Would you buy a distresseed house?

[Radiance]

I just saw a house 2/1 in 40,000 on a nice area, or nice enough
The kitchen needs redone.

It needs the front and backyard redone, almost all the grass is gone
The tile is hedious, all white and looks old, so it is livable but ugly enough that it needs new floors (I would do laminate)
The front windows are ugly enough that need redone

If there is no structural damage, termites or mold... would you buy it and then improve it little by little?

Anything else I should be aware of?

[disneysteve]

Personally, no. I'm not the fixer-upper kind of guy. I have enough trouble getting things done in my house that is in good shape. If you have the mindset for it and you get a good solid inspection done, it might be worth it. Just remember that most renovations cost 50% more and take twice as long as anticipated and budgeted.

[Radiance]

I am pretty handy for a girl and for cheap housing I would be patient.

I have no problem living without a fully setup kitchen, I have done it before. Coleman rings a bell? and I have a great rice maker/steamer... now that I think about it, I hardly ever use that range at all. I also have a 17" skillet which is great!

Growing up my mom setup an open shelve system instead of cabinets, it looked pretty cool

I think a good refrigerator would be the main expense.

Solid inspection is paramount!

So next question is: how do I find a very, very good inspector!?
Can a inspector really do it all and do it well? Or should I have it inspected by a roof specialist and then an electrical specialist?

[bjl584]

Any independant home inspector should be able to give you an unbiased inspection of a property. But even the best inspector may miss or not check for certain things. Watch for plumbing/septic issues. Home inspectors usually don't check for that, as it is a seperate test. Another thing to look out for is the history of the property. Maybe there are unpaid taxes and/or utility bills. There is probably a reason that it is distressed that goes deeper than negligance or abandonment.

[GREENBACK]

I would only do this if you have a large emergency fund in place. There will likely be large and small expenses that you didn't anticipate but have to be done immediately. Also, if you hire a home inspector don't think that he'll cover every base. There are too many facets to a home to be covered in the short time he's there.

This can be a good deal if you're ready for the unexpected. Some cosmetic features can be put off but some repairs may need immediate attention. These are more likely in a property that has obviously been neglected.

[Radiance]

Housing has become a complicated matter.
I need to figure this out...

[maat55]

Originally Posted by Radiance

I am pretty handy for a girl and for cheap housing I would be patient.

I have no problem living without a fully setup kitchen, I have done it before. Coleman rings a bell? and I have a great rice maker/steamer... now that I think about it, I hardly ever use that range at all. I also have a 17" skillet which is great!

Solid inspection is paramount!

So next question is: how do I find a very, very good inspector!?
Can a inspector really do it all and do it well? Or should I have it inspected by a roof specialist and then an electrical specialist?

Is this home priced about 70-80% below simular homes in the area?

How old is the home? Before 79, it may have to have a costly lead paint removal before improvements.

Try the internet or yellow pages for an licenced home inspector. Question the fuse box, current wiring requirements, stability of the hard roof material, plumbing may be rusting inside, last update of heating and air.

A low price tag does not make for a good deal. Getting an old house up to par may cost more than it is worth. Good luck.