Have you ever done major home renovations yourself?
Just painted my bathroom and put up new towel bars.
Nothing major. I’ve done painting and flooring, but that’s about it.
Yes, all kinds of stuff. Plumbing, electrical, patio door, standard doors, deck, windows, cabinets, flooring, ceramic tiles, wood stove install, metal chimney install, stairs, solar panels & related components, water heater installs...gas & electric, etc., etc. At my home, rental property, and cabin.
Yes. The first house I bought was a fixer. I laid floors, installed tile, tongue-n-groove wall paneling in the office. Of course painting etc.
I do NOT do plumbing and electrical.
I've found a house for sale:
2 car detached garage
All for a cool $79,900
Needs work. Lots of work.
I've looked through the windows and after a couple hours of number crunching, worst case scenario (barring mold) this house would cost $25,000 to bring into the 21st century.
With exception to window installation, I can do all the work by myself or with my wife's assistance.
Is this worth it?
How much will you be able to sell it for afterwards?
To the work, only you know yourself. Will you get it done in a decent amount of time? You have to pay the mortgage on it while you do it, so calculate that in. Also, will you hate every second of it? Will you have a major sense of accomplishment after it’s done that makes it all worth it? Ask yourself these questions and more.
Also, what year is the house? The older it is, the more likely plumbing and/or electric needs to be redone too. Before 1979 I think is the year, you have to ensure there’s no lead paint. Also, get a termite inspection before you buy... and a regular home inspection.
Oh, and add around $10K to your estimate as a cushion for anything unforeseen because there will be things you haven’t accounted for.
All that said, if you do it right, you can make lots of money flipping a house.
I do enjoy that sort of work, I think I could do it all in two to three months.
The house is from the late 80s, largely brick.
Setting windows is really easy. If you can do everything else involved in renovating a house, the windows should be a breeze for you.
Hire a reputable home inspector to check everything. Here it’s more the rule than the exception that home buyers will make an offer contingent upon an acceptable home inspection. What the inspector finds can serve as a bargaining tool.
I recently sold a rental property after the buyer’s inspector found a plumbing issue (corroded stack pipe). I hired a plumber to fix it and we then closed the sale.
Okay, I went inside.
Plumbing and electrical are not up to code and it has asbestos tile.
Its beyond what I'm prepared to work on.
Probably a good choice in that case.