Asked on Jul 28, 2015
Is this house worth my time and money?
by
Daniel Dye
+687
A good ex-neighbor of mine has just offered me this small, 1 bath, 1 bed, home, with a medium backyard, and small metal shed for 15 grand for full ownership. The last renter of his really abused the house, and caused so much trouble for him he had to have her forcibly removed from the premises, and its sat there ever since. He's old and tired of having this and knew I was young and looking so he made the offer at a seemingly low offer; BUT, It definitely needs a lot of work on the outside that I can see. I'm young and know close to nothing about home repair, so I need some intelligent people for help on this. I'm committed and ready to work, I just need guidance or advice. Should I take the deal...or leave this potential bomb-shell for someone else? Thank you so much for your time, and answers!
This is the house from the front. Dilapidated, chipping paint, snapped off porch light.
This is basically every window sill on the outside of the house. There was wood there at one point, but no longer.
Outer boards of some windows are rotted out as well. Can see bugs crawling in and out.
Gutters all around the house are fallen, or simply missing. This one should be easy enough to fix?
As before there is no gutter directing the water into the ground, so water just flows down the house, causing more damage to the boards and moss growth.
Bottom board missing, and an exposed pipe of some kind.
A lot of foundation cracks and slidings like this one. This is the least damaging of them all, the entire corner of the other side has shifted.
The outer boards of this house are so damaged they fall apart like paper Mache.
Side of house. Patio is unusable as the boards out there are like the ones of the side of the house...pure fiber. The stairs have long since fallen.
No visible stains on the ceilings at all, but definite damage as their dropping in places.
The kitchen looks very nice and visibly "fresh" from the rest of the house.
Half-finished projects? This room doesn't even have a wall. Easy enough to hang drywall though.
Stained walls (from water)?
Non-sealing windows.
The ceiling in the bathroom has completely collapsed! What is this? Is this serious or an easy fix?
250 of 602 answers
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Could be a fun project, be a waste not to use it. Maybe transform into a studio of some sort, music/recording studio?
UpCycling XYZ
on Jul 28, 2015
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@Daniel Dye How much land actually comes with the property, that alone might be worth the 15k, & could be worth it to buy it & turn around & sell it at a profit if the land value in the area is high enough. As for the house it looks in pretty rough shape, but probably not unsalvageable, but would take a lot of money to fix. The wisest thing if the property itself isn't worth 15k would be to hire a contractor to come look at it & give you some ideal what & how much it might take to make it habitable. Being young if you are at all handy I would think you & some friends or family could turn it into a great place with a little how to research.
Katrina Warren
on Jul 28, 2015
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As a real estate agent & investor, the most important thing to find out is whether or not you will be able to sell this house once you have completed repairs. Talk to a few agents in your area to find out if 1 bed/1 baths sell and what the value would be if it was in perfect condition. (Then subtract several thousand dollars from what you are told.) Get your roof, foundation, plumbing, & wiring inspected. These are your big expense items. Get 3 local contractors to come out and work up an estimate for repairs after your inspections. Even if you plan to do much of your own work, you need to know what it will cost if you have to hire work done. I know this sounds like a lot of time & some money, but you do not want to get into this project for $20K or $30K or more (purchase price + repairs) and then find out that you don't have the funds to finish or that the house is worth less than you have spent on it. Remember the rule of redoing houses: It will always cost more than you planned and take twice as long as you thought. Having said all that, any house can be renovated, but just make sure that you can afford it and sell it.
Debi53
on Jul 28, 2015
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I would ask myself several questions. Do I want a very long term project? Do I have the time, money and resources to tackle this? Would I enjoy doing it? Would it steal time from other things I enjoy--hunting, fishing, boating, hobbies, friends, family, church, upkeep of my own home--projects, yard, repairs? Would I do all the work myself or contract most of it? Would all the time & money invested in it give me the return I'd want? Good Luck
Marilyn McCormick
on Jul 28, 2015
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The foundation cracks alone scream "run, don't walk." My husband is a geologist. His company specializes in litigation cases involving houses like this. I would hate to discourage you, but we wouldn't touch this with someone else's money.
Kristine
on Jul 28, 2015
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I would pay to have inspected before sinking a lot of money into it. If the foundation is damaged, the electrical, plumbing, roof needs replacing (not to mention siding and windows), heating - you are talking a lot of money, time, effort and tears (I speak from experience). Our house need everything (except the foundation) and we may never get it totally finished the way we intended. There are no quick fixes in that house, but how is the location? Is it a good neighborhood? How much money do you plan on spending? I know you see it as a starter home, but, sometimes you end up staying much longer than you planned. How big is the lot? How is the parking? We bought our house because of location, and it's the one thing we were grateful for from the beginning. Good school district? You might not be worried about that, but, if you plan on a family or re-selling, it will be a factor. The upside? If it's got good bones, is in a good neighborhood, and you're willing to spend all you free time that you aren't at your paying job, then it's for you. But, check out the foundation, room, plumbing, electrical and heating before you jump in with both feet!
Cynthia H
on Jul 28, 2015
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I suggest that you hire a home inspector (can get referrals through local real estate companies) and have a thorough inspection of the house first. It will cost a few hundred dollars but give you a real picture of the home's condition. Then you will know what needs work and an estimate of costs. If you are handy and have handy friends and the neighborhood is decent, it might be a good investment. Also check on-line to see what comparable houses in that area are selling for.
Barb Rosen
on Jul 28, 2015
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you have so much to consider.. all the points are valid.. only thing I can add is HOW MUCH land ? we only have so much land in the world.. that alone might help you make that choice. Do you want to own land -lot,,, for a future project- house, resale, farm or anything in the future. the building will not be worth much in present shape, the value is in the LAND is it on. Check the local taxes and info on same sized lots with structures in comparable shape.. Investment alone might be worth it. is it in an area with lots of new growth, or a depressed are, business closing- people leaving-lack of jobs etc. check on permits drawn for the area.. this will tell you of upcoming growth... Being it from someone you know, that can be both positive (a good deal) or negative, if he expects you to jump in and restore it quickly, or if you choose to take it down for safety reasons..
Wanda sinnema
on Jul 28, 2015
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Good Luck on either way.. there is NO BAD DECISION, only UNINFORMED ones.. If you do choose to redo it. Please keep us posted, I for one, would love to see the progress..
Wanda sinnema
on Jul 28, 2015
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Get a valuation done through a reputable real estate agent. Ask them questions as to what they think. Also and this is very important. Get a building inspection. This place could be worth the bother for the land value alone (possibly - you need to get expert advice from real estate agent and builder) or if you don't have the money to knock this place down and rebuild (if that is what is needed here) you will need to take out a loan with a bank or finance company. Suggest you also seek advice there as to whether you can afford that option based on what you are earning and what the repayments might be and what the estimate to fix/repair or knock down and build something better on this land might be. Also check that the land is included in the price and that it is not some kind of lease hold agreement. Get advice from as many experts as possible. If you decide to go ahead you will need a solicitor to help you. Don't just pay this person without getting contracts drawn up through a solicitor. I have to say based on the few photos shown here it looks more like a knock down and build new home on that plot of land to me than simply repairing it to make it habitable again. There could be foundation damage and even rot/woodworm etc which is extremely expensive to fix up. Money spent on getting expert advice as Barb Rosen suggests is money well spent in this case. Could save you a lot of heartache and expense going forward. Good luck. Let us know how you get on.
Carole
on Jul 28, 2015
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Depending on property values in the area, you may want to consider just demolishing it, and selling off the property for a profit, or keeping it for an investment.
Ellen
on Jul 28, 2015
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Daniel like others have said, please keep us informed as to your decision!
Trixie63
on Jul 28, 2015
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I would be completely overwhelmed, but my boyfriend would LOVE a chance at a fixer upper and he could do it. It sounds like you are going to have to invest upwards of the cost of the house to bring this house back to being a home. If you have that money saved, this could be great. Do you have friends who are skilled and can help? In any case, make the best of whatever you decide to do!
Joy Smith
on Jul 29, 2015
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RUN! From just the limited photos you provided I would say it is a total tear down which will cost you more than most people think. Between asbestos abatement and lead paint abatement and on and on. For the record I am a licensed Home Inspector and have YEARS of experience in rehab, remodeling and a degree in Architectural design. Like I said, RUN!
Gary Mustain
on Jul 29, 2015
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Maybe contact the Property Brothers who work all across Northd America & Canada, THeir talent is endless & they will never lead you the wrong way!! So, Google "Property Brothers" (include all thses pictures & your main concerns & see what advice they offer you? One never knows by the time they are done, you con't even believe that it is YOUR house!! They deliver majic EVERY, SINGLE TIME WITHOUT FAIL!!! aND THEY ARE TWINS &GREAT TO LOOKAT & THEY ARE THE MOST EASY GOING!!! Pls keep me up to date if you decide to contact them PLEASE!!!! mb.dempsey@sympatco.ca My name is Michelle! GOOD LUCK & GOD BLESS!!!
Michelle George-Dempsey
on Jul 29, 2015
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Get estimates on what you can't do! Might be a good investment!
Jud1016678
on Jul 29, 2015
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I agree with Gary Mustain. RUN! This is not a fixer-upper. It's a tear-downer. I'm surprised it hasn't been condemned. If the siding and windows are that bad- the sill and studs will be rotting also. And how old are the electric, plumbing and heating? Sorry to be so harsh but don't want you or anyone to get sucked into a money pit.
Cdi1659816
on Jul 29, 2015
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Given what I have seen on the photos, I would say that this is best torn down. I suspect there would be mould in the walls, not to mention other hazardous materials requiring proper abatement which can costs thousands of dollars... I am a Real Estate Broker, have attended hundreds of building inspections and have done many, many renovations (married to a contractor), and this is something even we wouldn't touch with all of our experience. I would stay away from this... Sorry.
