ATP: Renovating a house

[leftcoastdeac]

Anyone on the pit purchased a house to renovate for themselves (i.e., not to flip)?

My wife and I have been kicking around the idea of buying a fixer-upper, but I don't really know how to go about getting the project started. We have a place we can live in during the construction, so that's not a big deal to us. We'll pay to have most of the work done for us (I'm too busy to do this and not handy enough).

For those of you that have done this, did you buy the house before you brought in an architect/contractor? Did you work with the people doing the renovations during the sales process? Any advice for someone considering doing this?

 

[AMCDeac]

Yes, been in my house since '97 and it has been completely renovated. Unless you really know what you are doing, have a contractor (that is good with design or has some resources) look at it before you buy.

 

[OriginalAdmiral]

Whatever the estimate comes in at, add at least 50% to it. Also, double the amount of time they tell you it will take to complete.

 

[tsywake]

Yes, been in my house since '97 and it has been completely renovated. Unless you really know what you are doing, have a contractor (that is good with design or has some resources) look at it before you buy.

I agree that if capable, hire a contractor or designer to look at a perspective house and come up with a gameplan before you buy. They'll be able to tell you of your idea for the renovation is actually doable. With enough expendable income, you can do almost anything.

 

[BacktoBack]

How do you finance this sort of thing? Construction loan? Out of pocket? I'm getting ready to start a reno and weighing the options.

 

[Fayettenam]

Read Younghouselove blog and then try to do what they did. Then pay an expert to come fix it. That's what my wife does. seems to work. Our house looks good.