I need help with buying an old house and fixing it up?

I found a house that I would really like to buy. It is a small cute house, and it has a very large beautiful yard, and it is a very affordable price. But the house was built in the 1950's and needs some work done. The people who lived there before started working on it, but they weren't able to finish. Where can I find information about remodeling a home, like new carpet, new paint, dry wall... and how much it would cost. I have never done this before. I want to make sure it isn't going to end up costing me way more money to buy the old house and fix it up, rather than just buying a new house that doesn't need work. I don't mind doing the physical labor myself, I just have NO idea how much it would cost. Can you give me somewhere to start?I need help with buying an old house and fixing it up?
It sounds good. Sounds like my home! small, 850 sq ft house and a one acre yard!

The 1950s were good years as the homes were built very sturdy. Not like today's pile of rubbish heh?

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First:

Check the roof, if it's new or near new fine, if not figure $5000-$10,000 to have it done right or half that to do it your self. If the roof is good, then water has never gotten inside and done hidden damage to walls etc. If the roof is bad, some banks will not give you a loan, that's how important the roof is.

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Drainage,,,very important and very overlooked

If there is any sign that the basement has ever been flooded, run, do not walk, away from that house.

Drainage problems are the number one problem previous owners never admit to.

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Secondary importance- furnace, plumbing and wiring.

How new is the furnace, and how efficient? $1500 to $2000

Plumbing, sinks, tubs, shower and most important the toilet.

A good bathroom pays for itself every day. Marble sinks? Gold plating? $500 is decent, $5000 is possible!

Wiring, o boy, do I know this one. My house was built in 1951, at a time when two outlets per room was considered more then enough.

I changed my main box to 200 amp service so I could add lots of outlets and I needed more power to run my shop tools.

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As for the interior, it can all be done on a shoestring budget a little bit at a time. I do my inside renovations in winter and work (play?) in my yard during the summer.I need help with buying an old house and fixing it up?
Your most welcome.

Go rent the movie starring Tom Hanks called ';The Money Pit';, it's an exaggerated romp but still funny.

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You have some good ideas but, the big ';but'; do you have the experience. The bank is going to look at this. They're not going to give you money and have you loose interest within several months because it's ';to hard'; and leave.



I did this for over twenty years. The last home I bought was a restaurant. It was over forty years old. I put 30K into in and it's one of the prettiest home in the area now, with a Yard that's perfect but, I had the tools and the ';know how';



You have to convince the bank you can do it, show them you know how, show them you have the expertise. Know your tools and equipment and materials. Don't go in on a lark and fail.



I rotated 125 homes, 75 condos and over 50 apartments at any one time with over 13 people working for me. We were doing as many as six homes in one week. Get a job with a company like this and learn the trade first, know the tools, then, follow your dream. It's a good trade and good money
I once made the mistake of buying a really old house...90 years old. I spent years fixing it up because I had no idea what I was getting into. I thought drywall, wallpaper, paint etc. Yuk Yuk That came after all the major repairs. My first suggestion is that you have a house inspection done by a reputable firm...not the real estate agent. Have every system evaluated from the roof to the water. Cost will be magnified one hundred fold if your roof needs replacing, electric is out of code, plumbing is shot. Once you have a go that all appliances and systems are trustworthy and not in immediate need of repair, you can than assess how much you want to spend. Painting, drywalling, etc. is not very expensive if you and a couple of friends are willing to do the work. Your final cost will depend on your own taste. However, if you need major repairs to the home you will be frustrated early on by the astronomical cost of plumbing, roofing, etc.
The Do It Yourself Channel has lots of great ideas that you can learn from. Also, check them out on the web DIY.com. I really enjoy watching this channel.
I think if you redecorate and change the kitchen, update the baths, new drywall, carpeting, painting, think in the area of $20,000. But if you got the house at a good price, then upgrading it would only add to its value if it is in a good neighborhood. That is if you do it yourself. Go on HGTV.com, and also other redecorating sites.