Help, I bought a money pit

[rdy4er]

Sounds you're "pot committed" ... stay the course. If $$ is an issue then rent the guest house for a couple/few years. Perhaps a divorced friend/family needs a place to hang their hat. Throwing in the towel (selling) is not an option in my book.

Yea, I'm going to have to see this through. Just wondering, how long do you stay in a house before it makes any sense to sell (if ever)?

 

[Amethyst]

Depends on how much you put into it to begin with (e.g. closing costs), where the market takes house values, and a good deal on the house itself. An inspector might find a home to be in perfect condition, and two years later, soil conditions change and the foundation develops a crack, etc.

Amethyst

Yea, I'm going to have to see this through. Just wondering, how long do you stay in a house before it makes any sense to sell (if ever)?

 

[JoeWras]

I have no idea why architects or builders would think it was a good idea to put things that are sure to corrode underneath a slab. Cast iron drain pipes are usually fairly durable, but when they use galvanized water pipes and put them someplace inaccessible, it's just crazy.

Sometimes depends on local codes. The Chicago area has been extremely slow in adopting anything plastic based for plumbing. (It is happening, but slowly.) Copper is and always has been expensive, so you see a lot of galvanized supply. This stuff usually will not last longer than 40 years for hot water supply, and typically needs repair earlier. And you are right, it is extremely messy to repair.

Here's something I can't figure out, with respect to the way some things age. Back around 1983-84, my stepfather built a deck onto the house I'm currently living in. About a year later, Granddad built a deck on the back of their house. So, both of these decks are pushing 30 years old now.

Besides the other things listed, it could also be a question of weather exposure. High sun exposure, or on the contrary durable shade (creating mold and moss problems) can make a difference.

 

[kgtest]

It took me 2 years to make a profit on my house. Bought in 2011, sold in 2013. I replaced the roof, added a chain link fence, new garage door, paint and lots of cleaning and little attention to detail like kitchen door hardware, fixtures and updated door knobs etc. I did a lot of "free landscaping" so between that and the paint and little things I think that is where I saw the most "sweat equity" and the roof and fence along with the updated curb appeal helped me market the home properly which then allowed me to sell it faster. Location helped, I was within walking distance to 2 elementarys, one public, one private.

 

[tryan]

Just wondering, how long do you stay in a house before it makes any sense to sell (if ever)?

I carried 4 upside down places for 12 years (with a business partner). Not fun. We dumped them at the first opportunity (right side up) with tons of deferred maintenance.

In the case of the one I lived in .... I rented it out until it turned right side up (only 6 years for that one).

We were young and full of energy (and BROKE) .... so it was easy. Lots of "lessons learned".