"Dream house" needs lots of work

[Anonymous]

Seems like we've found a house that meets all our criteria (location, schools, commute, size). Thing is, it needs a fair amount of cosmetic work. We'd have to do things slowly over the years, so we'd be living with outdated bathrooms, basement, etc. for some time. There are also some key things that need to be done before moving in. Has anyone bought a house like this and what was your experience? Realistically, this is our best bet for getting into this neighborhood, but part of me is dreading living in a house I don't totally love from the outset. Other things to consider in a situation like this?

[Anonymous]

Oh no. How will you ever live with outdated bathrooms? Next thing, you'll tell me that the fully functional countertops are laminate or something.

[Anonymous]

that's not a dream house that's a nightmare house

[Anonymous]

This is what we did and we don't regret it bc we love our neighborhood.

[Anonymous]

Size and location are a big deal, so those elements do make a house a "dream house". Especially in such a competitive market as DC. If you don't think you will find the same with updates, or you cannot afford to put all the updates in before moving in, then it is what it is! People do this all the time.

I would focus on the elements that make you feel comfortable first. Like keeping your kids safe with a place to play or being able to have people over. The rest will happen.

[Anonymous]

We're 4 years in and I love it. We redid one bathroom, painted, repaired and now have the cash saved up to redo the basement shortly.

[Anonymous]

One note from the PP- unless we get jobs making 10x what w do now, we aren't moving. We are looking at this house as a long term (30+ year) home. If you plan to move, I don't know that thinking of this house for 5-10 year ownership and moving on if I'd like the slow remodeling.

[Anonymous]

We moved into a house like yours OP. Did minor things before moving in - but the house had out of date bathrooms and kitchen. Totally livable but needed money put to upgrade everything. Well 3 years in and we still haven't upgraded anything yet. We've gotten lazy about getting our acts together and about spending the money that is needed.

So my advice is make a commitment and plan at the beginning to stick to a schedule for remodeling and start putting money away for each project. I kind of wish we had done more renovating before we moved in and had taken out a larger mortgage to pay for the remodelling.

[Anonymous]

Anonymous wrote:Seems like we've found a house that meets all our criteria (location, schools, commute, size). Thing is, it needs a fair amount of cosmetic work. We'd have to do things slowly over the years, so we'd be living with outdated bathrooms, basement, etc. for some time. There are also some key things that need to be done before moving in. Has anyone bought a house like this and what was your experience? Realistically, this is our best bet for getting into this neighborhood, but part of me is dreading living in a house I don't totally love from the outset. Other things to consider in a situation like this?

In 2003, we bought a house like this in Alexandria. It wasn't our "dream" house -- but it was a starter house that met all our needs at the time. Because it was a "handyman special" we could afford a SFH instead of, say, a condo. We put an offer in for about $30,000 less than the most recent comp, and got it.

First thing we did was rip out the scalloped-shape eat-in counter in the kitchen and replace the range. We installed gas. We ripped out 1950s paneling and put in dry-wall. Eventually we installed a deck, did a cheap renos of two bathrooms. We converted basement storage space into an office. We painted cabinets, replaced kitchen counter, installed tyling.

We lived there for 9 years. When we sold in April 2011, we cleared $260,000 on it, a tiny rambler. We had four offers. It sold for the most ever on the street, in a still-difficult market.

So, while some of that appreciation was due to the general increase in this area, I figure our sweat equity was worth at least $100,000.

And while we had to live with it during the process, it was the best financial decision ever.

[Anonymous]

We did it. We bought an old out dated house in the neighborhood we wanted. We had been looking for 3 yrs. we were thrilled because if the house had been updated, we couldn't have afforded it.

We used the money we saved to gut and redo the house before moving in. Now we live in a custom home ( didn't chane the exterior footprint) in the neighborhood we want. Best of all worlds.

[Anonymous]

It sounds like you've figured out the cost of your "dream house." Now you have to decide if it's worth it for you. Plenty of people would buy it and know that it will be years before it's fixed up. Plenty of others will decide to give up on some "must haves" like location or commuting time so they can buy an updated house. We chose buying the old house in the established neighborhood. I think you'll find it "worth it."

[Anonymous]

Agreed with 7.33. We bought a place split level in McLean in 2009 for a bit over 500. It was being sold as a teardown. At the time, we couldn't qualify for more than 600. Did a homeowners inspection and the bones were good. Right bf we moved in, gutted the kitchen and one bath. Saved money and a year later redid the basement, bath and windows. Saved money and a year later did the exterior hard scape and landscape. Have spent About 175 doing all the work we've done. Non renovated comps in the neighborhood are going for 800-850 right now. Now our house is practically new and we love our neighborhood. My advice to you, do it. In this area the land is what you pay for, so if its a desirable area the value will always go up.

[Anonymous]

Anonymous wrote:Agreed with 7.33. We bought a place split level in McLean in 2009 for a bit over 500. It was being sold as a teardown. At the time, we couldn't qualify for more than 600. Did a homeowners inspection and the bones were good. Right bf we moved in, gutted the kitchen and one bath. Saved money and a year later redid the basement, bath and windows. Saved money and a year later did the exterior hard scape and landscape. Have spent About 175 doing all the work we've done. Non renovated comps in the neighborhood are going for 800-850 right now. Now our house is practically new and we love our neighborhood. My advice to you, do it. In this area the land is what you pay for, so if its a desirable area the value will always go up.

but split levels are still small

[Anonymous]

Anonymous wrote:

Anonymous wrote:Agreed with 7.33. We bought a place split level in McLean in 2009 for a bit over 500. It was being sold as a teardown. At the time, we couldn't qualify for more than 600. Did a homeowners inspection and the bones were good. Right bf we moved in, gutted the kitchen and one bath. Saved money and a year later redid the basement, bath and windows. Saved money and a year later did the exterior hard scape and landscape. Have spent About 175 doing all the work we've done. Non renovated comps in the neighborhood are going for 800-850 right now. Now our house is practically new and we love our neighborhood. My advice to you, do it. In this area the land is what you pay for, so if its a desirable area the value will always go up.

but split levels are still small

Not necessarily. The whole point of the design of a split level is to get more living space out of the house's footprint. You'd be pleasantly surprised at how much space there is in some split levels. Also, just like any style of house there are larger and smaller examples.

[Anonymous]

We did it. Spent 4 months and 100k+ updating it before we moved it. Once we moved in, every project took forever so I'm glad we did that.