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Irishlass
LIF Adult
Member since 5/05 2961 total posts
Name:
Lisa
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buying a house?
Would you buy a crappy house that needed a lot of work but in a great area?
We would have no mortgage & but would probably have to take out a loan of some sort for improvements.
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Posted 1/19/14 3:54 PM  |
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babyvibes
LIF Adult
Member since 7/13 1350 total posts
Name:
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Re: buying a house?
We bought a house (cash) that needed to be totally redone but it had a lot of potential. It wasn't a "crappy" house--4 bedroom, 3.5 bathrooms--but it was totally outdated and pretty filthy. We've been renovating for 4 months and are very close to moving in, probably by the end of the month. Can't wait!
eta: We didn't take out a loan for renos...we paid cash for them too. The house wasn't super cheap--just under $300k...but fixed up it would probably go for around $400+. We've probably spent a little less than $50k in renos so far but DH and his friends have been doing a lot of the work themselves after work and on the weekends, or else we'd probably be in already. We only hired people to spackle/tape the walls and to install the new wood floors b/c they work a lot faster than DH & he just didn't wanna be bothered with it 
We did not have to redo electric or plumbing. We kept the kitchen layout the same, but everything is new--floors, cabinets, countertops, appliances. Bathrooms aren't our style but are in good condition so they're something we'll do down the road.
Message edited 1/20/2014 6:50:32 PM.
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| Posted 1/19/14 4:03 PM |
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buying a house?
Yes. We weren't very handy so in my case we didn't want a fixer. But you can change the house, you can't change location. Location is most important.
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| Posted 1/19/14 4:09 PM |
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jams92
Member since 1/12 6105 total posts
Name:
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buying a house?
I would consider it but would probably get a contractor in there to help you determine the cost and timeframe to redo the house. As long as its in your budget if say go for it!
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| Posted 1/19/14 8:02 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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buying a house?
No. Personal preference.
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| Posted 1/19/14 8:04 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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buying a house?
Yes but I love fixers. If you are going to need a contractor thought get estimates before you buy.
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| Posted 1/19/14 9:16 PM |
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MrsM84
LIF Adult
Member since 2/13 2352 total posts
Name:
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buying a house?
Can you define "crappy"? Just want to get a better idea of what this house currently looks like before I weigh in! The term is so different for everyone. Crappy could mean....
Its not updated....OR
It doesn't have stainless steel appliances....OR
The walls are crumbling....OR
The bathroom is pink....OR
There are electrical wires coming out of the wall and I feel through a hole in the floor....
I think you get the point
Message edited 1/19/2014 9:38:37 PM.
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| Posted 1/19/14 9:36 PM |
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jana
LIF Adult
Member since 3/06 1134 total posts
Name:
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Re: buying a house?
NO! NEVER again.
We did this a year & a half ago. Worst house on the block, turned it into a gem.
The process took 20 years off my life. Old crappy house means new plumbing, electric,etc & also includes permits & the town getting involved. Don't forget, everything you estimate will probably go over budget x's 3! I ended resenting the process & house soooooo much that it went for sale. Happy to say, I sold it, closing next Monday... Good Bye Nassau & back to Queens I go to a move in ready house. I can't wait.
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| Posted 1/19/14 10:06 PM |
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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buying a house?
Personally no. I know myself well enough to know that I could never live through that kind of renovation. Just updating is one thing but a complete remodel is something else. Friends of mine did it 20 years ago and the house still isn't where they ever goes it would be but it is better.
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| Posted 1/19/14 10:17 PM |
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Irishlass
LIF Adult
Member since 5/05 2961 total posts
Name:
Lisa
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Re: buying a house?
Thanks for responding. Crappy is a strong word. From what I can tell it has good bones. I know it needs a new roof & kitchen needs to be gutted. Probably the bathrooms also. Houses in that area are selling for 100k than its listed for and more. I think we are going to take a look at it next weekend.
Message edited 1/19/2014 10:19:23 PM.
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| Posted 1/19/14 10:17 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: buying a house?
We bought a house that had severe water damage from a failed heating system. No sheetrock, no floors, no interior doors or trim, damaged electrical system.
We were looking in a very small area so our choices were limited.
