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I am a first-time homebuyer in DC. I've been looking for a month and a half; the houses I've been seeing in my price range (less than $700 K) are largely quite ugly and need work. Specifically, I would need to re-do all the flooring (put in all hardwood floors and ceramic tile in the kitchen; take out the cruddy carpet and nasty hardwood they have), re-paint everything and remove ugle wallpaper; re-do the entire kitchen and all the bathrooms, and add nice touches like crown molding in some places or maybe nice beadboard for the walls to make these houses look a little nicer.
I am not handy at all; I would not be doing any of this work myself. Also, I would want it all done at once, before I move in, because I don't want to deal with renovations once I'm living in a house--that sounds incredibly annoying.
I am looking at all this potential renovation work with dread instead of excitement, and am strongly considering leaving the DC area for the midwest where I can get my dream home for about $400 K and have it be move-in ready, instead of having to shell out lots of money for renovation work for a non-move in ready house.
How can I figure out how expensive all this would be? How should I approach the concept of renovation? I'm a first-time home buyer and this is all new to me.
I've built and renovated a number of homes. If you are not handy or knowledgeable on construction techniques and materials you are right to dread the idea of going into a house that needs renovation.
Most of the issues that you mentioned are cosmetic, but I've seen people spend over 100k just dealing with cosmetic issues.
Personally, I love to build and renovate, but if it's not for you, then moving to the midwest sounds like a good option. Given the type of renovations you are discussing, I'd put about $150.00 per square foot on it, for a decent quality job that will last. That's extremely "ballpark" since you could easily go over $200 per sq. ft. in many areas of the country.You have to remember, too, when you open up a wall or floor, there can be hidden damage that can blow your budget. In addition, I personally would not be willing to live in a house with wiring over 50 years old-- it's too dangerous.
I think first and foremost, you need to make a decision on where you want to live. Do you want to move to the Midwest just because you can get your dream house, or because you love it? Why do you want to live in the DC area? What are your plans for staying in the home you want to buy? Staying for a long time, hopefully?
They say renovations always turn out to be more than you expect. They take longer than planned and cost more than budgeted for. It can be stressful for those who are not prepared for it.
I think once you absolutely decide where you want to live, NOT basing it on the type of house you can get, but rather the best for your welfare and future, you can then approach the renovation issue if you are 100% positive that you want to live in the DC area.
We had an opportunity to move to Iowa a while ago. We could get a cheaper house for our money than we have here. But moving to Iowa was not an option for our welfare...so it didn't matter what kind of house we could get.
I think first and foremost, you need to make a decision on where you want to live. Do you want to move to the Midwest just because you can get your dream house, or because you love it? Why do you want to live in the DC area? What are your plans for staying in the home you want to buy? Staying for a long time, hopefully?
They say renovations always turn out to be more than you expect. They take longer than planned and cost more than budgeted for. It can be stressful for those who are not prepared for it.
I think once you absolutely decide where you want to live, NOT basing it on the type of house you can get, but rather the best for your welfare and future, you can then approach the renovation issue if you are 100% positive that you want to live in the DC area.
We had an opportunity to move to Iowa a while ago. We could get a cheaper house for our money than we have here. But moving to Iowa was not an option for our welfare...so it didn't matter what kind of house we could get.
We already live in DC; we've been renting here for two years. We've always been renters. My hubby has a job here he loves, but we're tired of renting and are ready to buy. The problem is that we want to live in one of the nicer, close-in neighborhoods, and our budget is 700K. For that amount, you get older, crappy houses in need of major renovation, like the kind I described above.
We can move anywhere in the country--we don't have any ties to DC or to any area. My hubby can get a job anywhere. He loves his job here, but we are not liking the type of housing we can get for our money here. We find the idea that we can get our dream house in the midwest for $400 K or less very appealing. We're from the midwest so moving back there would be okay, but we love the East Coast, but find the cost of living prohibitive.
Living in a nice house--doesn't have to be big, just nice (i.e. totally updated and modern), is very important to us, which is why we're considering leaving.
Hmmm-- you know you could take a look at a new condo development or a high rise in the city. Given the way the market has tanked, that might get you the new yet reasonably priced place you want.
I have never found a house that was "perfect". and most of clients don't either. Even the most beautiful house doesn't match the decor exactly. So even in the mid-west you may have to:
remove wallpaper
paint
change flooring
update kitchens
landscaping
etc....
Just my humble 2 cents. And you should live where you will be happiest.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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You sound as if you couldn't be inconvenienced by remodeling. Therefore don't. The old phrase "If mama ain't happy, then no one's happy" applies. I love remodeling things and my wife has never complained about the dust either. I'd do it, but you shouldn't. Be very glad you're not me for oh so many reasons
I purchased a 3000 sq foot home built in 1960 that needed a lot of work. I love my neighborhood and we just pick one project every year to do. You have to WANT to remodel. You don't sound like the remodeling type. If you don't want to be inconvienced, then I agree go to the Midwest.
You should also add 10% to the bid the contractors give you. Things tend to come up when you open walls and remove flooring.
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