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Want to Buy..Really Need Some Advice

Hello all, I am new to the forum. I really need some advice as to whether I should purchase a certain home or not.
A few years ago I rented a huge old Victorian home that was absolutely beautiful. I ended up moving away after a year but never did forget that house.
Well I found out recently that it is for sale and no one has lived in it since we lived there.
There are many things that need work.
The price is good and cheap though and I think if I worked on it a little at a time and did most of the repairs myself, I could do it.
But I wonder how much is too much?
First off, the realtor told me that the power had broken away from the house and that several of the pipes had burst.
Does anyone know if these things are fixable and could one do it on their own?

This house could easily be worth 400,000 if it was properly fixed up, as it has almost all the original flooring, several fireplaces, etc. And they are all in great condition.

Anyway, I guess I am wondering, would any of you buy an old Victorian to fix up out of sheer love, like me, or am I just crazy?

Any advice is appreciated. :)

Re: Want to Buy..Really Need Some Advice

A little more info..

This house is being sold "As Is".
The realtor told me that there have been a few people who were interested but they had trouble getting approved to buy it because of all of the problems. How can this be? If you are planning to fix it up little by little, they can still turn you down?

The wiring had been re-done a few years ago.

Thanks again.:)

Re: Want to Buy..Really Need Some Advice

It's pretty difficult to answer your question because we have no idea of your skill level or the actual condition of the house. Re-plumbing, electrical, and structural neglect and deterioration are all repairable. It just takes time and money. The money, even if you do it yourself, could run from $50 to $100 sq. foot.

It sounds like the house is not livable in it's current state and banks are getting stricter on lending practices. It's difficult to get a loan on a non-livable home plus a construction or remodeling loan.

A. Spruce
Re: Want to Buy..Really Need Some Advice

I agree with Jack, from the sounds of it, this is going to be an expensive venture to repair it back to livable space. The physical broken pipes are an easy repair, what's not so easy is eradicating the mold and most likely extensive damage caused by the burst pipe. My guess is that the water ran a good long time before it was found and turned off and nothing was done but turning off the water, so plaster and drywall will be shot, floors will be buckled and mold will be rampant. Even with you doing most of the work, I suspect that the repairs will top Jack's estimate very easily. What I would recommend is to hire a contractor to assess the damage and provide an estimate for repairs BEFORE you start trying to buy the place. IMHO, it will be money well spent.

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