re: WWYD??

Quoting [♥]Mrs. Morgan:" We are actually, we don't have a years worth of savings, but we do have some in the bank. We have no ... [snip!] ... is 29,000 is a heck of a lot better than purchasing a house for triple that. Which, in our community is what the houses go for."

id go for it. good investment 30k is nothing compared to what some old nasty homes go for here so i know it might be work but its also what you want and youll be able to start fresh. your new home will be trully YOUR NEW place

Quoting Punk Rock Princess {EBFT}:" Putting flooring into two rooms at least, not to mention if flooring has to be replaced due to smoking ... [snip!] ... my brother remodeling houses and even houses that look good can cost a ton once they find more and more that needs done."

We've gotten an estimate of the foundation, and that's going to be our biggest expense. It's 3,000.

What we plan on doing with the flooring is throughout the main part of the house den, living room, kitchen, dining room and hallway we are going to stain the cement. It's really pretty, and inexpensive. We did it in the last house we lived in. As far as the bedrooms, we'll be ripping up the carpet and putting in hardwood floors.

I'm aware that it won't be cheap, but if we do decide to do it we'll have as much time as we need to get it done. We will also be able to pay the expenses there and continue to pay our expenses here comfortably. Then, once it is remodeled we would double up on the mtg. payment to get it paid off faster.

I guess I'm just scared of jumping into something new.  

Quoting [♥]Mrs. Morgan:" We've gotten an estimate of the foundation, and that's going to be our biggest expense. It's 3,000. ... [snip!] ... would double up on the mtg. payment to get it paid off faster. I guess I'm just scared of jumping into something new.  "

Well good luck! Hope it works out for y'all  

<blockquote><b>Quoting [♥]Mrs. Morgan:</b>" We've gotten an estimate of the foundation, and that's going to be our biggest expense. It's 3,000. ... [snip!] ... would double up on the mtg. payment to get it paid off faster. I guess I'm just scared of jumping into something new.  "</blockquote>



It sounds like a great opportunity. Plus you are in a position to slowly do the repairs over time. Plus your husband can invite a few friends over for some beer and pizza to help with the work. Most men love to demo (big or small) and rebuild-at least my husband does.

You may want to talk with a realtor just to get the housing picture...comps in the area, what houses are sellin for and what they are buying for. It would give you a good idea on he much to invest on it for that specific area.

Hopefully we can eek out of the housing crisis and I'm sure with all of the upgrades and such you and your family will be in a great position-to sell, to keep, to whatever! Plus grandma will have her mind at ease and for her all the time spent there and money she invested will be for not.

If it were my husband and I, I know we would do it. A house is an investment even in this economy. Good luck...I would even offer my dh over to help-he loves this kind of stuff!

Quoting [♥]Mrs. Morgan:" We've gotten an estimate of the foundation, and that's going to be our biggest expense. It's 3,000. ... [snip!] ... would double up on the mtg. payment to get it paid off faster. I guess I'm just scared of jumping into something new.  "

you got it planned out just take the leap! good luck!

Quoting Mak&Row:" <blockquote><b>Quoting [♥]Mrs. Morgan:</b>" We've gotten an estimate of the ... [snip!] ... A house is an investment even in this economy. Good luck...I would even offer my dh over to help-he loves this kind of stuff!"

HAHA! Yeah, luckily we have a lot of handy people in the family. My step dad is an electrician, DH and BIL (not the same one that trashed the place) have done all sorts of construction and painting and my brother will do anything for food. :p

I think our minds are made up, I just needed some reassurance that it wasn't a stupid idea. But for the price I just don't think we could pass it up. (Plus it was the house that DH grew up in, so there is an emotional attachment for him. )

Hey so I sent my brother a text and this is what he says:

Drywall is going to be a big expense, if there is smoke damage the smell is going to stay in the walls unless you redo it. Foundation issues are usually very expensive, a couple thousand just to level a house if it is pier and beam, more if it has a foundation. Flooring can be about $1.50/sq ft if you do it yourself. Idk if you saw ours before, but we only spent $5400 and refinished floors, painted alot, stainless steel appliances, light fixtures, base boards, added an island, new countertops, new backsplash, new blinds all around, took out a load bearing wall, and redid the entire bathroom floor to ceiling. It depends on if they do it themselves and how thrifty they can be.


My SIL says: They can def. do it for less than $20,000 if they do a good job and do it themselves. Contracting work out is usually the biggest expense for home reno's. I think if they get a good primer for the walls they won't HAVE to replace all the Sheetrock, if any.

<blockquote><b>Quoting Punk Rock Princess {EBFT}:</b>" Hey so I sent my brother a text and this is what he says: Drywall is going to be a big expense, if ... [snip!] ... expense for home reno's. I think if they get a good primer for the walls they won't HAVE to replace all the Sheetrock, if any."</blockquote>




Yeah, at one point DHS grandma decided to quit smoking, and while she was in the hospital we repainted and fter we cleaned the walls really well you couldn't smell the smoke. So we won't have to do any drywall work. Aside from some taping and bedding to repair a few holes.

I looked up the stain for the floors, and it'll be 350 for the stain and sealer plus about 100 in materials, and that will cover 1200 sq foot, which is the whole house.

And like I said earlier our biggest expense is going to be the foundation, which is going to cost about 3000. That's the only thing we won't do ourselves, and we have an estimate from a professional.

But thanks for looking into it for me.  

Quoting [♥]Mrs. Morgan:" <blockquote><b>Quoting Punk Rock Princess {EBFT}:</b>" Hey so I sent my brother a text ... [snip!] ... the only thing we won't do ourselves, and we have an estimate from a professional. But thanks for looking into it for me.  "

No problem! I tend to be more pessimistic/conservative about financial risk.   Sounds like you have a good plan set!

We're in a similar situation with our place. We're doing 'buy-to-rent' from my parents, it wasn't wrecked but it was a brand new build so nothing was done. Over the next two weeks we're planning on finishing painting the entire place, and then work on the back garden. The mortgage is $365,000 ... but when we're finished it'll be worth between $500,000 and $550,000. We're planning on selling it in 3 years when I've finished school and using the profits to put down on a larger house.