So, I got an inspectors report back a few days ago on a house, and I have been debating how exactly to proceed. I’m considering backing out of the deal entirely, but I like the majority of the house. It has some great charm, the back yard is great, I mostly like the layout of the interior, and it has nearly everything I would need to feel comfortable likely for quite a long time. It is also in an area that I suspect will see a fair bit of growth in the next few years, and is a short walk to the downtown area.
The problem is, it is definitely an older place. It was built in 1898, and although it has had many remodels and renovations, I get the impression the cedar siding is nearing the end of life (although hopefully still got another 3 or 4 years left if I do some touch up prepping and painting), and there are a number of patches that were done in a rather subpar way, one window improperly installed, and some spots where the siding wasn’t overlapped properly. And the roofing has a number of spots where the flashing was improperly applied and generally changes were made that weren’t up to proper standards.
As of now, my thinking is that I will probably be looking at ~$600 in roofing fixes in the short term (got a quote from a roofing guy), as well as some time and/or money to repaint parts of the siding, and then over the next 5 years I will likely want to do replacements of the roof and siding, likely for somewhere in the ballpark of ~$40k total (1800sq ft 2 story house, $480k). I could manage that, although I would, of course, not want it to go way above that.
My question is, how often do replacements like those end up leading to even larger problems discovered underneath? And how catastrophic of problems could there be in the meantime if so far I (and the inspector) see no evidence of water damage or anything anywhere in the house? I know this isn’t a super well defined question, but I’m really struggling with this decision, and hoping to get some additional input.