Can any DIY/Home experts offer some insight as to how one can value the AGE of a home? It bothers me that not only is the current inventory of homes very expensive, but it's very old. I understand some essential repairs can help keep it chugging along for quite a while but it seems like a poor value overall that no matter what you do you're going to end up with a 60+ year old pile of shit that will require miscellaneous repairs indefinitely.
>>1609235>pile of shit that will require miscellaneous repairs indefinitely.that's all houses. welcome to being a homeowner.
>>1609235>concrete bar built into the wallgay
Learn about houses top to bottom and inpect everything is the only way. A 50 year old house can be worth more than a new equivalent house or it can be a huge pile of shit depending on how it was built and maintained. Land has more to do with price anyway.
>>1609235Houses are valued based on comparable listings, nothing to do with age
>>1609282>Land has more to do with price anyway.Lmao @ this land meme. Land in a residential development is usually 25% - 30% of the home's value at most.
>>1610805>Houses are valued based on comparable listings, nothing to do with ageAre you retarded? No, seriously, are you retarded?
>>1609235The best thing you can do to get a headstart is to browse redfin or zillow for possible residences. Keep in mind the areas you're looking in because in some states like California, property tax can be more than the cost of the home. Take a lot of notes and read up on some books too. I recommend Nolo's Essential Guide to Buying your first home.
>>1609235brainlet here. What happens to houses like this when it rains/snows?
>>1610865>What happens to houses like this when it rains/snows?It really doesn't, but all that is outdoor furniture.
>>1610865doesn't rain or snow in los angeles my dude.
>>1610847>property tax can be more than the cost of the homeAre you retarded? Property tax is literally a percentage of your home's value for tax purposes, which is usually lower than its cost. In California the average property tax rate is .75% of your home's value.
>>1610894>>1610872Ok hypothetically what would happen to a house like this that experienced regular rainfall throughout the year?
>>1609270that's BBQ you homo. it's next the wall not into it. just a narrow plot I guess
>>1610898it goes to shit in a decade. rain requires proper roof.
>>1610948>building a concrete bar next to the barbecue gay
If you're in the US, it's a horrible time to buy a house. The prices are out of control, even in small towns. Wait until baby boomers start dying in 5-10 years and leaving empty houses behind, then the market might be more reasonable. I'm gonna rent until then.
>>1611588and then get stuck paying the mortgage for an overpriced house after the market takes a dump?
>>1610898>Ok hypothetically what would happen to a house like this that experienced regular rainfall throughout the year?You wouldn't build it like that.
>>1611582>I'm going to throw my money away for another decade.My mortgage is only about $400 more a month than what my rent was a year ago, and I'll admit that I overpaid a bit.Renting is for suckers, plain and simple.
I just bought a 91 year old home. In the process of fixing it up now. It will last longer than the dogshit they're building now. Redid all plumbing and elctrical so it should be bulletproof for years.
>>1611637>My mortgage is only about $400 more a monthBut I'm poor
>>1611637It just depends on how much you equity you'll have. If you have a $500k house, and your mortgage is $400 more than what you paid for your rent, you are probably paying around $12k - $15k more per year on housing than you did when you rented. If you invested that money, you will have about $1.25 mil at the end of 30 years. At 3% appreciation (real estate appreciates less than stocks) a $500k house will be worth about $1.25 mil. Basically you break even except you probably have better space for the 30 years but don't have the flexibility or the simplicity of renting.
>>1610834Ask me how I know you live in a flyover shit hole.
>>1609235Age is not much of a consideration. A stone foundation house could be built a hundred years ago and be fully renovated to be a brand new house, but would still be considered 100 years old by realtors.You have to consider EVERYTHING about the house.
>>1611840You think like a poor person.
>>1611912Ask me how I know you are underage or pleb or both.Go look at lot prices in Manhattan and see how they compare to prices of lot+building.A 4000 sq. ft lot in Downtown Brooklyn is $1 mil. https://www.trulia.com/property/5051421708-719-21-Snedikar-Ave-Brooklyn-NY-11201In a nearby building built on a 5000 sq. ft lot, you can buy a single apartment for $1 mil. There are 18 units total.https://www.trulia.com/p/ny/brooklyn/161-remsen-st-2a-brooklyn-ny-11201--2009533190In high value neighborhoods, building costs are higher and buildings are more densely built due to economic necessity. Outside of extremely rural places, you will almost never find land being more than 30% of the total building+lot cost.
>>1612528A single-family home in Lower Pacific Heights, SF is $6 mil. Lot size 3,123 sq. ft.https://www.trulia.com/p/ca/san-francisco/1709-broderick-st-san-francisco-ca-94115--2082956449A 4225 sq. ft lot in the same area is $1.2 mil.https://www.trulia.com/property/5054097037-2912-Bush-St-San-Francisco-CA-94115landfags BTFO
>>1612531Of the two homes I owned in socal, they always say the lot and improvements are 50% of the value.
>>1612531Vacant lots are much less valuable because permitting is a nightmare in social. Like instead of $2000 for a modification permit, they might want $20k. Just because they can.If a vacant lot is still a vacant lot in 2019 in san Francisco, its because there is something fucked up about it.Maybe the city wont let you build more than 4 feet high because a neighbor is a lawyer and destroys everyone who buys it because it will damage the value of his viewMaybe the dirt sucks and it's no profitable foundation you could build there.Something is fucked. 3-4 million dollars in profit isnt just sitting there waiting for someone to stick a shovel in the ground.
>>1612566>Something is fucked. 3-4 million dollars in profit isnt just sitting there waiting for someone to stick a shovel in the ground.Yeah because it costs millions of dollars to build something. AKA building cost > lot cost
>>1612571I was already giving 1 million for a pretty generous budget. But yes that was the entire point of my post you absolutely mouth breathing retard. Theres some hidden cost in the vacant lot. The actual valuation of lots with old houses on them I san fean will be 50-50
>>1609235pro-tip; get a professional Home Inspectionthen get a home appraisalthen get it inspected by a plumber, an electrician and a reputable remodeling contractorthen you will have some idea of what things need replaced, repaired and the estimated cost
>>1612580That's my whole point retard. Land is almost never the majority or even a plurality of a housing development. It's building and costs associated with building that make up the vast majority of housing cost.
>>1610865>>1610898>>1611623>>1610949what exactly is wrong with the build concerning rain? you cant really see the roof, the only obvious thing i see are missing gutter on roof and patio
>>1612620They think the roof is flat when it's slightly angled.