Holly Jensen
on Jul 29, 2015
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If I were you , I would buy it , if you can' t fix it , tear it down , as it is it is hurting the property value of the whole neighbourhood, if it is at all fixable , it is cute as a button and could pay for itself in revenue . Fixed right , it will attract the right people, and if you do research on the renters, by calling their old neighbours and last people they rented from, it would help you decide. (Have a look at the interior of their vehicle ,it is an excellent way to know how they take care of their stuff) good luck !
Pivoines
on Jul 29, 2015
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no looks like it might have termites too. depending on the location it might be worth the money to buy it and tear it down to rebuild but to repair would most likely cost more than a rebuild.
Sheila Jones
on Jul 29, 2015
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Buy it, and demo...good price for land and they ainte making that anymore. Look into a couple of Katrina cottages style homes for the two lots, great for one renter, if you want to get into that.
Lagree Wyndham
on Jul 29, 2015
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Sorry, I would tear this down. I do not see the return on investment.
Cornelia Schott
on Jul 29, 2015
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The ALL important factor is Location Location Location! You always want to buy the worst house in a good neighborhood. If this isn't the worst, just check into the value of the lot. If the lot is worth more than $25,000, just re-sell the house & lot. There are handimen and women out there that will take the project on and have the skills to do much of the work themselves. You don't want to take on the cost of demolishing the house if you're not going to make a decent profit on the lot - you may wind up paying more for the demolition than you can make on the sale of the lot. Get a contractor you can trust to walk through the home with you and give you an estimate of the cost of repair. Compare that to the profit you could make in the rental market in that neighborhood. I would also ask your ex-neighbor if he would owner finance at a low interest rate. It would be less out of pocket for you up front and he would get a steady income with interest. Good Luck!
Tara
on Jul 29, 2015
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Unless the land is worth $15k.....no
Moxie
on Jul 29, 2015
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Unless the land is worth $15k.....no
Moxie
on Jul 29, 2015
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No architectural features worth saving, but I agree, if it's in a good area that price for the lot alone is probably a good one. Find yourself a good independent builder, tear it down and if you are careful about your budget, you can put a house on it for yourself - or as someone suggested a rental. You don't have to finish all rooms at once if you do like to tinker and want some equity from your own sweat. Just make sure you can do a professional job. Re-sale value will be key. So pay attention to what the neighborhood is like. Don't over (or under) develop.
Debra Forrester
on Jul 29, 2015
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Good question! how much effort and dollars do you have available? Do check if there are (crazy I know) any liens against the house that, should you take it, you are now responsible for. If it were me, I'd pass. WAY too much to be done. It would be better to see what is okay on the property because I don't see too much. Best of luck to you!
Christina aka Queenopearls
on Jul 29, 2015
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The house does look like it is in bad shape. I would hire a professional home inspector to get their opinion. It could be worth the small investment to see if there is potential. You have won half the battle being young and could do the work yourself over time. You can learn to do anything these days on Youtube. See if there are any salvageable items, like the kitchen cabinets look like they could be re-used. I would then check out local land prices to see if there is value in the the land. Depending on where your are located Real Estate is always a good long term investment.
Kim Leggett
on Jul 29, 2015
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Like has been said before, if the land is worth the money AND if it's in a great location go for it and tear it down rebuild. Sometimes you have to put more money into a house that will never be recouped.
Helen
on Jul 29, 2015
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As much as I relish a challenge I know from experience that it takes more money to fix a bad house than to build one. Like Moxie said, unless the land is worth $15K or something close to it AND you have the resources to build yourself a small house (money, builder at least for the shell, electrician, plumber) you could finish the inside yourself if you were willing to learn how - I've renovated 3 large houses now and had no experience when I got started. As I said, it would have been cheaper in at least one of these houses to tear it down and rebuild. But in some ways I'm glad I restored it. Your house doesn't look like it would be easy to restore without specialized skills. Things llike water damage and sagging ceilings are indicative of serious plumbing issues and rotted sills spell new windows which are big bucks as you would have to remove all the rotted wood and reframe each window. I replaced 8 windows and it cost $10,000 for plain jane double hung.
Miriam Kearney
on Jul 29, 2015
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If you can get it for less than the price of the lot, it may be a good deal. But don't even attempt a fix up! Tear it down or walk away. It's just going to be a never ending pit to throw money into!! I agree with Miriam!!!
Helen
on Jul 29, 2015
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This is complete rebuild or teardown. Foundation problems can hit you for a small fortune and all of the rotted wood, leaks and not to mention bad unseen electrical ! Your best bet is to tear it down & that will be a few thousand plus permits and haul away!! If you try to find a contractor to repair, the price they quote will NEVER be what is finally owed (pending what is found during renovation). I would say thank you but no thanks.. Or maybe have him tear it down and then you buy the land for 10K or whatever the market pulls in your area.
Gem Murray
on Jul 29, 2015
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ps: If that is LEAD paint you have bigger problems
Gem Murray
on Jul 29, 2015
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Again, if the land is worth 15k I would consider buying and knocking the house down . Truly looks like a time bomb to me.
Susan
on Jul 29, 2015
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Mmm anyone have a torch?
Doris E Slager
on Jul 29, 2015
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Unless you can get it for a couple thousand don't do it. My son-in-law buys houses at auction, re-does them and then either flips them or rents them. You are easily looking at at least $40,000 + ................ If you don't have the money or the skills don't do it!!! This is a MAJOR project.
Elizabeth Gladden
on Jul 29, 2015
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You said the neighborhood is declining or has declined. Is the lot alone worth $15,000? I don't think, from your pictures, that this would be worth repairing but can you put a mobile home on the property until you could afford to build a new home? That might be a consideration.
Margaret E
on Jul 29, 2015
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A definite tear down, run away.
Gayle Olson
on Jul 29, 2015
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First, I'd get a building inspector to see if it is structurally sound. Cosmetics are a personal choice and you've done your homework to see what YOU can do. If it IS sound, then you have to make a choice. You can offer the gentleman a lesser price if you think you want to tackle it. If the roof is good, you may have a diamond in the rough or a great bon fire base. Keep us posted, please.
Claire
on Jul 29, 2015
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Will you pay cash or finance? Maybe get some experts in to get some estimates before you decide; dependng on the housing market in your area maybe you could fix it up and flip it?"
Elaine
on Jul 29, 2015
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I agree, the house is in bad shape, not really liveable. @Claire is right about a building inspector, it looks to me like there might be termites too.
Leah M
on Jul 29, 2015
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The house could be super cute fixed up as it has great curb appeal and if you were a little more knowledgable or had good guidance from a friend or relative, I would say for for it. Otherwise, I would leave it for someone else. No matter how good a deal it is, it will take time and quite a bit of money to get it up and liveable and some of your expenses look substantial, i.e. foundation/structural problems, quite a bit of water damage. especially to the outside, not to mention hanging sheetrock, rebuilding windows, etc. Doing it yourself, you might get by with investing about $10,000 or less. If you have to hire it out, triple that.
Glenda
on Jul 29, 2015
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You need to get a contractor (or two) out to give you an estimate. Then make your decision.
Penny Cathey
on Jul 29, 2015
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More money ,than its worth,,at today's prices for materials,,
Deanna Lee Hearrell
on Jul 29, 2015
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Run.
LenTex
on Jul 29, 2015
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You need a really good and intense home inspection by someone who knows what they're doing. Not your typical real estate home inspection. Once you REALLY know what you're in for, then you can decide. You also need to know real estate values in the area. What does an average home of that size in habitable condition sell for? If it wouldn't be a substantial gain, even if you're planning on living there, it isn't worth it. Someone needs to get into the walls and truly see the foundation damage to make a determination on the cost to repair it. A house doesn't get this way because of one tenant. It doesn't appear anyone has loved it for quite a while. Breaks my heart really… I strongly suspect it will probably be more than you really want to get into. :(
Scottie Vosburgh
on Jul 29, 2015
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I would try to buy little at a time. You can create anything and the way you would want... I love it....
Queenie bell
on Jul 29, 2015
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Oh, and btw, not all foundations cracks are a gazillion dollar repair, I had a few in an old house that were not structural and they were $800 a piece to repair (in Northern VA just outside of DC). Want to tell you that so you aren't taken for a ride over a foundation crack. Get LOTS of references before you actually hire someone… totally worth the extra time to know you can trust what they tell you.
Scottie Vosburgh
on Jul 29, 2015
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Probably the land would be worth the money. How large is the land? Septic or city water? What kind of heat? All these things are worth considering.
Sharon Seiber
on Jul 29, 2015
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You wouldn't be able to live in it for quite some time. I would guess that the cost of repairs would be more than twice the cost of the house. I bet it's almost at the point of being condemned. It's in really bad shape.
Maggie Ann
on Jul 29, 2015
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You need a termite inspection also. If you have termites, as it looks like you may, then it will be costly to fix.
Sharon Seiber
on Jul 29, 2015
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Get an inspection and do some cost estimates. If the foundation is solid overall~ have fun!!!
Cynthia
on Jul 29, 2015
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What are you "looking" for? A place to invest in or a place to live? I would say no, to a place to live but, people have lived in worse. A work in progress, is a work in progress 24/7 365+ I agree with @Scottie Vosburgh about a REAL inspection. Essentially; Is the basic frame/foundation in good condition? Also agree with finding out what are real estate values...specifically the land, is like in that neighborhood. Is it worth $15,000 by itself at least, can you afford to wait until increase for a profit? It might be in a up and coming neighborhood and worth the investment. Not sure if you can even live in the place until you "re-do" it. It looks like a total rebuild and then will you get out what you put in? Tough choice, good luck.
Don
on Jul 29, 2015
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Run. It is a tear down.
Janis Davis
on Jul 29, 2015
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Have a home inspection done by a professional- the flipping homes shows of years past have shown that even houses that look 100 time better than this can have hug problems and can be real money pits.
