Do we buy the abandoned disgusting house?
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Anonymous
| You will need to find out if it qualifies for a typical mortgage loan or if it’s in bad enough shape to need a construction loan. |
Anonymous
| Just adding that our house came with alot of junk so we also paid to have their stuff removed...UGH. So make sure the estate plans to clear out the house. |
Anonymous
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You really gotta ask yourself: why has no developer bought this house if it's such a great deal?
I would not take this on unless I had a ton of experience fixing up houses and the industry/family connections to get things done right, on time, and on budget. |
Anonymous
These seem like very, very lowball estimates. Bring a contractor in first. But, I’d plan for over 100-250k, minimum. |
Anonymous
It depends on the size of the house and the materials you pick. |
Anonymous
| We bought a house like this. It almost didn't get approved for a standard loan. After $150k of work, it's a great house and was a great deal. |
Anonymous
| Omg no! |
Anonymous
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1. Get an inspector and contractor to go through it with you.
2. Make sure to have an appraisal contingency. 3. Make sure you have funds to keep renting while you repair. 4. If there is a smell and it’s not a huge house, consider taking it to the studs if you can afford it. You may also be able to gain some functionality by taking a non load bearing wall down. |
Anonymous
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I'm normally excited about this kind of reno but honestly it has the potential to be very expensive. In addition to labor and materials, you will have to spend time (meaning work week time) managing things, talking to contractors, etc. It's a lot.
I agree it's worth paying a contractor a few hundred bucks to do a careful walk through with you. But be prepared that the result of that walk-through is that you walk away. |
Anonymous
+1. if you do it, go in with very open eyes, especially if you are in the DC region and have never worked on a house before. there is a reason why the house is offered at $550K under comps, people are not stupid, they dont lose half a million dollar just because they dont want to hire some laborer and rent a dumpster and throw everything away. i dont know how you can say that the house is structurally sound without an experienced contractor looking at it. a house abandoned for years, no heated and cooled for many seasons, and likely deferred maintenance even before. it is also ridiculous the idea that the prior owner simply moved into assisted living or something and the family did not bother clean up the food on the plates left around, it does not make sense . i wonder if there were swatters, maybe drug addicts who lived there. with everything everywhere it may be also hard to see if there are issues with the house. as for costs, they are astronomical. I redid a small full bathroon (4' 9 X 7') and a powder room in 2021 (both decades old and taken down to studs) with decent materials but just above basics, small contractor with just one worker who brought others when needed and spent , and materials and labor were in total about $28K. in 2019 we called various contractors recommended by friends to turn an existing second story sleeping porch into an extra bedroom + bathroom and after chasing the contractors for two months we got just one quote for a ball park of $250K. new AC last year was $18K (for a 3bd 1800 sf house). at least until recently, contractors in this area are so busy that it is hard to get somebody with references to come out unless you are interested in a $600K addition to the house. so the dirt and smell of death in the house is nothing, having to deal with a money pit is way worse. dont think you are the only one who is so smart to get something for $550K less than market and that can become a great house with some DYI and $50K, at least not in this area |
Anonymous
| No don't do it!! |
Anonymous
| They're trying to unload a problem don't be the sucker op. |
Anonymous
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We moved into our new house 25 years ago. We have done the following upgrades, remediation, repairs
- replaced all the windows, new doors (French doors need replacing) - French drain - Grading - Multiple attempts to reseed a lawn that is weedy. Eventually, we have gone "natural" and added clover. We just mow it down. - new roof (after multiple patches) - New appliances over the year and new HVAC and water heater - Updated the bathrooms (tiles, toilets, vanity, lights) - Added solar attic fans - Added a patio - Added industrial exhaust - Changed all lights and added more lights - added closets fittings - New garage doors and openers - New gutters - Changed the outdoor trims - Got solar panels - Got garage painted and had EV charger fixed - House painted - Replaced all floors - Got basement finished - Got insulation added to the attic - Had to fight squirrels and put squirrel guard around the panels The thing is that a house maintenance is a lot of continuous work, even in a new house. Despite our best efforts, we have had leaks, pests, decay. When we leave for vacations, we always come back to a house that smells weird unless you air it out. We have probably easily put in around 200K worth of work in the house over the years. |
Anonymous
DP: that's not at all what I'm getting from what OP described. They said it's been vacant as the owner passed away a few years ago. It was likely held up in an estate related issue - heirs not agreeing on what to do with the property etc. |
Anonymous
| Yeah, why not? Have the place inspected, hire a contractor to give an estimate, and if you can afford it, go for it. Have it gutted, built back up the way you like, professionally deep cleaned twice, and move on in. People will be THRILLED a local family is taking care of it. Neighbors will bring you gifts for upgrading the street! |