So my wife and I are house hunting and are really hoping to score a deal on a house we DIDNT get to put an offer on. Long story short, it was a bank owned foreclosure and we hadn't known about the property until it was already under agreement. The buyer was one of 6 offers, but he was an investor with a cash offer. His settlement is in mid February and an agent got in contact with him to find out if this property was a home purhcase or for an investment to flip. It is the latter and he will offer us a price on the place after his settlement with the bank.
OK, now onto the next thing... The home was built in 1966 on 0.5 acres and is 2500sqft finished living space between a main and upper floor. It also has a massive unfinished basement. The home currently has an oil furnace for forced hot air and central AC. The furnace is pretty old and we aren't exactly thrilled about the possibility of paying escalating oil costs to heat the place for years to come. Our plan would be for this place to be a 20yr+ type of home for us.
Do any of you have experience with having geothermal systems and heat pumps? What was your upfront installation cost? How long have you had it and are you seeing significant savings over fuel heat? Does it adequately heat and cool the home?
Thanks for any info you can provide!
-Steve