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  Would this just be a money pit?
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I posted a question about this property on the remodeling board - but I'd really appreciate some real estate advice too if you don't mind!

We have been looking off and on for a house near the beach. We just viewed a really lovely house in a fabulous location. The house was built in the '90s and has eifs for the exterior. There is definitely water damage under the eifs. The sellers have an estimate for the cost of removing the eifs and replacing it with vinyl.

Financing for an earlier contract fell through because of the discovery of the eifs issue. The sellers have dropped the price significantly. If we could get this house for just a little less than the current asking price - the cost of the house, the removal and replacement, and a pretty good amount of money toward damage repairs would be in my price range. Of course, until the eifs is removed, the extent of the damage underneath is unknown.

Should we even consider this as a possibility or just run screaming before we fall into the money pit?
Posts: 7 | Registered: Sep 18, 2011Reply With QuoteReport This Post
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Some people might call every home a money pit, including new builds! There's always risk and you learn things after move-in.

If you truly love, love, love this home, then you can manage that risk by submitting an offer subject to an appraisal, inspection and final loan approval, etc. Doesn't hurt to obtain your own contractor estimates for the siding and any other deferred maintenance, after you receive the inspection report.

Beach homes always require add'l maintenance, IMHO. So, that's something to factor into your analysis and budget funds to handle those costs going forward.

JMHO and good luck!
Posts: 168 | Registered: Sep 21, 2012Reply With QuoteReport This Post
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Avoid any property with any kind of water damage. People buy homes that need roofs with leaks. I don't recommend it. Buyers sometimes do not realize water spreads and falls into side walls...creating possible mold.
Posts: 9179 | Registered: Aug 14, 2007Reply With QuoteReport This Post
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Absolutely don't forget to factor in the cost of flood insurance on any house!
Posts: 89 | Registered: Aug 17, 2008Reply With QuoteReport This Post
Picture of ga.karen
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Originally posted by Ladelta:
Absolutely don't forget to factor in the cost of flood insurance on any house!

And depending on the location...maybe hurricane insurance too!

"The soil is the source of life, creativity, culture and real independence." David Ben-Gurion
Posts: 4308 | Location: SW Ga. 8b | Registered: Apr 21, 2011Reply With QuoteReport This Post
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Definitely agree with everyone about water and weather issues. Water, IMHO, is one of the biggest enemies to houses. To (hopefully) reduce future costs, some beach area homeowners are replacing siding with concrete options and tin roofs are also becoming popular.

Unfortunately, water and moisture issues are endemic to beach houses. That's one of the things I was alluding to when I suggested budgeting and considering future maintenance costs. The effects of weather issues (e.g. floods or hurricanes) and increased insurance costs was another.

So, after all of the various pitfalls and additional expenses, it comes down to how much you want to live at the beach and if you're willing to pay for it, Mostly.

Good Luck!

P.S. Your inspector s/b able to spot a mold problem (either current or future, say from the siding issue) and estimate the cost to remedy it.

This message has been edited. Last edited by: BearCat49,
Posts: 168 | Registered: Sep 21, 2012Reply With QuoteReport This Post
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