Edith
on Jul 29, 2015
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If the land is worth more than the asking price, I would buy it and tear it down. Then wait for the value to increase or sell it at a profit to somebody who wants to build new. Otherwise, RUN! I've renovated a couple of rental properties in similar condition and the headaches were endless, unpredictable and expensive .
Patton Hunter
on Jul 29, 2015
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You need to look at the potential and see it you can get an idea of what be worth if you fixed it up. Than weigh the cost of everything and if you come out even or ahead on the future value, then go for it. Things may not be as bad as they seem. Find a couple of reputable General Contractors in your area and see if they will give you an estimate.
CarolandFrank Butcher
on Jul 29, 2015
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You can hardly buy a lot for 15K I'd jump on it for the land alone.
Donna Marie Ledington
on Jul 29, 2015
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Good ideas above. How much is the lot worth? I think that is a big consideration also. It may be the lot alone is worth 15,000.00. You have the drive and determination, you can always learn along the way. Possible uses: guest house or income property!
Peggy Henderson
on Jul 29, 2015
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The advise to have it appraised and inspected is solid. Also if it is worth it and you can afford it and it is permitted where you live I'd consider a shot gun shack type of house with a bit more sq ft..have it built off site and placed there even a smaller manufactured that can fit the land size. What would it cost to gut it, salvage some pieces and start from the frame?You can build it yourself or buy plans and sub out what you can't with a smaller home. I don't know what your market is like, the neighborhood or the local governments ordinances and permits allow nor what your original budget is when you set out to look for a home. If you can get a home under 30-35k for the property, demo and a rebuilt home you are golden. Hopefully this is something that works for you..either way best of luck in your hunt and endeavors. http://tinyhouselistings.com/small-shotgun-house/ Just to give you an idea, that was one a Google search. There are tons of options and resources.
Mona
on Jul 29, 2015
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I agree with the comments on both sides - please let us know what you decide to do - especially if you do rehab the house.
Neva Dew
on Jul 29, 2015
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RUN AS FAST AS YOU CAN!!! This is a disaster!!
Donna Caulfield
on Jul 29, 2015
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Hurry and get it before he offers it to someone else. The is so much potential here. Call all your family, friends and co-workers for help. You might just end up with the cutest little house on the block.
Linda
on Jul 29, 2015
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This is not helpful but after second thought and look, your friend should pay you or lower the price by half..a lot of wet damage, unsealed windows, the weather had to have been brutal in the winter. It may be no wonder the tenant was disgruntled and difficult, could you imagine living there and no upgrades or improvements made and the safety factor with the porch stairs and mold. The house was falling down around her and it will do the same to you. I see a complete tear down, but I'm not a professional that's who you should be asking.
Mona
on Jul 29, 2015
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Offer $5000, a very generous offer! The house is a tear-down..needs far too much work just to bring it up to code...I paid 15K for my first house in 84, and moved right in! It was a 2-bedroom w/ 960 sq. ft. the one shown is a disaster...abused, neglected, unloved...and it shows! Everything that can go wrong with a house has happened here already! Wiring, plumbing, windows, walls, ceilings...15K purchase price, 30K just to get it to pass inspection!
Pete Wells
on Jul 29, 2015
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Location, Location , Location. Is it in a good one? If so, dive in!!
Alesa Holden
on Jul 29, 2015
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I agree that this is a tear down! Ask yourself if it would be worth all the money you would pour into it!
Carol
on Jul 29, 2015
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He's asking way too much for this pitiful little house. It does have potential but it will take a lot of money for you to fix it up and for an armature who wants to do the work yourself I think you will find you are in over your head. I can see how cute it would be fixed up but if you can afford it hire a contractor to do the work and consider it an investment. Too many mistakes on your part will cost you more in the long run than hiring a contractor to do it right the first time. It's like the old adage: measure twice, cut once! Good luck! The house can be a story book cottage for sure but get professional help to get it to that stage.
Bettye Martinez
on Jul 29, 2015
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run away and save your money/ the only potential here is to empty your wallet. if you look at the front view you will see how mush the right side of the house has settled so the house is on a slant. You would have to raise the house and redo that part of the foundation. then there is a ton of rot that would have to have boards replaced. It really not worth the time or the money [;us the cost of buying it. RUN!
Mary Solt
on Jul 29, 2015
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I agree that it looks like a teardown. The window frames would make me worry about termites having done the damage. In the condition it's in, you'd only be buying the lot, and even that doesn't look great to me. I'd say your former neighbor is hoping to make a killing by unloading it on you!
Tegma
on Jul 29, 2015
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If undecided, get a contractor to come give you an estimate of how it would cost to bring it up to code. Then add 50% for unseen surprises. This will clinch your decision. Even if you do the work yourself, I don't think this would be a good investment. Sorry!
Liliana Wells
on Jul 29, 2015
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If the house is in a neighborhood you want to live in, I would offer him a much lower amount, tear the house down, then you have a nice lot to build on when the time is right.
Pamela Golden
on Jul 29, 2015
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How much do you think the land itself is worth? If you think the land has some value, you can buy the house, tear it down and sell it to a developer and make some money in the transaction. If not then pass it UP. This house is a DISASTER!!
Mama Rose
on Jul 29, 2015
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I agreee get an inspection. they can tell you if it is worth your time and effort. Consider the worth of the property and if the location would warrant a nice house, what would be the resell value, with or without a house. You have lots of decisions to think about. I do commend you for asking advise. Also maybe find a contractor that could give you advice or estimates, a reputable one. Or a good DIY'er who you trust. Never hurts to ask. Good luck and I hope to see your projects on this site.
Mil2008764
on Jul 29, 2015
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The price is good and if no termites you bet ya If it was here heck ya I have remodeled every mobile home we have bought walls,floors,roofs, outside frames there are places you can go and get used lumber cheap craigs list hit yard sales the house is worth it
Karlene Bagwell Browning
on Jul 29, 2015
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Get a hold of a civil engineer. It looks like a money pit. You should also find out about the building codes and zoning for the area. You might have to build something bigger to replace it, if you can at all. I know in my neighborhood you can't put in a mobile home. You also can't put something in under 900 sq. ft.
Rosemary Kelly
on Jul 29, 2015
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First find out what the county values the house and the land, then take a general contractor with you to look at the house inside and out. Based on the exterior shots you have extensive wood rot, which means possible termite damage and mold. If the outside is any indication of the inside you probably have major issues also inside to deal with. In deciding whether to buy it depends on if you love the location, and what the cost would be to remodel. Sometimes it's cheaper to tear it down and build new. If the cost to restore is not more than to build new than make sure to have a home inspection by a licensed home inspector.
LD
on Jul 29, 2015
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I think it would take a lot of work but if you can do the work and she are he is gaving it to you at a great dell then go for it but know you will be working hard
Sharron Lindemann
on Jul 29, 2015
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Take a look at the property tax records to get an idea of what the land is valued at. If there is any value at all in this property, that's where it is. Personally, I would run from this house. The house itself is a tear-down, and it doesn't appear to be a good lot since it is very sloped.
CS
on Jul 29, 2015
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IF all that wood on the OUTSIDE is that rotted--how far up the walls does that GO? And what are the conditions INSIDE the walls? I am the "Save everything!" type and have jacked up houses to replace the sills and the like===but===altho cute looking this might be too far gone. The kitchen is just "Builder grade" yellow oak cabinets from the Big Box; the wood ceiling is nice and original but the REST of the place--not so much. When we bought our foreclosed house we had a contractor friend come and look as it too had sat and had damage; it had that rotted sill caused by a rotted (not pressure treated or stained etc large deck and NO flashing!) deck butted right to the house; NO steps; at some point the house had a POOL in the BASEMENT--not a built in planned swimming pool; an ABOVE GROUND POOL and of course "moisture damage", We also needed to repair/replace windows and door surrounds; replace the interior doors and closet doors; to this day we can;t replace the tub/shower as it is some sort of odd size --- We got rid of the deck; jacked up the house and cut out and replaced the sill built stairs and a larger deck in a different location--hauled at LEAST 12 full sized pick up truck loads (over flowing) the the dump of debris and stuff IN the house---replaced the 4x8" LR window; the roof; Was it worth it? Yes but it WAS a LOT of hard slogging work and the house was "liveable" as we did it. And when we sell--it is all ours as there was never a mortgage. Things to consider: The cost of DISPOSAL on building debris is HIGH. You would need at minimum to take this back to the studs and replace ALL windows; probably the doors. Insulation. WHAT ABOUT THE HEATING SYSTEM? If the studs are damaged--the roof looks straight but what about the rafters? Kitchen--might be able to save and re-install cabinets. How about flooring; bathroom fixtures and plumbing--Foundation repairs are VERY costly; wiring; draining the water so anything NEW doesn't get damaged; Septic? Sewer? Yes there ARE places to buy second hand but you have to have some thing to build ON for them to go IN. This place was cute once but now--- It is highly UNlikely that any bank would give you a mortgage on this place. I feel badly for you and the owner but--I think this was let go for far too long. We looked at a house not nearly as bad as this and when we went back for a second look a day later--the thing had COLLAPSED into the cellar hole! My advice would be to keep a sharpish eye out for foreclosures in the area where YOU want to live; distress sales etc and find a contractor you TRUST. Friends in your County Tax office and local banks are often helpful with these situations. Put the word out that you are looking for a project not a total tear down!
Comet
on Jul 29, 2015
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This place is too far gone. You could spend 10 times the $15K investment getting it to a state where it can be lived in safely. My answer would be a big NO!
