Probably heading up to the Adirondacks to beat the summer heat plus the issue of fire insurance on the building next to my parents house sealed the deal of me not getting that property but I wanted to write down what seemed to be my concerns and the things I liked so I would have the list when considering future properties.
Things I liked.
- Great price when you consider the cost of rent over ten years and you’ll recoup some of the cost when you resell it especially if you’ve fixed it up
- Chicken coup, horse barn, outdoor sink and overhang for butchering livestock outdoors
- Relatively small size of the house
- Single floor and a relatively low slung roof that could easily be maintained by a short ladder
- Relatively new roof and windows
- I could have paid for it with cash and had the title in hand, then only paid homeowners insurance and property tax
Things I disliked.
- It’s in New York State with the burn ban and the bad gun laws
- Being rural and having to commute each day to the city
- Werid shaped property with one of the neighbors’ properties inset within the land
- Have to be careful what I burned due to being a residential neighborhood
- Vinyl siding, which was covering up obvious wood rot below it
- Grid-tied, an ancient oil burner which if it was still functional probably wasn’t energy efficient
- No wood stove
- No forest land to use as a wood source if I were to burn wood
- Cost of property taxes, homeowners insurance, and commuting would exceed my current rent, while getting nothing back in return — investments in stock and cash are
- So any unknowns …
- No guarantees I’d be able to get insurance on the property until I moved in as it would be a cash purchase
- Power is turned off as is the water, so don’t know if there are shorts in the building’s electrical, if the well and septic work. While I would have a home inspection done, that’s a bunch of unknowns and I would have to put up a bunch of cash not knowing what I would get in return.
- Floor is collapsing in one area. While it doesn’t seem serious as a one story structure, the whole foundation looks to be mostly of uncemented field stone, and I’m not sure how secure the whole building is without a full home inspection
