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panteramatt

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Im looking at a house to purchase that needs a little work. It needs a 203k loan so there wont be endless funds. I looked at the house and the downstairs is too small and th ebasement had a little water which made the downstairs smell musty. Now Im hoping the basement was only wet due to power being off, bad gutters, internal leak, or something small as I didnt see any signs of cracks but who knows. So basically I would NEED the bottom bedrooms wall knocked out to make one large room, the kitchen and living room wall knocked out to make a large kitchen, and a living room added to the front of the house. Am I getting too far ahead here? I dont need a huge living room maybe 14' off the front of the house then the width of the house thats maybe 24'. Any tips, help, or off the top of your head estimates would REALLY help me with this decision and would be greatly appreciated. House is in South Jersey 08079 area.

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Well like I said its damp, there was a little puddling but that could be from several things. 

1 minute ago, Zeke said:

You don’t jus go knocking walls down willy nilly. Sometimes they actually hold stuff above. What ever # is the top of your budget, double it. Sorry 

Yes I understand load bearing walls

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4 minutes ago, panteramatt said:

this is starting to sound like a bad idea

Most are. That’s why they call them money pits. You don’t have to walk away just know it’s probably not a wam-bam insta-dream house. Few are. They’re like women, you don’t know what you’re getting into until you get into them. 

 

Wow. Profound, huh?

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Ok maybe I should give a little more info and you guys can help me decide. The house is a cape cod, kitchen and living room too small. Upstairs is perfect but I wont be up there anyway. Smells musty so there could be mold. I LOVE the property and it has the garage I need and several outbuildings. Taxes arent bad either. I would have $100k to do repairs for GC. I COULD add more but I dont want to right now. 

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2 hours ago, panteramatt said:

It needs a 203k loan so there wont be endless funds.

In some cases, with a 203, you can't get a C.O. This can be a red herring, as the town won't certify it, and it could have a BUNCH of hidden issues. You need to be REALLY experienced to know all the hidden issues.

The wetness in the basement can be major mold issues, requiring a lot of remediation, not to mention possible structural issues from water damage. Water can cause TONS of issues, if you're not experience in evaluating everything, I would caution taking on a project like this...

The power being off for an extended period of time is another BIG red flag...

 

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9 hours ago, panteramatt said:

I would have $100k to do repairs

If you can get your hands on an extra 100G's, talk to a financial someone about using part to tear it down and the rest as a down toward building new.  But they're on a different forum.

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13 minutes ago, panteramatt said:

Not yet, I just got approved for the loan yesterday. My issue is I dont wanna spend thousands for all the inspections and find i cant get the house built the way I want anyway and loose out on the $. 

How much can you do yourself? Is there a sump pit in the basement?

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10 minutes ago, panteramatt said:

Im not allowed to do anything myself or I would be good. As per a 203k loan ONLY a licensed GC can do everything. I went to the basement but it was too dark and smelly to really stay down there

Having to hire contractors with the level of work that needs to be done with a 100K budget, is an extreme long shot.

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22 hours ago, panteramatt said:

Im looking at a house to purchase that needs a little work. It needs a 203k loan so there wont be endless funds. I looked at the house and the downstairs is too small and th ebasement had a little water which made the downstairs smell musty. Now Im hoping the basement was only wet due to power being off, bad gutters, internal leak, or something small as I didnt see any signs of cracks but who knows. So basically I would NEED the bottom bedrooms wall knocked out to make one large room, the kitchen and living room wall knocked out to make a large kitchen, and a living room added to the front of the house. Am I getting too far ahead here? I dont need a huge living room maybe 14' off the front of the house then the width of the house thats maybe 24'. Any tips, help, or off the top of your head estimates would REALLY help me with this decision and would be greatly appreciated. House is in South Jersey 08079 area.

Is it in a flood plain? And is Salem any better? 

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Hire an architect to evaluate the house.  It's like buying insurance against making an incredibly big mistake.  The same architect should be able to give you an idea of your options for a one wall standing remodel.

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2 hours ago, SW9racer said:

Level the existing home, fill in the basement, and plop a modular on top. 

his taxes would triple.

Not joking either; lots of towns have fucked up tax rulings about that. I've seen many a "tear down" that left a wall or 3 standing, and built the house off of those, as there's a percentage of the old house that had to remain to keep the tax base the same.

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36 minutes ago, Kevin125 said:

This..... 

Save yourself.... and your $100k.

seriously.

Find a better deal.

Exactly...

The house is sitting with the power cut off, that means it's been vacant a long time. Actually, to the OP, how long has it been on the market or how long has it been sitting empty?

If it's been a while, I'll guarantee a bunch of flippers have looked at it and passed, too many issues.... that should tell you all you need to know.

Basement is wet and musty, no A/C has been running... it's a mold factory...

Punt!

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