The Press Newspaper
So, you’ve inherited a home in a historic neighborhood, like East Toledo. The question is, “Do you really want it?”
NeighborWorks economic development specialist has a name for those homes — “Aunt Rosa’s House.”
Those are often the properties that are not kept up, or delinquent in property taxes. Sometimes people inheriting homes live out of state, or they don’t have the resources to take care of the home. Or, they could care less about the property, because even though inherited, it’s not worth an investment.
“The biggest problem with the inherited houses is the appraisal gap,” Krompak said. “You don’t want an inherited house a lot of times because by the time a senior citizen passes away or goes into a nursing home, the house needs a lot of work and unless you have cash in your pocket…you’re compelled to take a loan out, which you’ll never get any return on, and you can’t get a loan because they can’t loan you more than the house is worth.”
Sometimes even when homes are historic they aren’t worth taking care of, unless you can find the right person with the right attitude.
“We have a house that is a perfect example right now in Birmingham. It’s called the Strick House, a historic home in the 1900 block of Genesee Street, and it was owned by the family who owned the Playdium,” Krompak said.
“It’s a beautiful brick home from the outside with a wrought-iron fence on the outside, leaded glass windows, but the problem is it has no HVAC system, people have stripped the fixtures out, wiring is stripped out, and it would take more to repair the home than it’s worth.
Krompak said the owners are paying taxes and the Lucas County Land Bank is trying to get them to donate it so the land bank can invest some money into it and help a new homeowner.
“A really good example where this has worked out wonderfully is in Oregon — Gray Gables,” Krompak said. “It is a beautiful old Victorian house with brick posts in front.”
The house fell into foreclosure, the land bank acquired it and provided a low-interest loan to a young couple to renovate it.