Advice on remodeling a house?

I bought a house for $11,500 in a decent middle class neighborhood of Pittsburgh. The value is listed at $50,000 and it needs a fair amount of work, including new bathrooms and kitchen. I know practically nothing about remodeling houses. Has anyone with little experience in this sort of thing done it before? What can I expect from the experience and what problems did you encounter? Any tips for a person that has no clue about what they are doing? I was hoping to put around $30k-$40k into it and sell it for at least $100k. What are some major pitfalls that can set me back? michael, i phrased the value wrong. i apologize. the county assessed the house at $50k. i haven't had it appraised yet

Public Comments

1. IT depends on the house and what needs to be done..For example the bathroom might need more work than the kitchen so you want to focus on the "eye sores" or out dated appliances,windows,blinds,etc.Make sure you get a couple quotes before you decide an MAKE SURE THEY ARE INSURED!! Alot of companies or individuals will say yes I am insured , but have them fax you a copy or bring you a copy for your records...I would go more for the upgrades like updated kitchen cabinets, counter tops appliance, toilets , bathroom fixtures, windows, if you have carpet maybe lay down some wood floors..Painting the inside and outside will make a huge difference and this is something you can do yourself and save some costs...Just some ideas hope this helps
2. you have an extrememly long haul in front of you, i know b/c we've been doing it for almost 3 years now and still we're not finished. the only advice i will give is this..Only work on one room at a time no matter how tempted you are to just do one little thing in another b/c that little thing isnt always a little thing. try your best to get from either the library or home depot for plumbing, basic wiring etc....wiring is very difficult and dangerous so its best if you get someone who knows and plumbing is also a tricky job. you can find retired tradesmen who are willing to help for little or no cost if you look. MOSTLY.... ask lots of questions its a measure twice cut once type of thing. Have fun and dont take it too seriously it can and will consume you. Blessings
3. It might have been better to ask questions BEFORE you bought the home but... If the home is truly worth $50,000 then it sounds like you got a great deal. I have to question whether it is truly worth that much though and why it didn't sell for more. If you are subcontracting all the repair and renovations out you need to keep on top of things to keep on budget and on schedule. If you have a loan to pay keep in mind that every payment you make is eating into your profits. You need to understand local ordinance and building codes. Sometimes major renovations can require you to bring some of the systems in the home up to current codes, and that can be expensive. Want to know about more pitfalls. You might want to watch a few episodes of Flip This House on HGTV. They have loads of pitfalls on that show. Good luck in your project and I how it works out well for you.
4. Is there a chance you can sell the house as is? You may find some eager beaver to buy it for $50,000 - you make a nice profit and don't have to do the work. Remodeling houses is not for the inexperienced, it is alot of hard work, even if you aren't physically doing the work. Contractors are an inconsistent bunch, even though I don't have to deal with them much, it is by far the hardest part of my job.