Has anyone completely gutted and renovated a house?
I am in the market for an acreage and recently one popped up in the perfect location and priced at $300-$350k lower than anything with similar sized land and house. But the house would require a lot of work to be livable even.
So I was hoping to get people's thoughts on the idea of buying the place with the plan to completely gut the place and hiring a contractor to do a complete remodel. I would definitely hire a competent inspector to assess the place before buying, but are there many things even an inspector may need be able to see that could cost me a fortune to fix?
The house is a 1315 sq foot bungalow built in 1989. It has a septic tank and well that was apparently 20 gpm before. Even if we had to spend $200k to renovate, it would still be a steal of a price with an amazing location.
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