Charlotte Wood Eckel
on Jul 29, 2015
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You've gotten good advice. If you love the looks of the house, if you love the location, if you have time and money and people to help, then maybe. You will need to re-side, re-roof, re-wire, and re-plumb. You will need to replace all the windows. You may need to jack it up and replace the sills. That's likely, too. I spent about $50, 000 on a house this size: re-roofed, re-plumbed, some re-wiring, some new windows, doors, and deck, some new floors, all new bathroom, some other things. But it was basically sound (frame and sills), in a great location, and I loved the look. I bought it in 1997 for $84,000 and sold it in 2007, for $280,000. So it can be worth it, depending on lots of stuff. I think this house is going to need more than mine, just from looking. I found a reasonable contractor to help, too. Good luck!
Karen L. Grohs
on Jul 29, 2015
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I would have to say no on the house remodel; however, the land may have value. I would check with the appraisal office to determine the value and then find out the cost to have the house demolished. It was be feasible to rebuild and would possibly cost the same as the remodel.
Rochelle Colclasure
on Jul 29, 2015
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What do lots sell for in your area? Might think about buying for the lot alone.
Sheri Ketarkus
on Jul 29, 2015
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It's too far gone to be saved. And I tend to see a lot of hope in things but not this. I agree the land may be worth having but research would need to be done first to discover it's true value. Then you must factor in the cost of demolishing and getting rid of the house. As a landlord, your neighbor was negligent. The last tenant can't be blamed for all the rot and structural damage. I'm so glad you sought the advise of others, even if it's here on the internet. It shows great wisdom on your part.
Toni Jeffries
on Jul 29, 2015
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Being a do-it-yourselfer I would jump all over this one. But having to hire contractors would cost way too much to fix all of the problems seen and unseen. I agree with others that you should check the property value. It might be worth more than the owner wants. In worst case you could always resell at a profit.
Gary Stenzel
on Jul 29, 2015
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At a glance...NO! What's the surrounding area worth? How much are taxes? Any notes Against the property? Utility access? Probably should demolish/rebuild. How much is Demolition? Save the wood for repurposing. If you fix up, your neighbor's property values Increase! Good luck!
Charlotta
on Jul 29, 2015
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Question for you. How do YOU feel about it? Does it have that "homey" feeling for you that we're all looking for? If it does, there won't be anything stopping you. It needs a lot of fixing, true. Some sooner than others. But if it feels right to you, I'd say your neighbor has some interest in helping maybe...looking at those cupboards, someone has tried to do something with it and fairly recently. You'll meet new people in the repair business, too, maybe make a new friend along the way. If this is "IT" for you, let your heart decide. :)
Sharon Russell
on Jul 29, 2015
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To start: Take the value of a similar home in good repair (do you have a local Board of Realtors or check out Zillow), subtract the $15,000 plus closing costs. Is there a significant difference in value? Can you do the repairs for that amount or less? Can you get an estimate from a licensed contractor? How much can you do yourself or in concert with a professional who can guarantee code compliance (sometimes you can trade your labor for cost with a contractor)? If the repairs are too expensive, calculate the value of the land less the cost to demolish and dispose of house parts. You can hold on to the land for a long time if you want this to be a long term investment. If you have cash to purchase or can make payments on the purchase + demolition. It could be a good investment, but there are LOTS of variables.
Susan E
on Jul 29, 2015
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We recently looked at a home with acreage in a good location for us. However the house looked much like what you are showing here. We considered it a total tear down. And we could not justify the price just to get the land, even thought we loved it. Just be very careful that you don't get in over your hear financially or ability wise with this one.
Shiela
on Jul 29, 2015
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I would look into the value of the land it stands on. The house looks like it's unsaveable. Last thing to do is ask a realtor about land values in that area.
Fran Graybowski
on Jul 29, 2015
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If the neighborhood is good, the location is where you want to be. Check the comps near by. Then get it. If you can afford the repairs, go for it. It is very cute, yes a lot of work but most likely well worth it.
Carol Thornbury- Fiore-Schanerman
on Jul 29, 2015
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As long as it is architecturally sound and you have a purpose for it once you have made the improvements and you love, love, love home improvements I say go for it... if you decide to acquire this little gem keep us posted with pics...
Anne Alexander
on Jul 29, 2015
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I actually feel that a lot of these types of homes are better left untouched and leveled. The value may be in the land only Having said that, it still has value and perhaps (according to your local codes) a" tiny house" could be constructed or brought in I am guessing the infra structure is there. "Tiny houses" are gaining popularity with good reason. Just think about it and do not make a rash decision just because your nice neighbor gave it to you
Cc
on Jul 29, 2015
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Daniel, run away from this one... I'm all for fixer-uppers, have completed several. There is more damage here than just repairing guttering, wood filler and paint. The sill plate along the foundation needs to be replaced, and that crumbling wood pulp is from termites. The facelift in the kitchen is most likely covering leaks from the attic/roof. Drywall is indeed easy to hang, as well as other cosmetic fixes.....but this goes WAY beyond cosmetic.
Bonnie
on Jul 29, 2015
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All the wood is rotten including the siding. Chances are the sheeting under the clap boards is also rotted. Maybe even the two by fours. Would love to see the inside. Probably needs new plumbing and electric. The style of the house is very cute. Anything can be saved if you have the money! Are you planning on living in it for a long time? What's the rest of the neighborhood look like? Can you get your money out of it if you sell. Have a contractor and or building inspector check it out. It will be money well spent just to find out if it's worth it. I also agree with Toni, bad landlord! It's a demolish unless you are handy and want a hobbie and can live somewhere else while you work on it! Offer him $8,000!!!!
Donna Boyce
on Jul 29, 2015
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Your best friend is a realtor to check out land values, taxes, utilities, property lines etc. You may not have to pay one penny for the help if you find a good one who wants to invest in you as a future client. That's how I learned what to look at and see if it's a deal or not. As to the house-Well it's what I call a "knocker-downer burner-upper. It needs too much structurally to save it. You would spend more than 15K to redo it. Permits and contractors are not cheap!
Sue c.
on Jul 29, 2015
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Oh, too bad. This was once a really cute old house. This is damage from neglect, can't blame the renter. If this was some kind of historic home, and you got some good news from a house inspector, I'd say "Go for it!" But what looks like severe water/termite damage on the outside likely continues inside the walls and it will be close to a tear-down to do repairs. But, as others have said, the lot with all the utility connections may be well worth the money if you can afford to build.
Joan
on Jul 29, 2015
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One more thing. Where I live you have to get permits from local authorities to do this much work on a home. That means the work will be inspected by a pro. They won't be fooled by cosmetic or cheap repairs. You could loose so much more than 15K! Bonnie is so right. This old guy either can't see how deteriorated his house is or his vision is great and he sees a possible victim to unload this on. Good luck and look around more. There are lots of homes and you are in no hurry. Right?
Sue c.
on Jul 29, 2015
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I agree. Run and run fast!
Mary Thorne
on Jul 29, 2015
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It depends a lot on how high property values are there. What is the value of the lot if the house didn't exist at all? If it's worth enough, it might be worth buying it for resale. But that assumes that the $15,000 plus the price to have someone tear down the house is less than the value of the bare land.
Alice Shockley
on Jul 29, 2015
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Oh my, this house looks like way more work than just DIY, is the foundation sinking on one side or was that just the angle of the photo? I don't know what land prices are in your area, if good, the land might be worth something and tear down the structure.
Suzanne Mandile
on Jul 29, 2015
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I wouldn't buy it. There is way too much deterioration, bug infestation, what about the foundation's integrity? No, don't do it. You would be better demolishing the whole thing and start new.
Vickie Benak
on Jul 29, 2015
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Just make sure the house does not have more wood rot. The window are simple to replace and trim out. How many sq feet???
Cindy woosley
on Jul 29, 2015
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I wouldn't buy it. Not if you're not a very experienced builder. I would think even a builder would say it's a tear down.
Cheryl Delaney
on Jul 29, 2015
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A Basic lot that need demo, taxs paid and landscaped ... NO way I would want it unless the price was dropped and in a good neighborhood Does it have city utilities is another consideration
Ginger the farm gal
on Jul 29, 2015
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Wood trim is easy. Make sure you use flashing and get gutter. How is the floors? Are they sound?
Cindy woosley
on Jul 29, 2015
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Oh my tough call, what would a vacant lot in your area cost? I'm thinking if you live next door it might be worth it to buy it an tear it down just to have more space for yourself ? :)
Mari Rohde Keefe
on Jul 29, 2015
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Looks like you have a good $20,000 to $40,000 remodel and restoration cost after you purchase this. If the land is worth the $15,000, you might be better off demolishing the entire house and rebuilding.
Martha McClanahan Pierce
on Jul 29, 2015
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Depends on what ur financial situation is. And r u handy. If the answer to both those questions is no, then dont do it. It will be a huge money pit
Cyndi Dimanno-Valentine
on Jul 29, 2015
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Depending on the cost of land in the area, it might be a good investment just for the land. You can tear the house down and build new then you know what you have is sound.
Yvonne
on Jul 29, 2015
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For $15k I would jump on it. Love the view around the house...also there are areas of the house that are still in good shape. Wish I was there to help, a lot of work, but I feel would be worth it in the long run overall. I have always wanted a fixer-upper of my own and to own it, pay a little tax for the year, definitely! I would love to NOT HAVE A MORTGAGE and spend some money each month on what is mine and not the bank's. Pray about it..
Judy Gollihue Hahn
on Jul 29, 2015
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Awww this could be an amazing little cottage, but again it depends on your financial situation
Denise
on Jul 29, 2015
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You need a professional inspector to assess the "bones" of the house... is it structurally sound? If so, check out the re-sale market in that area for a similar house... if you sunk $50k into it (worst case), could you re-sell it for $65k or more? If you could, and if you can get the financing, go for it! If I were young and it made financial sense, I would love the challenge.
Susan
on Jul 29, 2015
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Have someone check out the plumbing, electrical, and the heat source, foundation and the roof, before you do anything else. Then you can proceed from there.
