I live in Chicago and the housing market here is crazy. I don’t want to spend 30 years paying off a home I could barely afford.
There are several houses owned by the state for sale for 5-10,000 cash only .
They are in horrible condition from the pictures Ive seen however a few look like they have good bones and decent exteriors.
me and my husband are prepared to take it slowly 2-3 years and will not buy one which has water or termite damage. We will have it looked at first by an inspector.
We are anticipating
the following
new roof, new interior walls, bathroom renovation, kitchen renovation , floors, electrical repairs and plumbing repairs
We will hire cheap labor for most of the easy stuff but the biggies we will have professionals do the work.
What is the minimum cost price range to do these jobs on a tight budget ?
We will buy a single story home brick exterior approximately 1200-1600 sq ft
This is not a flip so we are taking our time and the point is to make it livable at
As long as the house is structurally sound and straight, that’s 90% of it. The more you can do yourself, the better. About 10 years ago, I bought a rental house for under $10,000 and spent an entire season giving it an extreme makeover. I actually made it look pretty good.
Just a rough guess but you could easily spend $50,000 at least on what you mention, on materials only and things which have to be done by a pro(sometimes by law) unless you are prepared to learn and do them yourself. Will you be taking some months off from your jobs to do this, or are you going to try and do it on weekends? You may not be able to live in a house needing major work until it’s repaired to the point of qualifying for an occupancy permit, so keep that in mind, and most municipalities, when they issue permits, have a deadline for completing the work so some of it will not be stretchable over several years. The only real way to save money on home repairs is to do the work yourself. Be very sure of what you’re biting off here.
i have no idea how much it will cost, but i will say i wish i lived in chicago, $5-$10k for an house that amazing buy buy buy. i live in london england and even the worst houses in the worst areas cost a minimum of $400,000, you lucky people