Noob with questions.

[bizak]

There are a lot of people with more experience then me in this forum when it comes to renovating a house and I would like any bit of help from anyone.
I was looking at 1938 Cape Cod style house with brick outside, 1600sqft, 3 beds,2 baths sitting on .124 acres that has potential. I can get the house for around 30-40K, similar houses in the same neighborhood even the house next to it which is very similar to this one was sold in today's market for around 150K.
Here is the catch, the house needs: Roof, Windows, Living Room-Dining Room and one bedroom need new floors. Electric unit needs to be updated so does the plumbing.
Out of all that I can do the flooring, electric and probably plumbing. Will this project cost me more then 100K if I buy the house for 30K. I'm not trying to make profit I'm trying to live in it.

 

[jniter]

How many sq ft is the roof? Cost of replacing the roof will depend on how much roof, what you want to replace it with.

How many windows are there, and what kind of windows do you want to replace with?

For floors, I was quoted around $8-12/sq ft with installation, depending on what hardwood flooring I picked.

Electrical and plumbing alone can cost a lot...

Do you know a local general contractor that would be willing to go see the house with you and give an estimate? I'd say that's the best way to know if $100k is enough. When we were looking at houses, we had 2 contractors who were willing to go look at houses with us if it was a real potential buy. We were looking at bank-owned properties, so those needed a lot of work.

 

[CharlieO]

Unfortunatly that is a question with way to many variable for any one to even come close. you will need a contractor to look at it and give you an estimate

 

[nealtw]

If the structure is in good shape, it's a good deal as the lumber would cost nearly $15,000 and labour to frame it would be simular never mind the land.

 

[bizak]

I just got a quote on how much it would cost me to fix the house with new hardwood floors, roof, windows, electrical and plumbing for around 40K the house was sold for 70k before I could even bid on it.

 

[nealtw]

Stay with it, the you more learn will improve your ability to make quicker decisions.

 

[jniter]

I just got a quote on how much it would cost me to fix the house with new hardwood floors, roof, windows, electrical and plumbing for around 40K the house was sold for 70k before I could even bid on it.

wow...$40k for all that work?
my father-in-law had to pay $20k just to replace his roof. granted, his house is over 2000 sqft and has an attached garage. my mother-in-law replaced her roof for over $10k and her house is around 1300 sqft.

$40k for floors, roof, windows, electrical AND plumbing sounds like a steal to me.

 

[CharlieO]

$40K does sound cheap but it all depends on the area, what material is used and how desperate the contractors in the part of the country you in are.