i have recently purchased a home (farmhouse style built in approximately 1923 of wood frame construction) with essentially no foundation (the home rests on a stone wall perimeter approximately 1 1/2 feet high, but the floor joists -- some of which have been repaired/replaced over the years -- rest DIRECTLY ON THE SOIL.) I am considering 3 possible solutions: installing a full 8.5' basement, installing a concrete slab (my preference), or simply continuing to perform localized repairs as necessary. I should note that, with the exception of some crooked floors, the house stands "straight-as-an-arrow." The soil is sandy loam and appears to have fairly good drainage.

If anyone has experienced a simliar situation, i would appreciate any advice or recommendations you may have.