Forum Archive

My husband and I are seriously considering buying a brownstone, which would have 2 rentals plus our unit. We really love the idea of living this way and financially it makes a lot of sense for us. But we are also intimidated at the thought of the unknowns related to buying a 100+ year old home.

So I have a few basic questions:
1. How much should we budget for ongoing maintenance of the place? We realize that we should also have a decent amount of cash on hand for big problems (new roof needed, new boiler needed, etc.) But barring the big ticket items, how much does it usually cost for the basic monthly general maintenance of the place?
2. Do some brownstone owners retain superintendants or property managers to help with the general maintenance (trash, common areas, etc.), and if so, how much does that typically cost per month (very approxmiately)?
- If we are not particularly handy (but very willing to learn), should we not be getting involved in this type of living situation?

Any other general tips? As I mentioned, we are intimidated b/c we’ve never lived in such an old home- even as a renter. We just “don’t know what we don’t know” and are wondering if there are things we are overlooking b/c financially and emotionally the place appeals to us so much.

Thank you very much for your advice!