My DH is a builder so we made a unique deal with the sellers to renovate before we bought the house to the point that it would qualify for a mortgage. We paid about 100k less than Market value. We spent about 20k to get the house livable.
We've been here almost 10 years so we've done a lot of work since then. It has been stressful at times living thru ongoing improvements.
In the end The location made it all worth it.
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| Posted 1/20/14 6:38 AM |
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Re: buying a house?
Posted by MrsM84
Can you define "crappy"? Just want to get a better idea of what this house currently looks like before I weigh in! The term is so different for everyone. Crappy could mean....
Its not updated....OR
It doesn't have stainless steel appliances....OR
The walls are crumbling....OR
The bathroom is pink....OR
There are electrical wires coming out of the wall and I feel through a hole in the floor....
I think you get the point
I need to know this info too.
I also am someone who is open-minded about location so would not necessarily buy a falling down house because it's one of the desired locations on LIF.
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| Posted 1/20/14 8:06 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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buying a house?
I bought a house that had good bones. We gutted it. Bathroom was livable so that wasn't done right away but we torn down walls, new drywall throughout, floors, gutted kitchen, new plumbing in place and some electrical. I loved it. We did all the work ourselves. I refuse to pay people whet I can do myself.
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| Posted 1/20/14 8:32 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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buying a house?
Yes if the "bones" are good... that's what DH and I did... the area was incredible, and while it was definitely NOT a house so cheap that we could buy it without a mortgage, we definitely spent so little on this house, we bought it with double the equity we paid into it... What we are able to do though, is since we did the mortgage, we're able to pay for all the work we're doing (complete gut basically, total remodel of kitchen currently) out of pocket without having to take out loans. And we're still able to put extra $$ every month towards the principle of our loan.
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| Posted 1/20/14 10:25 AM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: buying a house?
I would actually love to do this but if we had to live in the house while renovating it wouldn't work for us. DH would have no interest in this whatsoever. He would only agree to it if his involvement was minimal.
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| Posted 1/20/14 10:44 AM |
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Re: buying a house?
Posted by jana
NO! NEVER again.
We did this a year & a half ago. Worst house on the block, turned it into a gem.
The process took 20 years off my life. Old crappy house means new plumbing, electric,etc & also includes permits & the town getting involved. Don't forget, everything you estimate will probably go over budget x's 3! I ended resenting the process & house soooooo much that it went for sale. Happy to say, I sold it, closing next Monday... Good Bye Nassau & back to Queens I go to a move in ready house. I can't wait.
Ha, this is my concern too and I am married to someone who has his own construction company.
He is planning to do just basic renovations in our house and we started the process with the town this past spring and are still no where. Also since they are now involved, there are several things we have to fix. Also needed to get a variance.
I am sure the house will be amazing once it's finally started and finished but I know getting to that point is going to be a test on our marriage.
We also fortunately can stay with family if we need too.
DH has been involved in whole house renos before and it's always been months longer than anticipated too because of problems found, working with multiple contractors, weather, needing to order supplies and wait for them to come in, etc.
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| Posted 1/20/14 10:57 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: buying a house?
the house I am buying is livable- all the mechanics are good (except for the electric- but that is a $2000 fix)
it needs cosmetics- which has already turned into changing the roof line- and I haven't even closed yet
luckily the house is big enough- 5 bedroom 3 bathrooms that I can live in it as the work is done and I am doing it in phases
but I have no kids to think about
even if the house was updated- the odds of me liking it are slim - so I went with a less expensive house in a great area and I will make it my own
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| Posted 1/20/14 11:04 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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buying a house?
There's a difference between needing to replace plumbing & electric, and needing to do updating. Needing to replace plumbing & electric in the WHOLE house seems like an EXTREME fixer-upper. If you mean resheetrocking, perhaps replacing cabinets, general updating and making to your liking, that's a whole different process. We have NOT found at any point that the estimate goes over budget that much... we get everything in writing, and it probably doesn't hurt that DH is an engineer and estimates jobs (granted big jobs such as building a bridge and tunnel) so his estimates of what things are going to cost are pretty much right on target, sometimes he's even overestimated. Also doesn't hurt NOT being in an incorporated village - grew up in one and NEVER want to go back!