Connie
on Jul 29, 2015
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I would make it my for ever home if I could, i love it and I would fix it up as much as I could. All you need is a garden.
Xiloa D
on Jul 29, 2015
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Take it! The land alone is worth more.
Greta Swanson
on Jul 29, 2015
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It's unbelievably expensive to level and repair a foundation. And all of the other repairs are as equally expensive. I'd say no way, this place is a money pit.
Angelique M Delgado
on Jul 29, 2015
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Fix it up!!!
Joanne Oyler
on Jul 29, 2015
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I would get an inspection and have some contractors look at it. If your finances don't allow immediate work on it (depending on inspection) then it is going to continue to deteriorate. All the above suggestions are good also.
Virginia R
on Jul 29, 2015
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Does not look livable. Neglected for too long. Water is a house's worst ENEMY. If gutters missing for long time, the water damage is severe. Talk to a realtor. Find out what the vacant lot would be worth. Whatever that value is, that's all I would offer. I live across the river from you on the WV side. I think this is not a fixer-upper. It's a tearer-downer. If you tore it down, removing the debris would also be an expense. Did you make a list of pros/cons? If so, what did you put in the pro column? If price is the only thing in that column, check out 106 Hamilton Ave in Marietta. Only asking $14K for that one. I found it on realtor.com
Kristy Champion
on Jul 29, 2015
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Run! Fast! Too many expensive repairs. Needs to be leveled. (This was not neglect on the tenant's part, but his).
Heather Koepke
on Jul 29, 2015
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No telling until it's opened up. Gut it, then decide. Who ever buys it will have to gut it anyway and this way you can update all the services ( which I am sure need doing).
Carol Merrill
on Jul 29, 2015
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looks like a tear down to me, when the foundation is bad it gets expensive fast.
Cheryl Buckman
on Jul 29, 2015
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The lot has to be worth 15K are you kidding me? But it, tear it down & sell the lot or put something else on it.
Bethany P
on Jul 29, 2015
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The land might be worth something. Definately get an estimate from a reliable contractor as to repairs. Get appraisal from a good real estate agent too.
Audrey Brow Stapleford
on Jul 29, 2015
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You must do your homework I never say never.Call a building cont for a bid and listen to what he has to say.Maybe 2 more cont. and then decide.If you're up to the challenge.Good luck I have found beauty in the weeds :)
Jackie Prim
on Jul 29, 2015
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The tenants didn't do all that. That property has been neglected for a LONG time. I would not buy that. OR...maybe buy it for the land only? Tear the house down and extend your yard?
Jessica B
on Jul 29, 2015
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Take the offer .... Take all the house down .... Then rebuild
Matty watts
on Jul 29, 2015
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Looks like severe neglect, maybe even termites or some other kind of bug damage. Definitely rot from moisture there. But it's a cute house with possibilities. Would require a lot of work.
Sandy Parn Tate
on Jul 29, 2015
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In some areas (most actually), one needs special permits to demolish a building and also permits to have the material hauled away to a landfill. I would think there is lead based paint also which requires more special permits. All this needs to be taken into consideration. I am all for saving old buildings but only if they are worth it and one has the finances to do in a timely manner.
Virginia R
on Jul 29, 2015
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offer him 5-7 cash and start redoing as a project it will be a cheap way to learn how to do things--we bought one that looked like that 10 years ago and rebuilt with re-cycled things and now live in it debt free
Carole B
on Jul 29, 2015
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You can just about bet there is alot of termite damage. I agree pay for a home inspector and also see what land alone is going for in the area. The land alone may be worth it.
Dawn Allison
on Jul 29, 2015
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Asbestos is another consideration...would be very expensive to dispose of properly.
Lyn Farr
on Jul 29, 2015
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well, it looks like the city may be on his/ her back to do something with this, and they want a easy out with some cash than placing the burden on you. Tire down is a cost in itself, 5K and up. The neighbor doesn't have your consideration in mind, but instead there own. The only thing I would do is look at the city and see what kind of back taxes are due, and what kind of fractions against ordinance this place has been charged with. because you would than be responsible for them..It doesn't look like they had to force anyone out of this house, but instead neglected it severely and can't do anything with it. So how much is the land worth? anything? If so and there is no infractions and taxes owed, and you want the land itself.. I'd offer nothing, and make a offer of taking it off his hands, only... and do a tire down myself, and getting the land for free. It's a deal to give it to you free because he doesn't have to worry about the cost of tire down, that burden is yours. do you want to take that on.. for free land is the question i'd be asking myself.. That is only if there is no cost to you threw back taxes and ordinance charges against it, also check back water bills, and utilities.. making sure you are not responsible for anything but tiring it down.
Artist Kim
on Jul 29, 2015
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I agree with the above comments. See what the land is worth. Offer $7000 depending on what land worth is. I wouldn't bother to try to fix it up. I would tear it down. Salvage what you can- like kitchen cabinets. Then build new. Maybe a modular home. I would risk my health living in the house. To much mold, mildew, pest, water damage. Most likely lead paint and asbestos too.
Lorna M
on Jul 29, 2015
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Something you might do - if it has a crawl space, you need to get under there and see what kind of shape it's in. The foundation can be repaired/replaced a section at a time, where needed, but if the basic structure of the house is rotted, that's huge and that would be the thing that would make me walk away. (Floor joists, frame, etc.) I'm a sucker for places like this. ;) My husband I bought what everyone said was a tear-down 23 years ago and worked our tails off to basically rebuild it. (A mountain cabin.) We had very little idea what we were doing, but were willing to learn and work hard. We love our home. It's 93 years old and it was fun to give it new life. If you're up for learning new things and lots of hard work, the rewards can be terrific. Find out what homes in the area are going for and make sure you really are getting a good deal. If you have family/friends that are willing to help you out now and then with some of the jobs that can't be handled alone, that's a huge bonus.
Kayte
on Jul 29, 2015
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RUN!!!!
Janice Maharrey
on Jul 29, 2015
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If the property is worth $15k and you have some extra money and the local government will allow it, buy it and tear the place down and start all over. That's my thouught.
Sandy Brown
on Jul 29, 2015
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Looks like but for the kitchen needs a total down to the studs job, keeping in mind what above people stated. The whole outside needs to be replaced and most likely the roof. I am pretty handy but unless you have lots of money or a long term loan how will you be able to afford to do all that needs done. I think from the shape of it it could be adorable. I would get a home inspector who could and will lay it all out for you. If you are adventureous go for it but watch for back taxes and liens and do not forget insurance and property taxes. Write it all down and see where you stand. Best of luck to you.
Jordan Le Bouton
on Jul 29, 2015
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This looks just like something i'd buy! Just get some rough estimates from professionals for plumbing, electric, and structure and figure out if the cost of the house and repairs will be equal to or less than market value, go for it! It's stressful but fun and so satisfying when it's done! Do as much of the stuff yourself if you can, labor is the most expensive part.
Janice mcclure
on Jul 29, 2015
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I am not a carpenter but from all the rot I see on the outside I don't think you should try and replace it. Tear it down and start fresh. $15000 sounds pretty cheap to me but I don't know where you live so I would find out about that. Salvage what you can but I would build from the ground up. Best of luck for whatever you decide.
Paula Long
on Jul 29, 2015
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I'm with Sandy Brown - tear it down and rebuild if the lot is worth $15K. You can always put a nice modular on it until you're ready to start construction.
Pamela Pianfetti
on Jul 29, 2015
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So much water-damaged wood... may be mold issues, too. That's an expensive fix. And what bugs were crawling out? Possible termite damage? Another pricey fix.
Deb S
on Jul 29, 2015
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How much is the lot worth. Maybe you could build an A-frame for about as much money as it would to rehab it
Mac Whitnel
on Jul 29, 2015
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spend the $300 or so for a home inspection. That would let the professional tell you what needs to be done. THEN decide based on what they have to say. They should be a class A contractor and know structural as well as electrical etc. they could also probably tell you what it would cost to fix or if it's worth it to fix. Then you'll either have some good advice and move forward, or good advice and only be out $300 bucks. But like the other lady said. The land might be worth the $15,000.
Suzanne Moore
on Jul 29, 2015
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I'd take in a flash . no matter what the issue u can fix up to just darling
Nancy asbery
on Jul 29, 2015
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you are only buying the property here.
Barbara Sauve
on Jul 29, 2015
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that looks like a total tear down and start over, bring in a modular home if allowed and you'd be set for a long time, or build a tiny house that seems to be so popular.
Sherry Poore
on Jul 29, 2015
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I once bought a home in very bad shape. I thought I could have it rehabbed. I put so much money into it that it just wasn't worth it in the end. Some things i just couldn't fix like the foundation. There were insect, too - termites. They absolutely loved my house and chewed away a lot of it. Run as fast as you can away from this deal or bulldoze the house and build a new one if the land is worth it.
Cheryl Furst
on Jul 29, 2015
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$15K . . . What is the property worth? What are homes selling for in the area? How are you doing financially? Would it be worth fixing the home or demoing it and starting over? Personally, I would demo it and start over. You have water and electricity from the city/county already and the lot has been zoned for a single home dwelling. There's my 2-cents worth.
Brenda Alferes Anderson
on Jul 29, 2015
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I'm no expert, but I'd follow the advice given above and have the property appraised. If the property value is greater than the $15k asking price, it could be a good investment even if the house itself is a total loss. Hard to tell from just these pictures if it is salvageable. There seems to be significant damage. If it is salvageable look forward to a ton of work, and probably a need to hire a contractor for at least some of it.
Teri
on Jul 29, 2015
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Go for it! Find some handy buddies, do your research-one step at a time!
