I am thinking about buying an older home, if I do there is so much to fix on it. It has a wet basement that would haved to be fixed. Then i would want to finish it putting two bedrooms,bathroom, and a family room in. It needs new windows about 30. We want to add a 1/4 bathroom on the main floor, and make the batroom upstairs bigger by adding part of one room to it and adding the other part of that room to the room next to it.We want to finish the attic which would make a big bedroom. The kitchen would need new everything. floors,counters,cabinents,est. And the last big project would be siding, which we could hold of for a few years.It is a big house and was built in 1932, so is it worth all the trouble? Any one that knows anything about fixing up houses want to give me a guess on how much it would cost??
2006-07-25 07:11:39 · 11 answers · asked by lee b 2 in Business & Finance ➔ Renting & Real Estate
the house is livabel now but if I bought it that is all the thigns I wanted to do to it
2006-07-25 07:23:06 · update #1
the old house is only 50,000. and it's really big. It is much better and bigger then any other houses in that price. The other houses that we are looking at are around 90,000. So besides brand new homes you can get nice homes from about 85,000- 130,000. are prob. is we have four kids and those houses don't all have the space we need.
2006-07-25 07:29:26 · update #2
The only way to really say if it would be worth it would be to take the cost of purchase vs how much the home would be worth after the work is done. it sounds like like alot of work, but it just may be worth it in the end if the property value will be substantially raised after the repairs are done. We work with alot of "rehab" investors that make a great return on this type of project.
2006-07-25 07:17:18 · answer #1 · answered by Scott and Amy 1 · 0⤊ 0⤋
What you are talking about is really destroying the historic value of an older home.
If what you want is a McMansion - just buy one of those. If you want to live with the charm (and problems) of an old home - buy this one.
If you are going to insist on doubling the size of this house, at least do it wisely, and don’t spend more than you would for the McMansion of your dreams.
Consider what the end product of all of your labor would be worth, and consider what it would cost to turn this home into your ideal add 20% for unforeseen costs, and add another 10% for all of your time and worry, subtract the two, and what is left over is what you offer to pay for this house.
With all the work you want to do – you could likely do better financially by just building a new house to your specifications.
2006-07-25 14:22:03 · answer #2 · answered by ***** 6 · 0⤊ 0⤋
Wow! You're looking at tens of thousands of dollars to do all that work! Really! While I can't give you an estimate on it personally, Right now is really more of a buyers market. Literally, there are about 6 homes for sale for every one buyer. What does that translate into for you? There are a lot of homes that are liveable TODAY in your price range most likely, when taking into it the amount you're talking about sinking into this older home. My best recommendation is to find yourself a reliable Realtor, and ask them to help you find a home in your price range that meets your criteria. Also, the average home today sits on the market for about 2 months, before selling... So don't let some seller strong arm you into buying before you've made your mind up definitively. It's a big expense for anyone to buy a home. I encourage you to use the buyers market to your advantage. If a nicer home that's slightly above your price range is out there, make an offer that fits your budget better. All they can do is say no or, make a counteroffer, which then gives you the right to counter their counter offer - or walk away. Good luck!
2006-07-25 14:18:29 · answer #3 · answered by loving father 5 · 0⤊ 0⤋
It depends on the supplies you need to buy and the square footage so go to the local hardware stores and they could appraise it for you. You could ask a couple contractors for estimates and then go back to the realator and ask what the value of the house would be if you did all that stuff. If the value of the house rises more then what you put into then it is very much worth it.
2006-07-25 14:15:21 · answer #4 · answered by kill_dog1 2 · 0⤊ 0⤋
A LOT A LOT A LOT!!! dont bother with all the cash u spend on fixing it u could just buy an already made pretty home.
2006-07-25 14:13:34 · answer #5 · answered by rjekqlw 5 · 0⤊ 0⤋
Sounds like the Money Pit, I'd stay away. Get something newer.
2006-07-25 14:15:22 · answer #6 · answered by Maria b 6 · 0⤊ 0⤋
fixer uppers are great because you can do it your way. but it will be the same outcome and price if you were to go to one of these builders and have them do it for you from scratch. find a nice lot or piece of land. its all about the same.
2006-07-25 16:14:08 · answer #7 · answered by SUSIE 2 · 0⤊ 0⤋
it ant worth it, if your concend on price buy a trialer house it will cost a whole lot less in the long run.
2006-07-25 14:15:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it would be better if you bought a new home
2006-07-25 14:14:17 · answer #9 · answered by Neil G 6 · 0⤊ 0⤋
alot of money
2006-07-25 14:15:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