No. of Recommendations: 0
In thinking about the repairs also remember that as you work on systems they will likely need to be brought up to code and if the remodeling is extensive enough you may have to bring major parts of the entire house up to the current code. Unless they have recently been updated I would also probably budget for replacing the entire electric and plumbing systems possibly including the water and sewer lines. There may also be issues with asbestos and lead paint, which may increase the remodeling costs.

Unless there is something especially nice about the house it might be a teardown where it is better to put a new building on the lot since it is apparently a larger than typical lot for the area. Unfortunately it does not sound like it is priced as a teardown.

Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.