Unless the property is worth the money, or the neighborhood is otherwise a good neighborhood, not run down, crime ridden, you may be better to just tear the place down and start from scratch if you are allowed, depending on the size of the lot. Now of course, restoring a old place, takes a lot of money, and effort, and can take years to have it done, where it looks like the time it was built.
Homes need to be taken care of and maintained, to keep them structurally sound. When we did our roof, for our place, which is around 829sqft, it cost at that time $3600. Now we have to have the old chimney knocked down due to it would cost about $2000.00 to do a tear and rebuild, compared to $600 to tear it down below the roof, and then replace the section of roof that the chimney went through. Then add on to that about $1000 to $12000 for also a new water heater, since ours is 14 years old, and the new one has to be a direct vent, due to the tearing down of the chimney, which also used to be for the old Octopus furnace that was in this place.
If I had to add it all up, I would have to guess that so far we have put in over $12,000.00 into a 76 year old home, in the 10 years that we have lived here.
This is one situation where the cost of a Licensed/Qualified Home Inspector would be worth paying them. A good Home Inspector could assess the situation and make notices of problems and/or recommendations in writing. Please consider this.
Ugh. Find a good contractor that builds wood frame houses and pay him/her for an hour or 2 consulting. He'll do a much better job than any building inspector I've dealt with.
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