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Buying and Selling Homes

Red Flags, Run away?

7 years ago

We found a house we really like in Yorktown NY. It has an unground oil tank (that failed a tank test and now the seller needs to deal with it). It also has a old boiler ( at least 50 years old) and steam heat with leaky receptacles. It also has a septic system that seems to be over 30 years old. Owner doesn't know the age. These seem like serious red flags to me. Do we run away? We do like the house and location but don't want to buy a money pit.

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Comments (3)

User
7 years ago
Add the cost of everything that could go wrong in the next couple years to the asking price. Still a good deal? If you like the house and you have extra cash (12k for new septic, 15k for new hvac, etc) and the price is right, go for it.
Carr Jimi thanked User
littlebug zone 5 Missouri
7 years ago
We can't decide that for you. Some people LOVE older homes, money pit or not.

How bad do you want it? And how deep are your pockets?
Carr Jimi thanked littlebug zone 5 Missouri
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cpartist
7 years ago
last modified: 7 years ago
It wouldn't turn me off as I love old houses. In fact anything I like has to be at least 90 years old. LOL. But I would factor in the cost of fixing (not replacing the steam heat) and the septic when giving a bid (Steam heat when it works is great.)
Carr Jimi thanked cpartist

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