid for the owner may often have little of no loan value depending on their geographical area. Banks have been burned by their exuberance and now the pendulum of irrational behavior has swung the other way. Our home was built in 1928 but I knew the house and bought it right, other wise we would probably still be renting since I was not about to pay the asking price for some of the slapped together newer homes. We have a number of older classic homes in this small town but this is the exception rather than the rule.
Dale in the Flat Lands: The truth is incontrovertible, malice may attack it, ignorance may deride it; but in the end, there it is. ~Winston Churchill
Edward Hughes wrote:
It is a 1912 house, so I do have some concerns about it passing. I think my biggest concern is the wiring. Although it has been updated some, there is still some old wiring, and some knob and tube wiring. luckily most of it is in the basement, and the rest had been taken care of, so it would not take much to replace.
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