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| Posted 1/20/14 11:05 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: buying a house?
Posted by Beth
the house I am buying is livable- all the mechanics are good (except for the electric- but that is a $2000 fix)
it needs cosmetics- which has already turned into changing the roof line- and I haven't even closed yet
luckily the house is big enough- 5 bedroom 3 bathrooms that I can live in it as the work is done and I am doing it in phases
but I have no kids to think about
even if the house was updated- the odds of me liking it are slim - so I went with a less expensive house in a great area and I will make it my own
This is exactly how we felt.
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| Posted 1/20/14 11:06 AM |
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Re: buying a house?
Posted by Beth
even if the house was updated- the odds of me liking it are slim - so I went with a less expensive house in a great area and I will make it my own
This is an excellent point as well. I know several people who have brand new construction and honestly, I'm not totally fond of everything in their home because it's not what I would've picked out.
DH also having a craftmanship eye can tell immediately what was thrown up half-assed in some of these new renos, but that's probably another thread!
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| Posted 1/20/14 11:24 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: buying a house?
Posted by jessnbrian
There's a difference between needing to replace plumbing & electric, and needing to do updating. Needing to replace plumbing & electric in the WHOLE house seems like an EXTREME fixer-upper. If you mean resheetrocking, perhaps replacing cabinets, general updating and making to your liking, that's a whole different process. We have NOT found at any point that the estimate goes over budget that much... we get everything in writing, and it probably doesn't hurt that DH is an engineer and estimates jobs (granted big jobs such as building a bridge and tunnel) so his estimates of what things are going to cost are pretty much right on target, sometimes he's even overestimated. Also doesn't hurt NOT being in an incorporated village - grew up in one and NEVER want to go back!
I have been over estimating everything too- I am bringing a few contractors in before I close- some things need to get done before I move in- like staining the floors darker
I want to make sure the work order makes sense for the workers
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| Posted 1/20/14 11:25 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: buying a house?
Posted by MorningCuppaCoffee
DH also having a craftmanship eye can tell immediately what was thrown up half-assed in some of these new renos, but that's probably another thread!
I've seen a lot of that! But it's so important to keep in mind, that just because it's been reno'ed doesn't mean that it's in good shape.
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| Posted 1/20/14 11:25 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: buying a house?
Posted by Beth
Posted by jessnbrian
There's a difference between needing to replace plumbing & electric, and needing to do updating. Needing to replace plumbing & electric in the WHOLE house seems like an EXTREME fixer-upper. If you mean resheetrocking, perhaps replacing cabinets, general updating and making to your liking, that's a whole different process. We have NOT found at any point that the estimate goes over budget that much... we get everything in writing, and it probably doesn't hurt that DH is an engineer and estimates jobs (granted big jobs such as building a bridge and tunnel) so his estimates of what things are going to cost are pretty much right on target, sometimes he's even overestimated. Also doesn't hurt NOT being in an incorporated village - grew up in one and NEVER want to go back!
I have been over estimating everything too- I am bringing a few contractors in before I close- some things need to get done before I move in- like staining the floors darker
I want to make sure the work order makes sense for the workers
GREAT idea! For our kitchen cabinets we got so many quotes, and so many ideas, we are ending up going with Lowes because for our price range it's the best quality... things that were less expensive were just crap and things that were more expensive, to us, didn't warrant it. They came in right down the middle, with great quality and a good reputation.
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| Posted 1/20/14 11:27 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: buying a house?
I went to Lowe's yesterday- I really liked the kraft maid cabinets
my kitchen isn't huge-
ask your real estate agent for a lowe's coupon- it's 10% up to 10,000 purchase
Message edited 1/20/2014 1:22:38 PM.
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| Posted 1/20/14 1:22 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: buying a house?
Posted by Beth
I went to Lowe's yesterday- I really liked the kraft maid cabinets
my kitchen isn't huge-
ask your real estate agent for a lowe's coupon- it's 10% up to 10,000 purchase
We've been in the house so long, but we've got coupons galore. That's what we're getting, the kraftmaid... and our kitchen is TINY, so so small.
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| Posted 1/20/14 1:24 PM |
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