Anyone here ever extensively remodel/re-hab a house?

[irish_molly]

I thought I posted this here last night, but it got lost in the shuffle.

We are moving back to our hometown (Chicago area), and spotted a listing on a real estate site. It's a bank-owned property, and the previous owner lost the property in mid-remodel, according to the listing agent. The house needs a new HVAC, new bathroom vanities, a handful of new windows, and a complete kitchen. DH and I have remodeled before, and this house has a lot going for it - great location, good "bones," and a large piece of land, so it looks like a really good opportunity. We also know people in the professional trades who could help us get things done. Has anyone taken on a project like this (or do you know someone who has), and what advice do you have? We have a buyer's agent, but I'd love any firsthand words of wisdom anyone here might have. Thanks!!!

[cgrace]

I've never done a project quite like you're describing, but we did re-do our entire bathroom, put in all new flooring, etc. at our last house. The main things to keep in mind from that experience are 1)make sure you have extra room in your budget because it always costs more than you think and 2)if you are living in the house while remodeling, can you stand living in a construction site for that long?

Now, the rest of my thoughts come from extensive couch potato viewing of HGTV. First, since it's a bank owned property I'm guessing it is very much "as is". I would be sure to have an inspection done to be sure that you are aware of ALL the issues with the house (ie how is the plumbing, electrical, roof, etc.) so you can include any of those repairs in your budget. Depending on the age of the home you may run into hidden problems as you work - replacing the floors may lead you to find water damage or rotting floor joists, putting in a bathroom vanity may uncover some plumbing issues (or maybe after the new vanity is in you don't think the existing tile or fixtures go with it very well so you end wanting to redo those too). I think your project sounds really exciting, and it could be a great way to have a house perfectly suited to your tastes. Just be sure to have all the numbers in front of you when making the final decision. Good luck!

[rachellepeters]

I've flipped a few homes myself...and I'm a Realtor and sell to alot of people who flip so I see what all comes up in addition to the obvious. What your describing sounds very minimal. My advice, if you put in an offer, A-make sure you get inspections, even if the bank sells as-is, you can still walk away usually after 10 days if inspections come back bad. MOST of the time the homes have been vacant for years and even though they say they're winterize, pipes may have broke the winter prior, so make sure plumbing is on and checked. Another unknown...sewer line. Get a sewer cam done, that can be a $3-$8K expense that you wouldn't know is an issue until the first time you do laundry, take a shower and flush the toilet in the same day :)

GOOD LUCK!!!!!!!! Oh and another thing, no matter what you guys work up that the repairs will cost add in $2,000 for unknowns, because there will be some!

[CW&M Mom]

Make sure the foundation is good...cause that's a huge money suck.

[3timesoccermom]

I would factor in several thousand more $$ - that's just the way it goes.

I would also not be counting on the "professional" people you know - make your plans without counting on their help and if they do it's a bonus. But make sure you have seen and like their work.

I saw this on a show somewhere and even though it sounds ludicrous wanted to mention it. A former owner's insurance claims on the home can affect YOUR rates so it might be a good idea to check with insurers to see how much it will run. I know you won't get a complete idea but youc an see if flood is required, etc.

[~~Who,Me?~~]

We've been remodeling our home since 1999 and are just about done. The reason it's taking so long is that we are doing lots of the work ourselves (well, dh is) and we pay for everything in full-no loans. Our new furnace was about $6000 and I believe our new AC unit was $3000. Both of those items we did pay for installation of course. We also did all new doors and windows, roof, siding, insulation, redid hardwood floors, knocked down walls, put up walls where there weren't some.....

You sort of have to get used to living with a house in progress. If you're the type of person who likes to have everything "just so" all the time, and you like to do lots of entertaining and wouldn't want friends to see your house under construction, then a fixer upper is not for you.