Quote:
Originally Posted by shaft88
Yeah I can definitely see this side, and it's definitely something the wife and I will have to consider the next couple months. My problem is that we live in an old, historic city, and the desirable neighborhoods in the city have two options- completely renovated homes maxing out or exceeding our budget, or homes that need work that fit comfortably in our budget leaving us the room to improve. I have some experience- finishing a basement with my dad and brother, hanging drywall, painting, plumbing, building walls, some foundation work and non-electrical wiring. Plus I have my dad pretty much begging me to buy a place and have him come help and renovate it when he retires in a year and a half. Big decision to make!
If you decide to do it (which I still don't recommend), you want to be looking for something that is structurally sound, has no leaks, and has no problems with electrical or plumbing. Those are the things that will absolutely kill you. Get a really good home inspection and make sure you fully understand the scope of any problems he finds, and what it will realistically take to fix them.
You also want something that is livable immediately AND while you're doing any renovations. If you need to rent a motel room because you're tearing up the only bathroom, you might as well be lighting money on fire. You need to be able to compartmentalize your projects. "We're going to completely gut and redo Bedroom X, and we can comfortably live without it for Y months" is fine. "We're going to stay in our apartment until we get the kitchen done and replace all the windows" is begging for disaster.
Also, in most jurisdictions it is now illegal for you to do any electrical, plumbing or HVAC work on your own home. If you try to get away with it, the chance of getting caught, slapped with a stop-work order + fine, and being forced to hire a professional who will now charge you $$$$$ is actually pretty high these days in most cities.
Bleh, I could go on and on. Just please trust me
Buying a house that needs major renovations is a mistake for most people in most circumstances, and you sound like you fit the description of "most people". I don't mean that to be insulting, and I absolutely understand the urge for guys and their dads to do things like this, but it is very often a big mistake that will end up costing you a lot more in the long run and be a major source of stress in your life.