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Hey everyone, this is going to be my first post and i apologize if im not following rules or ethics with posting here!
Soooooo on to my question/story. I live in Northwest florida, and i am a certified carpenter. ive taken the classes at a technical college. (yall probably think that was a waste)
......My mom has been trying to buy a home since i was at least in the 7th grade,(we were renting a home since then, up until last year.) The house we were renting was a 1914 Foursquare. Completely generic old house with 0 updates in the last 5 decades except for a roof. It's Perttyy ugly. BUt it has sentimental value and we kind of count it as our childhood home. It's for sale now, and my mom wants to by it and fix it up etc. the county website says it is assessed at $28,000(and i dont know when this assessment was done, but it has to be very old because the house is in very bad shape), but its listed for $59,900. its not liveable, fuses go out all the time, the plumbing is crap, theres no heating and cooling etc. also, I've been exposed to real estate and everything that goes along with it since i was in elementary school, i know the market around my town and know that this price will not sell it unless its dropped SIGNIFICANTLY. The house is 1,914 sq. feet aprox. has 12 foot ceilings, 3 bedrooms, 2 baths. the electrical is knob and tube, it needs new plumbing, the house needs leveling, etc.
The house is almost 3 feet off the ground in the front and about 5 feet in the back so there is ample crawlspace.
What i am wanting to do is:
Level the house, reconfigure the floorplan, Get new electrical, New plumbing, New windows, insulation, and central heating and air.
With my father i have learned that i can do alot of what i want to do, myself. but i would hire professionals for the electrical, plumbing, and hvac, and leveling. i can tile a bathroom pour a shower pan install a toilet, put up kitchen cabinets, etc.
So as far as costs go could i get a high and low ballpark estimate on some of these things?
If someone would like to contact me ill send pictures of it, and answer any questions you have.
I'm sure there are a few folks here that would love to give you a ballpark number but it's not going to be real. Nobody can forsee any structural issues you might encounter, what difficulties you might have with different systems. Round numbers I see a hundred grand with you doing some of the work. I can be off 30-40% short or over but I'd bet that's going to be a short number putting the house in near 100% condition. Since you can work on it yourself, just take one thing at a time and finish that part. But first you need to check with the local inspections department about the nob and tube wiring. Around here if they see it or know about it, they yank the meter and they don't care if they leave an elderly couple in the dark in the winter. It's a recognized fire hazard. So you might end up with the first order of business rewiring the house and it will have to be to current code. Here, I would expect a bill of around 6 grand to rewire a 2000 sq ft single story. A 2 story, add another grand. Then you're going to have to deal with all of the walls the electrician had to cut into to run his wires. That can be extensive on the old houses. Then comes the foundation and releveling it. You'll probably have a few beams to replace and once that is set, the plumbing probably will no longer work right (sewer side). So plumbing would be next up and expect him to cut the house up even worse than the electrician. The house may even be uninhabitable until after these guys are finished and you've had the time to get back in it to repair over the systems installs. So don't expect this happen in a year, probably more like a 5-7 year project if you don't get tired of it first. If I were doing it I'd probably have it on an 8 month schedule and that's having subs in it most every day. Some of these old houses are worth saving, some are not. Some can be a case of it's cheaper to level it and start over than restore it.
It sounds like the cost of renovation could leave you underwater even if you do a great job. But where will the money for renovation come from, because the bank won't give you a loan based on the house's potential value.
Thanks for your input man its appreciated. I'm actually going to do more research and what not and maybe see if i can get in the house with someone who knows what id be dealing with in person. Thanks!
By your description the house is probably worth $0.00; but the land/lot could be worth a sizeable sum if its clear of the wart.
The math is pretty easy- average price of comparables minus the purchase price=your budget. If you can't do it for that its NOT FEASIBLE OR PROFITABLE.
By your description the house is probably worth $0.00; but the land/lot could be worth a sizeable sum if its clear of the wart.
The math is pretty easy- average price of comparables minus the purchase price=your budget. If you can't do it for that its NOT FEASIBLE OR PROFITABLE.
I think you, along with everyone else, has misunderstood me. That is probably due to my vague post though.
We're not looking for value out of this house, or looking to sell it after the fact, our main goal is to remodel this house so our family can continue to live here. Along the way, value will be added because, afterall it is a renovation but that isnt an important factor in the decision on what to do with this house. I may have also made it seem like the house, in its current condition, wasn't worth the work. Yes, it does have severe problems, but if it was torn down and reconstructed our way that would Cost $$$$$$.
I was just wanting to know a range of prices for these individual tasks so we would have some idea of the financial commitment we would be making. But i guess this thread is MOOT now.
What exactly do you mean by "level the house"?
As for how much it might cost to renovate the house, to livable, comfortable condition again, hard to say. There can be all sorts of hidden 'surprises' waiting, such as structural problems, etc. that are not obvious until things have been taken apart. But, from how you describe this house, it sounds like pretty much everything is worn out and past its useful life.
Does the house have septic or city sewer?
Well or city water? What kind of heating system does it have?
You could be easily looking at over $50,000 to get the house back in good order--a new furnace/boiler can run well over $2,500, or more if there are other things to be replaced or fixed.
You also mention fuses which burn out often, along with old knob and tube wiring. With the walls open for renovations, its easier to run new electric and plumbing, but total replacement for both is probably somewhere around 5-10 thousand, depending on local codes and specific circumstances.
What kind of foundation does it have?
What exactly do you mean by "level the house"?
As for how much it might cost to renovate the house, to livable, comfortable condition again, hard to say. There can be all sorts of hidden 'surprises' waiting, such as structural problems, etc. that are not obvious until things have been taken apart. But, from how you describe this house, it sounds like pretty much everything is worn out and past its useful life.
Does the house have septic or city sewer?
Well or city water? What kind of heating system does it have?
You could be easily looking at over $50,000 to get the house back in good order--a new furnace/boiler can run well over $2,500, or more if there are other things to be replaced or fixed.
You also mention fuses which burn out often, along with old knob and tube wiring. With the walls open for renovations, its easier to run new electric and plumbing, but total replacement for both is probably somewhere around 5-10 thousand, depending on local codes and specific circumstances.
What kind of foundation does it have?
It's a pier and beam foundation, and when i say leveled i mean that parts of the house are sloped. it doesnt have any heating/cooling systems either. its on city sewer and water.
It's a pier and beam foundation, and when i say leveled i mean that parts of the house are sloped. it doesnt have any heating/cooling systems either. its on city sewer and water.
Okay, that's a pretty common foundation system to find and it sounds like the house might have some kind of problem with that. Hard to say how much all that would cost, but over all you're probably looking at some pretty pricey work. How severe is the sloping of the floors? Do doors/windows not fit right?
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