Be sure to check out the property taxes with all those buildings it's gonna be high if you don'y have a need for them. And if it's a permanent type silo that reduces the property values. Good or bad deal depends on if it is what you want out of a place to live. Is 5 acres to much land for your needs. If you don't need the land it's a lot of extra work and worry. Or are you gonna outgrow 5 acres in a few years. If the wife decides she wants a couple horses you just pretty much outgrew it.

I would deffinatley agree with Johnny also on the maintenance. I lived in more then a few older farm homes and what a nightmare to work on. Farmers are notorious for being do it yourselfers that tend to do it their own way. Trying to come in after that presents a few challenges most of the time.

But if it's what you want and it's gonna make you and yours happy then jump on it. I guy explained the defintion of worth or value to me one time a long time ago. Anything out there is worth as much as you can get for it, or as little as you can give for it. If you pay that price and your family is happy their, then you got a bargain.

 

I don't know about your area but that would run about $2M around here. The land alone would cost me the better part of $500k.

On the subject of inspection - don't bother with the home inspector crap - get a real home building contractor with a considerable amount of experience 20+ and have him take a look around. Baring that, get a structural engineer or an architect to have a look see. Most of those guys will work for beer...

 

Around here that is easily a 750k to 1m property. I have looked at several lately and the more buildings and land there are the more they ask for them, even if they are falling down. If the property assessed at ~90k and they are asking ~150k then I would go to a bank and see what they will actually loan on the property, it probibally won't be much over 90k since it only assesses at 90k.

 

you could hire a house inspector

 

I would buy it for that price.

 

I'd buy it too!! Second not getting the house inspector, they usually just a cursory scan, if it's not major they're gonna miss. Do some research before you trust a contractor as well. Barns with concrete floors = garage with concrete floor!!!

 

Thanks guys!!! we looked at the house yesterday and its in good shape, Needs a bit of work to be where we want it.... The wiring needs to be updated and to make it how we want Id pull the plaster/lath down and put drywall up as well as knock a wall out.

Basement is a old Michigan basement but in good shape and dry!
new renovated bathrooms, and laundry room

the previous owner is a RN that moved to Ohio for work.... thats the reason for sale.... BUT looking on the county assessment page she paid $152,000 for it but thats wayyy to much so we wont have much luck bringing the price down from her asking 149,000 Id pay 90-95,000 for it...

 

Man if you can get all of that for 90-95K I need to move.

 

I'd offer 90, AFTER a thorough inspection. Is it a full MI basement ? Stone walls or poured ? You've already mentioned puttin in windows, and new siding. Before the siding hire someone to blow in insulation on the outside walls. Get yerself a nice new outside wood/coal boiler for primary heat, (BTW what is your primary right now, propane?) These old farm houses will kill you in the winter on heat bills. If you don't need a second story at all, by all means keep looking!!!!! ( i speak from experience on this one)

What is the history on the well? I just paid a hair over 8k for a new well, 180feet, ouch!
septic, drain field ? Can get costly here too. Make sure the PO absorbs the cost to suck the septic before you purchase. Pretty cheap, but every penny helps.

This for me is the single most important aspect of buying. Where is the property located between neighbors (hog farms, horse farms, pastures) and the WIND. The wind carries everything from bugs, mosquito's, and SMELL, and dirt. In my case i have a horse farm across the street, every night they run their track with a stone picker, all the dust on dry days blows towards us. It is a royal pain my a$$, grilling my nice new full size front deck and end up eating dirt bugers.

If you would like some help, or a couple EYES to look for things you may miss, give me a call, i'll gladly help ya out!!!!

Curtis

 

That's a pretty sweet deal! My 2-bed, 1-bath on 0.2 acres cost me around that here in Delaware! Go for it!

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I would also agree with that