Jackie Thomas
on Jul 29, 2015
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bet thing to do is to have an inspection , that will tell you what needs to be fixed to be in compliance
Jean Rust
on Jul 29, 2015
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Can you do the work yourself ? If not do you have the finances to pay to have it done correctly ? My husband and I do full rehabs like this for a living, some are worth the investment some are not. You need to know the worth of the home and those around it. If you can do it yourself it's all simple enough.
Sherri Jo Wilson
on Jul 29, 2015
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Looks like dry-rot and termites have all the wood spoken for on the outside. I have to agree that demolishing and putting in either a modular or tiny house would be the way to go for this.
SheWhoMustBeHeard
on Jul 29, 2015
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At the least, it needs all new windows (allow about $100 window for good vinyl ones and the reframing needed); scraping and repainting, repair of gutters, new roof, some foundation work, termite tent, etc. I would guess about ten to twenty thousand dollars,at least. What is the lot worth? What do small homes, in fair condition, sell for in this area? Sharpen your pencil and see if it is worth it. Probably not but the lot and the utility hook-ups, etc. might be worth the cost.
Bonny McDaniel
on Jul 29, 2015
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If the inside has good kitchen cabinets or any part of the house has anything worth salvaging go for it otherwise check to see the value of the land and demolish the house.
Priscilla G
on Jul 29, 2015
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I say like the one comment above, have the property appraised if it is worth 15, or more tear the house down and have a nice small house built that you know will last you along time. the house is a wreak don't invest into it or you;ll have more in it than if had a new one built.
Larry Steffi Husk
on Jul 29, 2015
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There are many things to consider with this property. First, is it located in a good location? What is the land worth without the house? I think that the house is a loss, demo the whole thing and start again if the land value is good. When you have foundation damage, its hard to come back from that. Good luck
Bernadette Tetle
on Jul 29, 2015
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Looks like a lot of mold and termites, could be real costly.
Ellen Warren
on Jul 29, 2015
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NEVER turn down Real Estate! Buy it and tear what is bad down and maybe keep the same plumbing footprint? (if it's good still) and have fun designing and re-building. I would totally build a Story Book Hobbit House on that land!!! (Offer 10 cash and see what he says! Maybe he will meet you in the middle at $12,500.00!) It has GREAT potential!!! Do it! Have fun with it!
Cindy
on Jul 29, 2015
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If it was Cal. I would tear down while leaving one wall partly and rebuild. That way you don't have to pay new construction taxes, just the permit for remodel.
Judy V
on Jul 29, 2015
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I sold one i n a lot better shape ,needed a lot of work to but had a huge lot. 14000.00
Rebeccacgrayforksdoengldnbhyorndbddmmdmdnd
on Jul 29, 2015
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Get is appraisal and see what the market is doing in that area. Personally, I would offer your friend about half the asking price and see if he bites. There is a lot of work to be done there, but it could be a great investment property for you. Even better if you can save some money and do the work yourself.
Tina
on Jul 29, 2015
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Have a professional building inspector assess it. Might not even be salvageable! Appraisal of land is a good idea, with a view to building on it.
Elaine
on Jul 29, 2015
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Yes. I'd buy it and strip it down to the foundation and framing. Then rebuild. Have fun. Be adventurous. ! You'll love the results.
Jeannette
on Jul 29, 2015
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Foundation work alone is going to cost you upwards of 5k or more, and by your description I am guessing the whole foundation will need to be replaced (this is a legal must in order to live in it). Considering how bad the outer walls are dry rotted, I would look tot he interior walls and see how they compare to the outer. All in all, going by your description, I would hazard a guess in that you will have to strip it down to just the studs and joints and rebuild most of the house. It's not super hard to do so, as long as you dont have to make crazy corner cuts or anything but the expense does add up. Most of it you can learn from watching youtube videos (in regards to the woodwork). You will also need to look into the plumbing and the electrical, see if yuo need to update either of those..... Me, if I had the money, I would snap it up in a heartbeat; but I enjoy remodeling and rebuilding homes, lol. Its definitely soemthing that you are going to have to want to do and get pleasure out of doing it. Good luck :D
Daniel Starrett
on Jul 29, 2015
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$15k might be OK for land. Torch the house and bring in a $3k trailer.
John Lawvere
on Jul 29, 2015
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I think that the amount of money you are willing to put into it has to factor into your decision. Some people have already smartly suggested that a house inspection is in order. The house inspector can tell you what repairs NEED to be made and then you can do some research and find out how much it will cost. I would suggest doing a spread sheet of ALL expenses and look at the total amount before deciding. I know this all sounds like a lot of work, but better to make a decision based on actual info than just guesses. Good luck to you :)
Mona Van de Waal
on Jul 29, 2015
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un dadctor y fuera abajo y contruir algo mejor el terreno lovale.
Fanny Angelica Moraga Tapia
on Jul 29, 2015
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Check for termites. Looks to me like it needs to be bulldozed and start over. But, the land could very possibly be worth much more than 15K. Check with your county and city offices and find out.
Cin2009949
on Jul 29, 2015
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It's going to cost more than $15K for repairs. I'm with the majority: pay for the land and demolish the house.
G B
on Jul 29, 2015
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Unless you are willing to do a lot of the work your self it would not be worth it to save. It would cost you too much to fix up. I see a money pit! Just bull dose and start over.
Candice Blake
on Jul 29, 2015
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Also- with that kind of water damage- there will be mold. It is extremely costly to get rid of it properly.
Chris Steller
on Jul 29, 2015
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Get an inspection from a licensed and bonded inspector (not your cousin who spent a summer working for a roofer). An appraisal would be good too. I think the structure will come in at "tear down", but you won't know until you have it inspected.Don't want to walk away from a good deal. Is it on septic or municipal sewer? Well or municipal water. If on septic, have it looked at by someone who does septic systems. If septic, is municipal sewer available? What kind of pipes does it have? Lead paint? Is the wiring a fuse box or breakers? What's code in your area? Like I said the structure is probably not worth the work, so ask yourself "Can I afford to replace it?". Look at "Park Models" and Tiny house plans.
Chris Knutson
on Jul 29, 2015
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Tear it down and start over
Lori T
on Jul 29, 2015
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Chris from Portland is right, pay for a professional inspection. Then you'll know if the structure is still sound enough to salvage. Also, what is land value worth in your area? Maybe the lot and any sewer/water services are worth that price even with demolition of the home.
Sharon
on Jul 29, 2015
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Unless the neighborhood is desirable, and you are in the contracting, construction, electric, or plumbing field, don't get yourself into this mess!
Barbara McGovern
on Jul 29, 2015
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If the house is in a desirable location, I'd consider tearing it down and building a new house. Otherwise, I'd RUN - it will no doubt be a money pit. I've remodeled several houses and those projects always take longer and are always more expensive than you think they'll be. And in an older house like that, problems can just keep coming up. I currently live in a 1940's house that has been very well maintained, but it still has issues from time to time because of its age. Obviously you'll have to determine what your wallet and nerves can handle, but if tearing the house down and building isn't an option, I'd stay away from it.
Merri
on Jul 29, 2015
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Take it from a person that gutted a house with hopes of getting a dream house in a couple of years but after 4 no such luck. Unless you are a professional repairman and have lots of free time on your hands, I would pass it onto the next guy.
Laura VanCuren
on Jul 29, 2015
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Run like crazy in the opposite direction as fast as you can!
RJ
on Jul 29, 2015
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I have to agree with every one else. If you like the area and the lot bag it and build what you want. It would be better than to try and fix what looks like not repairable by any means except destruction.
Kathy Bitzan
on Jul 29, 2015
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No way cheaper to build a small new house. Only take it if the land is worth it. I know, been there done that.
Janet
on Jul 29, 2015
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I would offer what the land is worth less the cost to remove the house.
Pamela P
on Jul 29, 2015
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I'm a little more optimistic than those who have commented so far. The first major issue is water damage -- roof, siding, etc. The second major issue is the crack in the foundation. This project really depends on your degree of commitment and your budget. While it may only be $15k, you could really put in $50-60k more to fix it. It's doable, but you really need to be ready for anything. If you have the willingness and budget, AND can picture the finished home in your mind then go for it! (P.S. -- Offer half the price and see if he'll do it.)
Becky from Practips
on Jul 29, 2015
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If the lot is worth the price, go ahead and do it. But the house has to go. Way too much damage. Look at what you can keep and you'll know if you want to try it. I wouldn't. Bought a rental house 9 years ago and had a contractor fix it to where I could live in it. I'm still trying to get it to where I can live with it!
Carrie Hawk
on Jul 29, 2015
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Remove the kitchen cabinets/ceiling...and demolish the rest. It's a goner...too much damage to try to repair. Find out what the land it sits on is worth...take the deal and scrape the house off the land. Best bet!
Deb
on Jul 29, 2015
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I let your fire department burn the house for training and then I would put a nice modular home in its place
Ted
on Jul 29, 2015
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I currently live in a Fight Club house. It depends on what you truly require. Im the artistic type so I see a blank palette to make my own, but I have also been homeless too, so a roof is a roof, even when it leaks. I don't know your area, but mine was half that price for a half a block of heavily wooded land with fruit trees on it too and two outbuildings.
Hallie Huffman
on Jul 29, 2015
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I agree with everyone else. I had a house in Phoenix that had a few of the same problems from years of neglect from tenants. I tried to selling mine and had several offers from people wanting me to give them $1000 - $4000 to take it off my hands. Roof will cost anywhere from $3000 - $8000. It sounds like there are termites, which hiring professionals can cost from $500 - $1800 and up. That exposed pipe may be a drainage pipe or sewer. Plus, the ceiling and roof replacement will run you into double digit thousands, easily. You'd need a serious inspection, but save your money and find another house.
CharLena Pearson-Fulcher
on Jul 29, 2015
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I've done 2 houses and the foundation is number 1 in my opinion. That is what the rest of the house sit on and if it's sifting and crumbling so is the rest of the house. I agree with Ted, take out cabinets and anything of value and burn it. I would only pay for the land.
