Bought a foreclosure....now what?

[catchinweeds]

The property across the street from me has been vacant for about 5 years. It sits on a beautiful piece of property 18 acres and has a large wooded section and a nice field. My wife and I have wanted the property for years, and the auction came up a couple weeks ago and we won it for a very good price. You'd think after 5 years of dreaming about the property we'd know what we want to do, but we've hit a speed bump. The house that is on the property was built in the 1890's and it is in very poor condition. The roof doesn't have a single shingle left on it, and with no heat or electricity going to it for years has caused some issues inside. The previous owner also made a huge mess inside, so it would basically need to be gutted if we were going to salvage it.

We have zero interest in renting it, for several reasons. The biggest being is we just don't want anyone over there. I want to build a big shop over there and she'd like a small horse barn to keep a couple critters.

Taxes on the property are about $1800/year with the house being there. We would pay about $500/year if the house wasn't there at all. So we've thought about turning the house into something other than a home. However, this would take some time as I would need to fix the roof, gut the home, knock out a wall, fill the basement with dirt, and then start working on the inside of the building. My deadline for taxes in 2018 is April, and there is no way I can get this all done by the time time expires.

My other option is to burn the building down and then just fill in the hole. Aside from removing the furnace and oil tank from the house before the demo, what else would I have to do such as water lines for the well and how to protect the septic? I find it kind of a shame to waste all the framing lumber in that home as it still is pretty solid. The house is a cape style home, so it's not really the best design for a barn. I'd also have to knock out the chimney that runs directly up the middle of the building.

I guess what I'm asking is what would you all do? Demo the building? Keep it and eat the tax money for another year and then convert it? Gut the whole building and try and reclaim the lumber for another building?

[CatFan]

Demo and put up pole buildings. Cheaper and less work.

[wildturkey]

Depends on what it is built out of. Some people may buy the building to take it down and away for you. Then they reclaim the material and sell it. Quickest way is let local fire department practice with them burning it around here.

[218_fishing]

Does the house do anything for you? If not demo or call up the fire department and build something new or wait.

[BoatBuggy]

Depends on what it is built out of. Some people may buy the building to take it down and away for you. Then they reclaim the material and sell it. Quickest way is let local fire department practice with them burning it around here.

These were going to be my suggestions as well.

[Axkiker]

Something that old should have plenty of stuff people will gladly pay you for. Lumber , doors, flooring, molding, fixtures, hinges, latches etc etc. I would have people who hunt historical salvage items come out and sell everything you can.

Burn whats left which will most likely be very little.

[D.O.C. 989]

See if someone will pay you for the lumber and tear it down for you. Tell them they have to haul everything away.

[catchinweeds]

See if someone will pay you for the lumber and tear it down for you. Tell them they have to haul everything away.

That's actually a hell of an idea. I could post the house for sale basically, but they carry it away. Give them a deadline of April 1 and whatever is left is getting burnt.

[djmartin4582]

gas, then fire, then insurance claim. You will thank me later.

[Jeff Hahn]

See if someone will pay you for the lumber and tear it down for you. Tell them they have to haul everything away.

Since the house is so old, I bet that someone out there would be willing to do this. Or, perhaps they would tear it down, number the parts, and rebuild it elsewhere. Or, if it's sturdy enough, even move it as is. There are lots of folks who love historical homes and would jump at the chance to have one, for the right price...maybe even if they have to move it.

[IBHUFFY]

I'd sell the house as is, to be moved. Give a deadline of March 1 st. Anything not moved gets the match. There is a company here that buys them and moves them. Then they refurb them and sell.

[DAC244]

1890 I would first go over with my metal detector.

[Dando]

I did the exact same thing, for the same reasons. I'll either tear the house down and save what lumber I can, or I'll let somebody else tear it down for the lumber. OR, call the fire dept and turn them loose on it...for training

[Hez]

1890 I would first go over with my metal detector.

[born 2 fish]

Have your local fire department burn it down for training.

[Bub]

We went through this about 15 years ago. Working mostly weekends and holidays it took me 8 years to gut and rebuild the home. It was a family project and we had a lot of good times doing the work over the years, as well as a tremendous amount of heart ache when a flood destroyed it. In this case, if I were in your shoes, I would put an ad on Craigslist offering to sell the house to someone that would be interested in moving it. If there are no takers by May 1st, burn it down and fill in the hole so you can put up a pole barn.

[Tenn.todd]

Demo and put up pole buildings. Cheaper and less work.

This

[alanhore]

See if someone will pay you for the lumber and tear it down for you. Tell them they have to haul everything away.

+1 Around here that would be the Amish.

[WPS456]

Thanks for the thread, we just bought a place that has an old house on it too. Built in 1910 and the folks that we bought it from have been smoking in it for 40 years. We may bulldoze it, fix up and rent (and be very selective on renters) or we may fix it up a little and leave it open for when missionaries are in town as a place for them to stay. Gotta get a ballpark on how much the rehab will be to make a decision.

[brushsjigs]

Old wood is at a premium especially barn wood. If your rebuilding anything, be careful of the exterior walls. (might check your state) if you use these walls in the new structure there is a tax savings. Cant think of the name of it off hand. (Ok Ive had a couple of scotches already) cut me some slack, Im on vacation..
Homesteading,, finally came to me