Foundation Repair

We are thinking about buying a 75-yr old home near CassLake, 2-story, only 900 sq. ft., no basement. We suspect foundation problems (sagging in the back, smells musty, no gutters, no vents, etc.). We, of course, think this is the cutest thing we have ever seen, but do not want a money pit. Before we have it inspected, and proceed with negotiations, do you have any thoughts and some earthly idea as to cost of repair? Dearborn, USA

I am sure you realize this is impossible to estimate, even if I had all the information about the house (such as plans, type of foundation, roof, soil type, etc.). The only way to get a rough estimate is to ask a local contractor who has experience with this type of house. If not for the sentimental value of "the cutest thing..." I would have said that the most economical way of fixing it is to R&R (Remove & Replace). Such old houses have to be brought up to current codes (if the extent of the repairs exceeds a certain amount) and that sounds like a major job in that case. So, if the price is right and you are ready to take a risk you can buy and live in it "as is." Otherwise, repairs are probably close to a "money pit." But again, I know nothing about the place. Get a local contractor and you may be surprised (one way or the other). He may even give the estimate for free in the hope of getting the job. Good luck.