Jan
on Jul 29, 2015
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all your questions are wise but the real question is who are you are you willing to get in there and get your hands dirty learn all that youll need to learn to make this work it will indeed need extensive repair and if your the right person with the diy wiliness and the cash flo you could have hit the jack pot but im no expert but it looks to me the rebuild structurally will be well over 15,ooo dollars but then the land might be worth much more. just go slow. breath
Tammie.corder
on Jul 29, 2015
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Absolutely NOT!!! Looks as if there are foundation issues as well as termite damage! Trust when I say, "Turn around (don't look back!) and run as fast as possible;-/
Heather Stimmel
on Jul 29, 2015
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Yes this property in the realestate business is known as a tear down. The only value would be in the lot. You should be able to find that out through county records. Be careful and don't waste your money on some old eye sore.
Linda Spellman
on Jul 29, 2015
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If you are just buying it for the land, because the house looks like it needs tearing down.
Carolyn Faye Blizzard Lanier
on Jul 29, 2015
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Does the property come with it? How much property? If you have to demolish most of this, will the property be worth 15k? Get a realtor! Some states charge jail time for seller and buyer if realty laws are broken, ignorance of the laws is no excuse!
Candy BluGnu
on Jul 29, 2015
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You would need money and a lot of hard work. That being said is the house liveable the way it is? Is the land worth what you are paying or is it worth more? Could you move a mobile home or RV onto the property and live in that while fixing up the house? It would be yours and you would be building equity even just on the land itself. Lots to think about. Good Luck
Pamela
on Jul 29, 2015
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Make sure to get an house inspection before you purchase. Looks like termite problems, which would need a professional terminator and if there are foundation problems you would have to have it jacked up and a new foundation built $$$$
Vickieya
on Jul 29, 2015
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Hi.............YES!!!! Back in 1983 my husband & I bought a very small home that was so overgrown that you couldn't even see the house! We paid $10,000. back then, you had to go through one bedroom to get to the bathroom. When we were done, we sold it as we had to move and got $60,000. for it! It was an old house with newspaper in the walls for insulation and linoleum up the walls, on the ceiling etc in the kitchen. I was 8 months pregnant and had so much fun making it our own. We even got in the news paper. We lived there for over 2 years and enjoyed every min. Have fun, it's so worth it.
Lindsey
on Jul 29, 2015
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Well I see termite damage and water damage. if the foundation isn't crumbling and depending on how much land. then maybe. the roof is in better shape than I thought it would be. Depends on how bad you need the house and how much money you have to put into it. I would also ask about the wiring if it is older and it will need to be replaced, and the water pipes.
Kim I
on Jul 29, 2015
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I don't think it's fixable with the boards , windows, floors, foundation and ceiling it's already gone . But with your friend on your side maybe he could sell you just what the property would be worth and agree to have the house demolished.I wish you good luck with what ever you decide
Sandy
on Jul 29, 2015
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Please save your self and your $$. I can usually see a diamond in the rough, but this house will be a major money pit - it's not worth your time.
Cat1786735
on Jul 29, 2015
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I would think the land alone is worth that much!!!
Sherre M
on Jul 29, 2015
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Get a few estimates to see how much to repair, but I'd say no. Find out how much to demolish and rebuild. Even prefab could be possible. My dad had the same problem with renters. The last one left all doors n windows open when they moved out during a snowstorm! He actually had to shovel the living room! It was enough to convince him to sell. Broke his heart because it had been his parents home.
Lyn
on Jul 29, 2015
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Information is what you need. For $100 or so you can get an appraiser out there. Then you can make a determination. The question you should ask yourself is how much am I willing to try to do? Areyou willing to rebuild walls? Learn piping? Learn carpentry skills? Learn how to drywall, install cabinetry? The foundation these days is worth 15K, but it's only worth it ifyou're willing to make it usable by your own sweat equity.
Annie Medic
on Jul 29, 2015
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Hire a home inspector. They will know more about construction, the foundation and all systems: electrical, plumbing, HVAC. My opinion, it's a money pit. I agree with Lyn, find out land value (check accessed value with county courthouse) and rebuild a new house. Would be easier than trying to repair this one and you would have a brand new house! Consider modular home.
Melanie
on Jul 29, 2015
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Go for it. This house is what you call a total gut job. Tear out everything down to the studs. Replace the studs and sill plates that have rotted. It appears to have smaller windows. Replacing all of them with new windows at discount lumber yard or window outlet with thermo pane windows will run between $120-$150 on sale. If the kitchen cabinets aren't ruined, reuse them. Store them wrapped in shrink wrap to keep dust and grime off them, preferably in a closet. Next, get bids from an electrician for a new box. Find a guy that you can do grunt work for and he/she will deal with the inspector. Pull out all your old knob and tube and rewire your house. Now you need new shingles. You've inspected the boards of the roof after gutting the house and can see any underlying problems. Strip off all the old shingles and nails, put on your tar paper and frost paper on the lower courses and shingle away. Next comes vinyl siding. Has all your floorcovering been removed? Old carpets and linoleum gone? Check the floor for level throughout the house. Jack it up as level as possible from the crawlspace. Now comes underlayment and laminate flooring. We didn't do the bathroom floor for a reason. Leaks in the plumbing have rotted large areas of the floor. Remove the tub, toilet , and sink. Tear out floor covering and repair floor joist then floor sheeting. Find a piece of linoleum you like and make a pattern out of rosin paper before cutting. Order enough sheetrock for the walls and stack inside. Insulate walls with blown cellulite. Cover with vapor barrier and sheetrock. Vapor barrier your ceilings and sheetrock then insulate your ceiling. I forget a few things but if you spend every waking minute for the next two years working on this, you can complete it. I built a house over a little house years ago. It about drove me over the deep end but I end up with an energy efficient house with a next to nothing mortgage.
Greg O
on Jul 29, 2015
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Go to the town clerk's office and get the actual value of the land. Make an offer to the owner if you are looking to build. I think the house is gone and probably not structurally sound.
Elizabeth
on Jul 29, 2015
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I would look at the comps for the area first. In addition to what appears to be foundation issues, it looks like you have termite damage as well. You can purchase the house and property for $15,000 but you would more than likely spend over $100,000 in repairs. From the age of the house, you might encounter asbestos in the paint, flooring and ceiling tiles, rotted floor joists, faulty electrical, plumbing problems, etc.. The asbestos, if any, would have to have professionally removed. These are some things to consider. Definitely don't buy without a qualified home inspector looking at it. If you are going to spend over $100,000 in repairs, you might as well tear it down and put in a cute manufactured bungalow. It's cute in a wonky type of way.
PattyV
on Jul 29, 2015
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I would buy it instantly! Offer 12k then invest about 20k in upgrades and repair, get a mortgage with a really low interest rate, put another renter in it to pay the mortgage, so what's the problem? You can totally do it!
Stephanie
on Jul 29, 2015
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I would buy it instantly! Offer 12k then invest about 20k in upgrades and repair, get a mortgage with a really low interest rate, put another renter in it to pay the mortgage, so what's the problem? You can totally do it!
Stephanie
on Jul 29, 2015
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I would buy it instantly! Offer 12k then invest about 20k in upgrades and repair, get a mortgage with a really low interest rate, put another renter in it to pay the mortgage, so what's the problem? You can totally do it!
Stephanie
on Jul 29, 2015
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Before you buy it, have a contractor look at the house and give you an estimate of what it would cost to get it in prime condition. Then add 10K to that price for unexpected surprises. Also, how are your DIY skills?
Josh Joslin
on Jul 29, 2015
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Looks like it needs more than 20k worth of work to me?
Judy Fazio
on Jul 29, 2015
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Looks like a lot of wood rot. Might not be fixable. Get a reputable inspector (worth paying for) to take a look at it, including the wiring and plumbing.
Janet Buechler
on Jul 29, 2015
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No way would I pay that much for a pile of rotten wood. That house is toast.
Paula Gallagher
on Jul 29, 2015
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Definitely have someone look at it first. It's probably going to need a totally new roof, new windows, foundation repair...hopefully there are no termites, but there is wood rot, which can be expensive. The bathroom looks like it had a leak or something, to make it fall in like that. But it's a small house, and it might be doable for a reasonable price. What does the Property Appraiser have it listed for in their records? Look at that, have a contractor give you a rough estimate on the cost of repairs, then determine what you are willing to pay for it. Once the major stuff is done, you'll be able to do all the finishing things yourself.
Bethany W.
on Jul 29, 2015
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Definitely have someone look at it first. It's probably going to need a totally new roof, new windows, foundation repair...hopefully there are no termites, but there is wood rot, which can be expensive. The bathroom ceiling looks like it had a leak or something, to make it fall in like that. But it's a small house, and it might be doable for a reasonable price. What does the Property Appraiser have it listed for in their records? Look at that, have a contractor give you a rough estimate on the cost of repairs, then determine what you are willing to pay for it. Once the major stuff is done, you'll be able to do all the finishing things yourself.
Bethany W.
on Jul 29, 2015
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We bought a home with undisclosed wood rot. It was a nightmare to get all the rotted wood out of the floors and walls. Be sure you really want to commit to this rebuild and get a reputable builder. We thought we had a good one, but he cut a lot of corners and we are seeing the problems a decade later. And, know that any estimate should be doubled. So many things are exposed when you begin a project like this. My honest advice is to tear it down and build something new.
Anita Buford Burns
on Jul 29, 2015
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What are property values like in the area? Is the lot by itself worth more than 15k? It looks like a real money pit - it might be cheaper to demo and build a new house in its place. I think you need to get financials in order - if you're going to have a mortgage, you'll need to know what your real budget is so you know if you have the money to make all the needed repairs. Good luck!
