I found this house I like, but the thing is, it needs a lot of work. I mean a lot. what are your opinions on what work is needed and what it would cost. for 3000 sq.ft Victorian house.
The wiring is knob and tube, Im guessing this will have to be changed? Leaking roof? Some walls are plaster which is cracking. Some jagoff stole the copper piping from the basement, for plumbing. New windows?
knob and tube wiring will not pass a home inspection in ontario, and you cannot get insurance if you have knob and tube. so you,re changing ALL OF YOUR WIRING just for starters. your wiring is located beneath your cracked plaster......thats a lot of money. throw in windows, doors and plumbing? this sounds just like a car restoration! i thought you said this post wasnt car related? lol
Depends on location, property,taxes, and a whole lot more. Be careful buddy, as you could financially ruin yourself if not careful. Spend a few $$$ and take a licenced contractor with you to let you know what you are getting yourseff into.
I was going to bring it up. I was hoping you would reply Mike. I remember chatting to you before about something like this.
Ya, the taxes are a lot. And number 2, he is asking A LOT for the house, he says its based on location and whats to come. Its located 15 minutes from where I work. its about an acre. But we would be ruined as this can cost a lot more, because he is selling it as is as well. Thats why I am trying to figure out the costs that can be combined with this.
Thats why I figure i'll post because you guys here have more knowledge about these things.
I can't begin to give a guess without looking at the place. I renovated my place last year, and while My reno was for cosmetics as house was fine, just dated, cost me 30g's. I did the hardwood floors,plumbing, (complete bath in the basement) Demo,myself. Still with a friend who is a contractor, cost me a lot. That was without wiring,panel, insulation (if roof leaking maybe mold?) re-plaster, sounds like a lot of work and $$$$. I recomend to buy a nice little place that you can live in and reno to flip. Remember that nobody buy's their dream house on the first try.(unless you have a trust fund) Usually takes years and a few flip houses to get there. If I can help you in any way, let me know. Where is this place?
You should rent the movie money pit. It will give you an idea of what an old house can cost to renovate. It all depends on what you can do yourself. It sounds like it wouldnt be hard to sink 50-60 grand into it. How is the foundation? Our 125 year old house had updated plumbing, some new windows, upgraded electrical, gutters, newer shingles etc and it still costs a fair bit to maintain. Plus keep in mind an old house isn't anywhere near as energy efficient as a newer home.
haha, I own that movie. hilarious, but I do fear thats what will happen. But then again I focus on the end results when its nice. I just want to make it liveable for now, because I like the style of it.
Asking price and getting price are NEVER the same thing. He can dream all day long but a roach is still a roach. Just look at the dreamers selling cars... Same thing applies to houses. Be prepared to make an offer, why your offer is what it is, back it up with facts and figures, and be prepared to walk away if the seller does not accept. You need to have a bottom line you will not go beyond, no matter what. Even if it is ten bucks. Seriously... If you'll go ten then you will go a hundred.
If the plaster needs replacing, then strip it down and do your rewiring and plumbing then. Also, if you have any ideas of relocating or removing walls, that would be the time to do it.
Replacing wiring and plumbing is not difficult work but it is time consuming and can be frustrating as well. I redid all the plumbed my house (1100 sq ft bungalow) in New york and it took me a week. But that was a week with no water. That meant having to have big jugs of water for the WC and for drinking and cooking. I rewired the basement and it was not bad. Just a lot of conduit and Tapcons.
The nice thing about redoing the electrical and plumbing over is that you can add or subtract what you want and don't need. Two outlets on every wall is a beauty thing. Having your cable for TV and phone to every room is nice, too.
Repairing badly cracked plaster is a bitch. I helped my brother re-do his master bedroom. A chute, a dumpster and a flt shovel is what you need.Easier to replace than repair, IMO. He agreed.
Let's see some photos of the place...
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"Things work out best for the people who make the best of the way things work out." - Art Linkletter
I've learnt a lot about older houses in the past 5 years (I own a 150 + year old one) ... the simplest way I can put it is be VERY careful when buying. Get some VERY experienced people (old house experience) to look at it with you.
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Prince Edward Island
'64 Parisienne CS "barn find" - last on the road in '86 ... Owner Protection Plan booklet, original paint, original near-mint aqua interior, original aqua GM floor mats, original 283, factory posi, and original rust.
When looking at a house start from the bottom up. How is the foundation this will be you digest cost if it is shot run run fast. As for the electrical it is not really that hard to run new wires in plaster we did my buddies house in 2 days. Find a place where you can run wires to the attic, drill hole in to the walls drop you wire in the cavity. Use a jig saw to cut out a hole in the wall to fit a retro fit box. if you do it right you will have very little plaster to fix. For the main floor do the same but from the basement.
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1957 Pathfinder deluxe 4 door wagon 1961 Pontiac Parisienne bubble top Traded for a Harley sorry guys.
I guess it all depends on how handy you are, how much knowledge you have, and how much help you can muster up. There are obviously things that are best to be left to the professionals, but there is much that you can do yourself.
I just finished a complete basment renovation. I hired a master electrician to upgrade the electrical panel, but did all the basement wiring myself via a homeowner electrical permit. And while I changed much of the supply water plumbing, I hired a plumber to do the rough-in for the wastewater in the bathroom.
Start watching "Holmes on Homes", "Holmes Inspection", "This Old House", etc religiously, you'll be amazed how much you will learn, and with a little courage you can dig into things.
KEEP IN MIND TOO THAT THERE MAY BE ALOT OF NASTY PRODUCTS USED IN AN OLD HOUSE. FOR EXAMPLE, PLASTER AND INSULATION AND SIDING COULD CONTAIN ASBESTOS AND PAINT COULD BE THE LEAD VARIETY. $$$
Some great advice on here... in particular Pontiacanada who said to bring some experienced people to look (bring a few at different times, you will learn alot from their comments). What kind of work can you do yourself, and what kind of time can you realistically spend on it?? Things to consider that are more important than money, if you are doing your own work, are you married? (do you plan to be after the renovation? j/k). Renovating your own place is a big time commitment and can add stress to your life. As Vern said, the foundation is worth a good look, a house with 'good bones' is important! Any other upgrades over time in the house? hvac? insulation? flooring? kitchen? plumbing fixtures?
If you don't mind sharing, what is the cost of the house/property? If you tore the house down what is the property worth? What is a similar house worth in fixed up condition? be conservative.
Also as 68 427 mentioned, flooring and insulation could also have asbestos (well into the 60's)
Your best bet is to pay a contractor or a reputable home inspector to give you the run down on the home. Most contractors like me, and most reputable home inspectors will give you budget numbers for the repairs as long as you pay them for their time and effort. It may be the best $400.00 to $500.00 you wil ever spend, because there is no guess work left and you know what your costs wil be.
I've done two houses now where they needed electrical, plastering, plumbing. Both times I never lived in either as it was always a mess. As others mention get a house inspection listing the prices on what it would take to bring it up to code. Don't be afraid to walk away. I am in the hunt for another right now and just as soon as one house gets sold another comes around. Where is this house? I recommend a good Real Estate agent as well. They have insider knowledge as to what is happening in the neighbourhood that you might not be aware of. Like big malls, schools, etc. that will affect house prices down the road as well. Real Estate professionals get paid by the seller not the buyer so it's like getting free advice from a professional. If you need help in finding an agent let me know.
Scan MLS as much as you can as new listings pop up every day. If you do get an agent they can set you up with an email showing all the new listings.
