All houses are money pits. lol If the seller won't fix that cracked joist, I'd run - fast and far.

Sounds like it's not a well-built house. I'd run...

I would run away also. You stated the house has 4 semi-major issues and now a major issue. It does not sound like the house was well built to me either. Move on and keep looking. With all these problems now, there are bound to be more that pop up later.

Depends on the house, the location, the market, what you are paying for it, your confidence in the inspections (sounds like you have gone beyond the normal sciope) and how that compares in the market as well as your ability to absorb a few bumps. The house is approaching 50 years old. No matter how well built, you are likely to find some things that need to be addressed, especially if the seller is not handy. That is why you want a good inspection. Some of this sounds like deferred maintenance, as they say. Is your seller an older woman?

Yes, actually it is an older woman. My husband is also concerned that even with additional bracing of the foundation, it wouldn't be sufficient to support the weight of adding hardwood throughout and new hardiplank siding. He also said that the beams that are used underneath the kitchen are not sufficient. At this point, I'm just struggling with the question of whether it makes sense to buy this older home for a good price, fix the issues, and remodel it or simply build a new home for more money.

I suggest making a list of pros and cons, comparing this house to something new. Where I live, the pros of older homes are: location, lot size, sometimes great schools, large mature trees, updates can be done over time. the pros of newer homes are: large square footage, no age-related issue, often more modern layouts. The cons of older homes: smaller, maintenance issues, older systems, price to update. The cons of newer homes: possible offgassing of construction materials, tiny lot size, little to no tree shade, long commute, price.

What is important to you? If you make the repairs, would the trade-off still be worth it? Are older homes in good areas available in abundance or is the market tight? Do you love the house? Are you buying with investment in mind? Most older homes have issues, and it sounds like you found the major ones with this place. It's likely you'll continue to sink money into it over the years, so what do you love about the house?

Thank you so much for your input!

I like that this house is on an acre lot in an established neighborhood with mature trees. I like the mix of people who live in this neighborhood. It's only a five to ten minute drive in to two nearby towns. I like that it has space for our family to grow. I even like the idea that both families before us lived there for over twenty years each. I like that we have the potential to remodel it to our tastes.

We have looked at buying a lot or land and building. The issue with the lots or land we have found is that the lots and land around them have unkept houses or new developments is going in. I also feel like the stress of doing a custom home would be too much for our family, but with remodeling we could do it over time. And we have friends who have been custom homes recently, and they both have minor issues already.

I know there is no perfect house; i just want to make a wise investment.

In my city, there's an area of town- super hot market- that sits on a major fault. TX- yep. I looked at several homes in the area, and nearly all of them had foundational problems- cracks, due to settling and whatever else. sometimes, with modern concrete floors, you could follow it from outside sidewalk, all the way in.

The smart sellers got 3 bids (all recognizable names in city) for fix. Actually displayed them on the countertops in their homes, as strong example of what it takes. Offered an escrow allowance or price change, depending on lender/buyer's preference. Again- this was a huge sellers market, and the sellers were getting all the money! But- Nice. I almost bought one of those, but decided the neighborhood, itself, wasn't a good fix for us. Even still, house sold in 2 days.

Consider the approach, and what you'd be most tolerant of.

Thank you all for your responding! Today was supposed to be our closing, but we decided to pass on this house. My husband ended up inspecting it himself and found multiple things with the foundation he wasn't comfortable with, plus some mold even after it was supposed to have been cleaned up. I'm at peace with letting this house go even though I like it. We'll keep looking!

If you have doubts, then you made the right decision. And know that a house that is right for you and your DH will come along.

Good luck, Moe, and keep us posted.

You did the right thing Moe. Another house will come along with not so many major issues. You will find it, I'm sure.

You did the right thing. If the house has foundation problems that aren't corrected run the other way. They are very expensive to fix.