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How does one go about remodeling their house? I inheireted my grandparents house and it is literally..?

....falling apart. It needs a new roof and you name it. It's almost too disgusting for me to even sell it. I'd like to tear it down and start all over but I'm not sure how to go about that. i don't want to be taken advantage of by bankers because this is my first home. (i'm 28) What should I do and what kind of monthly mortgage do you think I'd be looking at if I re bulit the whole thing? the house is paid for.

Public Comments

  1. I would call a real estate agent and tell her you want to sell it. Find out what she says. Then I would pay the few hundred dollars to get a housing inspector to tell you what needs to be done. Good luck.
  2. Consider investing in a professional inspection to get an idea of all the work that is needed. You should also consider a termite inspection and treatment if the inspection indicates that it would be cost effective to rehab the existing structure. From what you described you’re looking at a long and exhausting task to bring the existing house up to par. In addition to the inspection & termite treatment you probably need: 150 amp electrical service & possible re wiring. New kitchen New bathroom(S) Replacement windows? interior & exterior painting New heating/AC system ? All of which would follow the first step of replacing the roof. Whether rehab, start anew OR simply unload it and walk away - first find out what the average selling price is for homes within the community.
  3. The first thing that I would do is find a contractor that does remodeling. They will be able to tell you if the house is worth remodeling or maybe some parts are doable and you could tear down the bad areas and build new. I have been remodeling my house myself for the last 4 years. I knew some good contractors and they came over and gave me their honest opinion on what to do free of charge. Any type of construction is high but if you could do some of it yourself and you were not in a hurry to have it completed, you can save a lot of money. A good contractor can answer your concerns and can even tell you some things about what to expect from the lending institutes.
  4. It is a long process. Don't be afraid to sell it as is. If it is in the city and you tear it down, you may not be able to rebuild on the same foundation because of modern set backs. You can spend as much as you want and then some to remodel. I remodeled a small house and it would have been easier to start from scratch. It depends on the age of the house. If there is no asbestos it can be demolished and carried off in a day. You'll have to determine before hand what you can afford and then see where you can borrow the money. Talk to a contractor licensed in your area first.