I am new to the group. Hope to receive good advise in this forum.
We live in a cape god house which was built in 1953(by the owner)and in a very very bad shape.Each and every room needs update/repair.The house was bought in 2007 for a very high price by my husband who had limited knowledge in the real estate at that time. He relied completely on a friend who was a real estate broker.He did'nt even negotiate the price and did'nt even think about the cost of repairs and just ignored the inspection report.
Anyway in 2009 afer our marriage,we upgraded our 2nd floor by using a contractor. The experience was not good and the contractor did not advise us properly.
This year we are planning to upgrade the first floor,quite scared about the repair/remodel cost.Having paid high price for the house,we are not sure whether the investment would fetch us any return after few years. At the same time,we can't live in this house as it is.
I appreciate,if you could advise us on the following:
1. Does it make sense to remodel/repair the first floor?
2. Should we sell this house instead of remodelling?
3. Where can we find good general contractors?We do not have any reference.We live in Northern New Jersey.