Looking at houses ~ NOW LAND!!! COUNTER OFFER ACCEPTED!!!

[mrbstephens]

Tuesday is when we'll go see the victorian house. I was reading up on historical houses. If I had this house declared a historical building then NY State would pay for 20% of restorations as long as it's to keep the house looking like it's original self. It wouldn't cover things like heating/AC and if I were to demolish it they wouldn't pay for that either.

Then there are other tax deductibles, but don't know them all. Agriculture/homestead deduction and business right offs. Maybe you all know more about this?

So, cool! I have a vision! My family and I living in this historical Victorian house on 2 acres with a huge amount of organic vegetables and grains growing on one side and an orchard in the front yard. 2 goats, 2 sheep, a bunch of ducks and lots of chickens in the corner and just next to that my farm stand which would be easily accessible from the road. I'd sell organic fruits, vegetables, eggs, jams, and baked goods. In the back of the house is where the two story barn/garage is now and would be my husband's wood shop where he'd be making his artwork. Just in front of that is where my children would have their play set and playhouse. There are riding trails behind the property that lead to preserved land that would be great for exploring. I'd also like to hold work shops, cooking classes and fairs. The front porch would be perfect for a band to play live music while people lay out on the front lawn enjoying fresh made snacks made by myself and my mother in law who is a chef.

Sheesh, I better stop this! I haven't even seen the inside of the house yet! Appointment with the real estate agent is Tuesday. I just know I'm jinxing myself!

http://www.redfin.com/NY/Flanders/1227-Flanders-Rd-11901/home/21306551

 

[hwillm1977]

I don't know about NY, but I do know here to qualify for the Farm Land property tax reductions your main source of income has to be the property, and it has to be agriculutural... that drops your property tax in half... course my property taxes were $246 last year

I LOVE the victorian house... I've always wanted to live in a place like that...

You should check out this guys blog of his restoration (since that house also needs a bit of TLC): http://www.ourvictorianhouse.com

Good luck at the showing!

 

[mrbstephens]

I know for a fact that there is a tax exemption for "homesteading." I looked at a different house with 2.25 acres where the owners had this tax deduction and they actually didn't even have any animals or produce growing, but they did run a well drilling business out of there.

 

[MorelCabin]

$7000 in taxes is really not that bad considering it is long island...here in Northern Ontario you pay up to $12000 in taxes per year and don't have near that much property, depending on which lake you live on. I know some of my old neighbors pay a good chunk of taxes on a small peice of property

 

[mrbstephens]

$7000 in taxes is really not that bad considering it is long island...here in Northern Ontario you pay up to $12000 in taxes per year and don't have near that much property, depending on which lake you live on. I know some of my old neighbors pay a good chunk of taxes on a small peice of property

Yes, $12,000 on taxes for 2 acres is average for around here too. This particular place is on a main drag in a not so desirable school district. I homeschool so that's not an issue. It is a beautiful area. Right across the street there's water and a boat launch. This town used to have a small village that slowly disappeared for some reason. There's a lot of charm and beauty and I think what I have planned would help to revitalize the town. Plus, there's this right down the road! http://www.roadsideamerica.com/story/2173

 

[mrbstephens]

I don't know about NY, but I do know here to qualify for the Farm Land property tax reductions your main source of income has to be the property, and it has to be agriculutural... that drops your property tax in half... course my property taxes were $246 last year

I LOVE the victorian house... I've always wanted to live in a place like that...

You should check out this guys blog of his restoration (since that house also needs a bit of TLC): http://www.ourvictorianhouse.com

Good luck at the showing!

WOW! Such dedication involved there! I would hope to get some volunteers for restoration, because that looks expensive! I do see that the house there is 45 years older so maybe I wouldn't run into such problems. At least the kitchen, bath, electric, plumbing and heating has already been updated. I do know someone who is in the restoration business, but she moved to New Hampshire. Maybe she's like a vacation with free room and board.

 

[mrbstephens]

OK. We saw the Victorian house today. Mixed reviews:

I'll start with the bad things;

Well, the house needs A LOT of work. More than DH is capable of.
plaster walls need repair in some areas, exterior of some of the windows are rotted, exterior needs pain, kitchen is newish but of low quality and has been abused. Bathroom is huge and needs a vanity....it's set up weird with way too much empty space. The fireplace mantel needs to be replaced. The barn needs TONS of work in order for it to be used for a shop....it doesn't have enough electric for DH's power tools. The roof and basement are questionable. Most of all it needs a good cleaning. Not only does it stink like cat pee, but it's really dirty with cobwebs, pet hair and dust everywhere. And the traffic is loud, but not totally unbearable in the back of the house.

Now the good things;

The woodwork and floors are very nice. The stained glass windows are gorgeous. The master bedroom is incredible. Nice subzero fridge. The living room, dining room and parlor are stunning, but are missing the crown molding for some reason. The built-ins are also gorgeous. The electric, plumbing, and heating are all new. New furnace and water pump and water heater are all fairly new. And the property: AWESOME! I'm telling you, that soil must be very fertile. There's clover growing over most of it, because the horses used to graze there. The sun exposure is fantastic and the trees include maple and walnut that are huge and healthy.

So, unless someone has $100,000 - $200,000 to donate it doesn't look good.

 

[MorelCabin]

Well if the basement is questionable I might back away...but from what you're saying it sounds like the house needs a few peices of wood and ALOT of elbow grease. The cat pee would scare me away...ugh, I can't stand the scent of a cat!
If you are putting every last penny you can on the place, then back away...because you always have to have more to put in...but if you can afford to fix a little at a time...

 

[mamaluv321]

Just a thought, find out exactly how long it's been on the market and how bad they wanna sell; have the owners already bought a new home or in the process? If so, I'd make an offer WAY below asking, you never know! That's what we did, we bought a 2 family that the guy just wanted to get rid of basically. Our first offer was $30k under asking and they accepted the following day! That is, assuming you really like it. Wood work is fairly easy to replace, cobwebs n hair easy to vacuum and cat pee on concrete basement floor easy to paint over with a sealant. Good luck!!

 

[ORChick]

There is some good information about buying, and restoring older homes on a budget in the "Tightwad Gazette". That Victorian is certainly very lovely, from the pictures.