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Old 05-31-2012, 09:30 AM   #1
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How much would it cost to repair this home?


Hi experts..

I was looking at a foreclosure property in Michigan. I found some problems in the house. There is I think some mold there. Can anyone suggest if it is a good idea to buy it? How much do you think it will cost to make the home liveable?

Pictures of the damages will be attached in next comment.

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Old 05-31-2012, 10:00 AM   #2
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How much would it cost to repair this home?


1 million dollars

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Old 05-31-2012, 10:17 AM   #3
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How much would it cost to repair this home?


please see this post for your answer "How much will it cost?" Asking for price estimates here.
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Old 05-31-2012, 10:30 AM   #4
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How much would it cost to repair this home?


Sorry, I got distracted at work.

This is one wall in one room


Roof along that wall..


This door goes to basement, which is essentially 1 or two feet of crawling space.


Following are furnace pictures. Not sure if anything needs changing..


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Old 05-31-2012, 10:37 AM   #5
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How much would it cost to repair this home?


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Thanks.. The reason for posting it here is, just want to get an idea if the home is worth it or not with all this. Also I am pretty handy myself. I would like DIY ideas.
By the way, do I need to worry about changing all the waterlines, since the house is old and water lines seem rusted? How much does that cost?
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Old 05-31-2012, 10:42 AM   #6
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How much would it cost to repair this home?


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Originally Posted by muddyabbas View Post
Thanks.. The reason for posting it here is, just want to get an idea if the home is worth it or not with all this. Also I am pretty handy myself. I would like DIY ideas.
By the way, do I need to worry about changing all the waterlines, since the house is old and water lines seem rusted? How much does that cost?
It maybe worth it to someone. It is impossible for anyone in magical internet land to tell you if it is worth it for you or not. It is also impossible for anyone in magical internet land to give you a price that is accurate. Especially with the details (or lack thereof) that have been posted.

Did you even read the link that you just quoted?

Also, welcome to the DIY (Do it yourself aka non-professional) Chatroom!
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Old 05-31-2012, 10:47 AM   #7
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How much would it cost to repair this home?


Thanks for the welcome..

Its a foreclosed property listed for $24,000. It is definitely worth it to me because of its location.
But what I am scared off, is I am not sure the water damage that is visible on wall and floor might have mold (or not as I am not an expert in molds). And if the repair cost for all this goes beyond $10,000..

So looking at these pictures, do you guys think home might have potential safety issues like mold or some other terrible things that can later cost me over $10K to $50K to fix?
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Old 05-31-2012, 10:50 AM   #8
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By the way, this would be my second home (as I am keeping my other home) but my third time home buying experience. My first two homes were significantly new, so most of my DIY stuff included TV wiring, installing water line for fridge, installing humidifier etc..
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Old 05-31-2012, 11:11 AM   #9
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How much would it cost to repair this home?


Hire someone to come look at it, can't tell you from over the internet. They can give a list of what needs done. You can get quotes from there, for materials or from a contractor.
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Old 05-31-2012, 11:58 AM   #10
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How much would it cost to repair this home?


Quote:
Originally Posted by muddyabbas
Thanks.. The reason for posting it here is, just want to get an idea if the home is worth it or not with all this. Also I am pretty handy myself. I would like DIY ideas.
By the way, do I need to worry about changing all the waterlines, since the house is old and water lines seem rusted? How much does that cost?
What don't you understand about not getting prices over the internet? No one here can possibly tell you if its worth it.
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Old 05-31-2012, 12:18 PM   #11
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How much would it cost to repair this home?


Welcome to the DIY site.. What everyone here is trying to do is get you to realize that nobody here could realistically give you a quote for what it would cost to fix up that house and make it liveable, because none of us can physically walk the house and examine every sq ft of it.

Hire a professional inspectior, building contractor, or someone with vast flip-it experience to give you some estimates, then, double those estimates and double the time to get it all done, and you might be safe.

Always expect it will cost more then you expect, will be more work then you expect, and youll sell it for less what you want.

Just keeping it real.. and good luck....
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Old 05-31-2012, 01:29 PM   #12
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How much would it cost to repair this home?


Lets look at this from a different angle.

you said you can get the house for $24,000. what do similar homes in that neighborhood sell for without needing work. That is your basis for what the house "could" be worth.

Looking at the few pictures you showed us it looks like the house is probably a gut job due to the amount of water penetration it has seen. Assuming this is the case and it probably will also need to be replumbed and rewired, new insulation, new flooring, new fixtures, definatly a new heating system (Looks to be late 50's vintage) and anything else that will most likely need to be replaced then you can figure your own bill of materials. measure everything and get quotes for the materials from a local building supply store of your choice. If you do the work yourself then this material cost + the cost of the house will be your total cost basis for figuring the value. If it comes in higher than the average selling price of a comp then it is up to you to make the decision if it is a viable project.

Of course I did not even mention the costs associated with making the outside presentable and replacing what may be a leaky roof.

The way you mentioned the "Rusty Pipes" I am going to suspect you will be in way over your head if you attempt this project

Last edited by danpik; 05-31-2012 at 01:35 PM.
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Old 05-31-2012, 02:14 PM   #13
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How much would it cost to repair this home?


you will need to look at the roof of the house and the basement of the house. look in the basement especially where you see physical leaking inside the house, the water penetrates the roof and enters the home soaking through until it ends at the floor system and then rots the floor system.
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Old 05-31-2012, 04:37 PM   #14
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How much would it cost to repair this home?


What are "good" homes in the area selling for? If they are selling for, example, $70,000, I think it is a good idea, if they are selling for, example, $30-40K, it isn't worth the money needed to restore the house.

And don't mind the negative nancy's here, this forum is full of them.
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Old 05-31-2012, 06:55 PM   #15
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How much would it cost to repair this home?


Quote:
Originally Posted by muddyabbas View Post
Hi experts..

I was looking at a foreclosure property in Michigan. I found some problems in the house. There is I think some mold there. Can anyone suggest if it is a good idea to buy it? How much do you think it will cost to make the home liveable?

Pictures of the damages will be attached in next comment.
Really can not tell you. What is the costs for materials in your area, are you able to do it yourself with your own skillsets, or have to higher someone to do it for you. Are you required to get various permits for all the different scopes of work required, are you going to have to pull riders with your insurance company to cover the various work, or workers that you may have to higher to do the grunt work of cleaning up, etc.

Really can not tell you, due to the costs vary area to area. I charged my wife the cost of having a husband that belongs to a union. My going rates vary from $65/hr to $120/hr depending on the job at hand.

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