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advise welcome - buying a house that needs major work
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siren
LIF Infant
Member since 8/07 219 total posts
Name:
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advise welcome - buying a house that needs major work
Hi all! We are thinking about buying a foreclosed house that is relatively inexpensive and then doing a major reno before moving in to (hopefully) make it our dream home. We are thinking of adding a floor and possibly cleaning up the existing space. This should still cost less than buying what we really like that's out there that needs minimal work and we have the funds right now....
Has anyone done anything like this? Have any opinions? Advise? We're very much in the early phases and would appreciate any words of wisdom!
TIA!
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Posted 9/30/09 12:10 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
JBmommy
LIF Infant
Member since 8/09 252 total posts
Name:
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Re: advise welcome - buying a house that needs major work
Posted by siren
Hi all! We are thinking about buying a foreclosed house that is relatively inexpensive and then doing a major reno before moving in to (hopefully) make it our dream home. We are thinking of adding a floor and possibly cleaning up the existing space. This should still cost less than buying what we really like that's out there that needs minimal work and we have the funds right now....
Has anyone done anything like this? Have any opinions? Advise? We're very much in the early phases and would appreciate any words of wisdom!
TIA!
We are in the process of redoingan entire house from an estate sale. I would definietly get some estimates on the work BEFORE you proceed. Then I would add 15% to that and you should have a good idea. Construction work by a reputable company is not cheap.
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| Posted 9/30/09 9:28 AM |
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CoutureMaMa
nicholas is one!!
Member since 9/07 6081 total posts
Name:
Michelle
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Re: advise welcome - buying a house that needs major work
we are doing this. we got the house in a nice area for a lower price but it needs a ton of work and we are adding a second floor. my family does the work as well as dh but its still a lot. sometimes i walk in now that its gutted and say oh myg od what were we thinking but i know i n the end it will be our home; exactly what we want. so it will be worth it. for the right price!
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| Posted 9/30/09 10:48 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: advise welcome - buying a house that needs major work
Posted by CoutureMaMa
we are doing this. we got the house in a nice area for a lower price but it needs a ton of work and we are adding a second floor. my family does the work as well as dh but its still a lot. sometimes i walk in now that its gutted and say oh myg od what were we thinking but i know i n the end it will be our home; exactly what we want. so it will be worth it. for the right price!
Agreed. I just found a place and I will be doing the same thing. Buying a 1 story ranch and will be adding a second story.
I have already had a side extension done on my current place so the process doesn't scare me.
Just make sure you overbudget what you think everything is going to cost. Full dormers run 100k and up. You also don't want to price yourself out of the area. If most of the houses in the area don't sell for more than 450k, I wouldn't put a 100k dormer on a house you buy for 430k. KWIM?
Message edited 9/30/2009 12:05:53 PM.
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| Posted 9/30/09 12:05 PM |
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