My house is about 1300 square feet. It is kind of small, but we are a family of three. My house needs MAJOR work. It has a "soft floor" on the kitchen and some of the external wall covering is dry rotted. I thought about gutting the whole thing, raising the roof over the kitchen, exspanding half of the west wall to add an additonal 3 feet to the bathroom and my bedroom, replacing all of the plumbing, wiring, and doors, installing vinal siding, fixing a leaking wall on the North side of the house, and installing an exhaust fan in the attack. I know that is a lot of work, but I am thinking that just buying a whole different house is the way to go here. What do you think?
2007-05-23 17:54:30 · 6 answers · asked by wildcatfan 3 in Home & Garden ➔ Maintenance & Repairs
You asked, so here's what I'm going to tell you: I've been a contractor for 47 years. When I retired I took on a home that needed much TLC. I had a bank account that didn't have anywhere to go.
It took my the better part of ten years and thirty thousand dollars to do the house and Yard but, we are the "Joneses" of the area. If this is what your after, go for it. We did, and knew what we were doing, I didn't have to hire anything out. I sometimes had to work twenty hours and day to finish a job.
I rebuilt the entire kitchen from the floor on up, including appliances. The bath was falling into the basement. We also made a woodworking shop into one part of the basement, a quilting shop into the other part.
My house is now beautiful. I would have to be thirty years younger to do it again, Am I crazy, some say I am , Am I satisfied, you bet, good luck. Also, this included the outside, the well, the furnace, the siding and roof.
2007-05-23 23:35:03 · answer #1 · answered by cowboydoc 7 · 1⤊ 0⤋
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2017-01-22 08:04:08 · answer #2 · answered by Joann 4 · 0⤊ 0⤋
I think either way, you're going to be spending a substantial amount of money. Personally, I think it might be better for you to just remodel because if the problems are as bad as you describe, you're going to have a hard time selling the home, especially in todays market. I do think that if you get different quotes and deal with contractors and what not, you could get it done without spending an insane amount of money. Plus, if you remodel, the house will be changed to your specifications. Email me or contact me on yahoo messenger if you'd like to discuss it more.
2007-05-23 18:06:19 · answer #3 · answered by The Traditonal Home 3 · 1⤊ 0⤋
Well, you need to consider how much you would be able to sell your home for, and how much it will cost to buy a home you want, pack up your stuff, pay closing costs, move your stuff, pay realtor fees... And then compare that with the cost of renovation.
Call at least 3 contractors and get quotes. Be wary of the cheapest quote. Make sure you get actual customer testamonials, and call the better business bureau to get any and all information on the contractor you choose. Make sure he is reputable. If at all possible, ask to visit his last jobsite, or his current jobsite. Often the best contractors are busy.. so you may need to wait, but its worth it! This is your home. Always make sure they have the proper permits, and get an inspection on all work that is done.
Its hard work to renovate, but its worth it. It might not be worth your trouble, but you should at least look into it!
P.S. NEVER pay more than 50% up front, no matter what.
2007-05-23 18:01:52 · answer #4 · answered by Kristin B 4 · 1⤊ 0⤋
You need to shop around as a first time buyer for the best deal that may hold a benefit package to first time buyers that would cover a lot of your cost. The Booking fee for a mortgage could be added to the mortgage if the affordability is there their for the lender has to prove your good for the extra money. Talk to the Abbey I Know they have package deals that will suit you also be careful as a first time buyer as to weather or not you are receiving advice or not with regards to the mortgage you are taking out most Brokers offfer a non advised service.Dont forget their is other things you may need or want to protect you with the mortgage you are about to take on.Hope this helps. All the advice you receive at the Abbey to discuss possibly being a first time buyer is free.
2016-03-12 21:54:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on three things.
1) Money you have invested in the house already and resale value in current condition.
2) repaired value of the house versus similar properties in your area
3) Cost of repairs (throw in stress of remodel vs. buying new)
Subtract the current value of the house as it sits from what you have invested in it. Add that number to your repair costs. Add that total back to what you have invested in the house. Compare that number to what comporable properties are selling for. The lower number wins
2007-05-23 18:03:42 · answer #6 · answered by Mark G 4 · 1⤊ 0⤋
What is the current value of your home? With the scope of the work you have outlined I think in most cases it would be cheaper to purchase a different house. GOOD LUCK
2007-05-23 17:58:00 · answer #7 · answered by Phineas J. Whoopee 5 · 1⤊ 0⤋