Tomi Ann H
on Jul 29, 2015
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What are property values like in the area? Is the lot by itself worth more than 15k? It looks like a real money pit - it might be cheaper to demo and build a new house in its place. I think you need to get financials in order - if you're going to have a mortgage, you'll need to know what your real budget is so you know if you have the money to make all the needed repairs. Good luck!
Tomi Ann H
on Jul 29, 2015
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Darling house, but too much serious damage. I would have a realtor appraise the lot w/no building, then do a scrape off, perhaps buy a modular home to put on it.
Dottie Unruh
on Jul 29, 2015
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Just no!
JanB
on Jul 29, 2015
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I would definitely have a reputable contractor take a look and see what the contractor suggests. And definitely would consult with a realtor to assess the property's current value.
Rose Tomlinson
on Jul 29, 2015
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I would first get a reputable inspector to go over the house from top to bottom before making any kind of decision. Then find a GOOD contractor (get references!!)... talk to several before making a decision and don't just go with the lowest price (nor the highest either); and then like Josh said add $10,000... And double the time to completion. If you feel comfortable being your own contractor and you're handy, any of the work you can do yourself is money in your pocket. You can also save money by buying some nice materials at architectural salvage yards such as windows, doors, flooring, cabinets (sometimes even siding), etc. removed from houses and business offices. Don't overlook CraigsList, either. Check the going rate for rentals in your area for one bed/one bath/X sf and then figure out whether your rent will cover the cost of the loan payment, insurance, property taxes and a bit of money in your pocket; then figure in the cost of misc. repairs as well as time spent sitting empty between renters. Go online and Google online tenant credit check... each check should cost $30-35 (have the prospective tenant pay the cost). Plan on making calls to prev/currant landlords as well as job verification. All of this will save you a lot of grief. You can also find landlord contracts online to use... I took the best portions from 3-4 to make one I was most happy with... along with security deposit contracts, etc. Get a small file cabinet (free on CL) and USE it! Good records are your friend!! So is a CPA at the end of the year. Good luck.
MahtaMouse
on Jul 29, 2015
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Just say no and leave that rotten house alone. You would be wasting your money.
Annie
on Jul 29, 2015
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See how much just the lot is worth-- if it's reasonable, buy it, bulldoze it, and maybe sell lot for a profit or build something else.
Hea2011049
on Jul 29, 2015
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Not at that price and not if you can't do a lot of the work yourself.
Lou Ann McKnight
on Jul 29, 2015
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The lot alone might be worth that so bulldozing it and building another home might be a lot cheaper. I am speaking from experience. I bought a foreclosure, then sold it and built. However it was in much better structural shape. You would also need to know if it has termites which might be enough to leave it alone. The ceilings are low and it looks like it might need more money than its worth especially when you have to redo plumbing and electric. Building might be cheaper. Good luck.
Susan
on Jul 30, 2015
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Agree with others who say there may be some value in the lot, but the house is not worth the cost of the match to burn it down... okay, kind of harsh, but seriously, it was not a quality-built home when first constructed, to invest anything in something so run down is foolish. If the lot is worth the $15,000 AFTER the costs of demolition, removal & clean-up, and any other expenses incurred, it may be worth considering for resale.
Sherry
on Jul 30, 2015
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We have bought fixer uppers and sold them for decades, from homes to restaurants to mobile homes and we would NOT have taken this project on. Too many negatives even with that price. Consider buying a mobile home in a park and fixing it up for that amount. You could do well and make a profit if you chose wisely. Good luck!
Ann
on Jul 30, 2015
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For a one bedroom home, even if you did fix it up, you would probably have a hard time selling it.
Beth Cole Byrne
on Jul 30, 2015
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I'm a real estate appraiser. No bank would lend on this in it's condition. It's a tear-down. Have a local real estate agent check on the price of lots in this area, and see if the land is worth the price+ the cost of the removal of the old home. Then you can decide if you would want to build on the lot, or sell it, if there is any profit to be had.
M. Himef
on Jul 30, 2015
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If the lot is worth the price and you like the neighborhood and if your local fire department has a "burn to learn" program it might be a good deal. Our fire departments will use houses such as this to teach local volunteer departments how to fight fires. That way you dont have any costs in demolition. I would go through and salvage any cabinets or door knobs you would reuse when building--or are sale-able prior to burning.
Margaret
on Jul 30, 2015
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I would buy. IF you planned on doing the work yourself and didn't expect a fast return. Another consideration is if you would live there. I think there are certain financial advantages if you inhabit the house for a while. That would be worth looking into. The other consideration because of the size is the neighborhood. Would a young person or a senior feel safe there? I would actually love to find a place like this to live in. another thing to look into is a local community college They might have a builders program and take this on as a learning tool. Also, some communities have a revitalization program.
Rose
on Jul 30, 2015
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What about termites ? It looks like all the wood is rotted, pass it up for sure.
Pollio
on Jul 30, 2015
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Buy just for the land.See if the fire would burn for training
Susan Stearns
on Jul 30, 2015
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I would make an offer to the gentleman and letting him know I was purchasing the land only. It would be more cost effective to just buy the land and build a new house on it.
Fran McCarty
on Jul 30, 2015
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To all of you telling him to jump in and do this, did you not read what he said "I'm young and know close to nothing about home repair," Now, if he had said he was raised in a family that flipped homes and now works in the construction business, this might be different. Can he learn to rehab a house, sure he can and I hope he actually does - but on his terms, when he's ready for it. This is not a project for anyone to cut their teeth on.
Toni Jeffries
on Jul 30, 2015
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This house is beyond repairing. If the wood is crumbling in your hand, it would ALL need to be replaced. Along with all the ceilings and definitely the roof. Start learning to rehab on a house that only needs cosmetic fixes like paint and new flooring.
Nancee
on Jul 30, 2015
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This is not a remodel. This is a tear it down and start over. We bought one that was in better shape than the one you are looking at and have almost as much in it as we paid for it. And still not finished. We should have torn ours down. It would have been cheaper.
Katherine Cook
on Jul 30, 2015
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Call a contractor for an estimate.When you hear the total to repair,You will know what to do.
Barbara C
on Jul 30, 2015
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I agree with Barbara C. Get a contractor there to look it over, see what needs to be done, get online and look at tutorials for that kind of work and see if it is something you'd be interested in. It could always be torn down to the studs and rewire, plumb and drywall and side outside back again. Would be a good learning, practice experience because it is not a huge house. It could then be good income for a young single that you do a good background check on to rent it to. BUT, if the "bones" are no good, it would need to be torn down completely. If the bones are good, I personally would love to redo something like this!! It would be labor intensive, but a good starter project and could be fun and rewarding. Good Luck and Best Wishes!
Jan C
on Jul 30, 2015
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What are the houses around it worth? How much is rent for that size home (if it was in good shape?) Once you find out how much it would cost (by a contractor) to fix up, can you rent it to cover the cost of the loan you'll need? I had a rental that needed tons of work and that's how I justified various work I had done to it, aside from the required work to put it in order. Maybe you could work with a contractor who will do the harder parts and direct you to do the things you can do, making it less expensive AND a learning experience.
Marta Schulenburg
on Jul 30, 2015
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Tear it down. The decision would be is the land worth 15K and how much will it cost to build a new house?
Charlene
on Jul 30, 2015
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The most important thing is to find out if there is black mold from all of the water damage. If so, run don't walk!
Dylanthomasp
on Jul 30, 2015
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Sometimes a "good" deal is NOT a deal at all. It appears to me as if the whole house needs to be replaced piece by piece although you might be able to salvage a few bits and pieces. But...ask yourself some questions...Have you been under the house, in the attic? Are there any signs of structural problems, termites or mold? Will the city let you have a permit to do the work or would they come out and just condemn the house? When you start working on something like this you always find hidden problems that can raise the cost beyond your wildest expectations. Just replacing windows could cost more than the house. Also, if you're going to be doing the work yourself you're going to need tools, lots of high priced tools. And since you've never done this type of work be prepared for trial and error which can also become costly. Is this house on city water or does it have a well? Does this house run into city sewage or does it have fill lines and a septic tank? If anything is wrong with just those 2 things it can become costly overnight. Does the house have any heat or A/C? What kind of neighborhood is this house in and have you checked to see what other houses (same size etc) are selling or renting for in the area? Can you live in it while renovating? How much is the land worth without the house on it? Are there bugs? A woman I know had a rental condemned because of brown recluse spiders. Are there any wild critters living in the house? Squirrels alone can do major damage to wiring. How old is the house, has the wiring been replaced since it's been built? I would assume the electrical and plumbing will be a total gut and both are quite expensive. The house will also need appliances and lighting, not to mention sinks, tubs, faucets, flooring, exterior siding, new roof, gutters etc. I'm not trying to deter you, if you have the money to buy it and the money and time to fix it, working on this house will be a life learning experience and may be totally worth it money-wise. And who knows, you may enjoy it so much you may want to start buying and renovating for a living. But, IMHO it would be less time consuming and cheaper to buy some land and start from scratch. Do you have any friends in the business that can look at the house and give you their opinion and/or help if you purchase? If not, call a contractor to come out and see how much he would charge to completely renovate, subtract their percentage, add the extra cost you'd pay for supplies (contractors get a discount at home improvement stores) and go from there. I'd much rather get a professional opinion from the get go than to plunk down $15K and be $80K in renovations for a house that's only worth $55K.
Pete Sakes
on Jul 30, 2015
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If the area is good and there's no black mold, I'd say go for it. You fix can almost anything for yourself except electricity. There are multiple tutorials on youtube for everything you could want to do. We are redoing our house ourselves. I think you could do it, it would be awesome. I would get some regular fixer-type guys to give you some opinions too because the contractors might over blow the estimates.
Justfixit
on Jul 30, 2015
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Please keep us posted on your progress if you buy the house. I think it's a gem and would love to see what you do with it.
Justfixit
on Jul 30, 2015
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