What the heck renovations are needed? That house is gorgeous, with gleaming hardwood and a high-end kitchen and bath. It looks move-in ready to me, other than a crappy choice in paint colours and wallpaper.

Seriously, please tell me what needs to be done that would cost $300,000-$400,000 !!!

OK, I see it needs a new roof, new wiring, (new?) windows... still, around my area, this would be under $100,000.

Oh the hidden things!!

The roof, windows, septic, electric .. the big items are over $100,000 (about $112,000). What the pictures don't reveal, is that the roof leaked, causing a lot of ceiling damage in many rooms. The exterior has many, many areas of dry rot, the porch is fallen apart and unsafe, 2 showers need to be totally redone, due to water leaking and rotten the floor joist, the list really goes on and on! The house has beautiful bones, but was neglected and needs a lot of TLC! We have restored old homes before, so the restoration is not outrageous.

So the question is.. is it worth it!

And the kitchen.. looks nice in the pictures, but the cabinets are not in great shape, cheap and doors are fallen off.

This is why I get a building inspector when I buy ;-)

Using your heart, it's probably worth it if you're going to stay there.

Using your head, it's probably NOT worth it, as a new, modern, hurricane-proof home would be of more value when selling. Especially since this is the professional advice you've received.

Is it possible to find out in advance what hurricane insurance would cost and if the house can be fully covered -- wind, flood, mold, whatever's recommended in your area?

In terms of the finances, your realtor and contractor know the local market. If they are telling you that you are buying a money pit, you probably are.

Of course, it is still your choice. A house doesn't have to be an "investment." If you have the money to spend, it is perfectly reasonable that you spend it on things you enjoy (like an old house). On the flip side, if you are borrowing the money to pay for some/most/all of this, then you have to consider the risk you are taking.

It is charming. I'm curious...do you have an idea of how much it would cost to tear down and rebuild? Or maybe a better question is what could you build on that lot for $400,000? New homes can still have character.

Bill, yes.. that makes sense. Obviously, it won't be an investment, (it's a cash purchase) I love old houses, the charm... but not everyone does. This house is solid, has good bones, and can be restored to a beautiful home, BUT.. no matter what we put into this house, it will never be a "Florida" home. That's why I love it.. it's not a cookie cutter Florida house. A little more background, we were actually planning on building a home, it would have met the hurricane codes, but our building plans were not a typical Florida home either! I was planning on building a home .. more "old fashion", so finding this house just make my heart skip a beat!

Colorful, we have a ballpark.. it's expensive, ALL insurance in FL is expensive! Just part of living here..

otta, we hired an inspector, septic, electrician, general contractor and roofer.. that's how we came upon the prices. We are under contract with a "due diligence", so basically, we can go back to the table and re-negotiate. We have 1 week left to determine what to do.

Maureen, we actually have been working on plans to build a new home - for the past 9 months. It was just so stressful, and we were still on the plan stage! We have built about 4 other homes, and restored 3 homes, so we know what we are in for.

To answer your question, the house we were going to build would be over $500,000 (excluding the land). If we build a new home right now, on this bay front lot... we'd probably lose money because of the market. However, down the road, it would be more appealing to another buyer because it would be newer, up to code, etc.. but what a shame to tear down an old historic house! The town it is in, was once very historic, and they ruined a big portion of it's charm (IMHO).

I completely understand the old house bug. We're restoring a 1912 colonial ourselves in a neighborhood on the national historic register. We certainly appreciate the charm of old buildings. It is a labor of love though - definitely not a money maker. Even doing almost all of the work ourselves, we'll probably just break even financially. In the long run, it might end up being a decent investment, but in the short term we know we are just paying for lifestyle and location. That is fine though. Some people spend money on fancy cars or expensive clothes. We spend it on sprawling front porches and the luxury of being able to walk to shops and restaurants.

It's not a house. It's a hobby. :)

I'd do it, but then your Realtor would probably think I was nuts too.

You can't get what that house has in a new house. The property is quite amazing, too.

If it made your heart skip a beat ... you're already emotionally attached. Since it sounds like you can afford this and the changes that need to be made, go for it.

I'm not a tear down type of person ... and actually would never want to live in a new built home. Many people will think I'm nuts too ... maybe I'm am ... I don't really care!

Not being familiar with your area, cannot give adivce, but have you talked to the building dept. Many times when you update any homes, all wiring, plumbing etc must be brought up to current code, that means in your area, they may require it be brought up to hurricane codes, plus, if you do buy it can you get insurance etc.

Well, another meeting tonight, I have my fingers crossed, and want to stay nutty! I am emotionally attached to the house, and DH is to the property!

Marie, we are very familiar with what the building/county requires, as we renovated another house here about 10 years ago. They have a 50/50 rule.. if you change more or improve more than 50% of the value, they would make you bring it up to code, and that could mean taking the house down. The septic and windows won't count, and I'm not sure even replacing and repairing the roof would count.. and the other stuff, I'd do a little at a time if required, and we'd get under the rule.

Why wouldn't you want to bring the home up to current high wind standards? If you're going to be sinking that much money into a reno, wouldn't you want to make sure that your home is more likely to withstand a storm? Yes, it'll be a LOT more money to do this rather than do a teardown and rebuild, but the home would still be standing if another Hugo came ashore. If, on the other hand, you cringe at the expense of bringing it up to code, then in your heart and in your head, you're leaning towards rebuilding a new old house. Use some salvage items from the present home and rebuild it exactly as it stands, or as you envision it could be after your reno. You'll be wisely investing your money instead of putting it into a money pit, and you'll get something old and something new at the same time.

There really is no way to bring this wood frame house up to current codes, the roof and windows will be up to code, but the structure is built, and the rods that go into new builds can't be retrofitted into this old house.

Building new... hummm.. really don't want to go that route! That is what brought me to this house, as I WAS in the building mode. Just wasn't able to get the house started! I never thought I'd find a house I liked, and I actually I wasn't looking. I found it online through the MLS, and it is THE ONLY house I reconsidered building for. If it doesn't work out, I will have to go back to building, however, building an new old house would be very, very expensive.

I stand corrected on the roof, as I just spoke to DH and no, the entire roof would have to come off to bring it to code, which means all the ceilings would have to be replaced. If it rained during this time, I hate to think of damage. The house has stood for almost 100 years, and living in Florida is a risk everyone takes, new or old construction.. guess that's why our insurance rates are so disgustingly high!

You would have a heart attack if you saw the old house we're trying to buy.

That house is adorable. I would fix it. And I'd do it cheaper. Those prices are way too high.

I just showed my husband the video. He said, "Is this a joke?" That's how nice that house looks.

Love, no I wouldn't have a heart attach, trust me.. the one house we bought 10 years ago, I'm surprised they didn't lock us up in a mental hospital.. it really was that back! It should have been condemned, but I don't think the county knew how bad it was. This house IS absolutely livable after a good cleaning, (and bug tenting to remove termites and cockroaches!) It really just has been neglected on major issues, and need some TLC. I hope we get it.

Good luck tinker, that is one of the nicest FL homes I have ever seen. I love "old" and feel preservation is important.

You are always going to have folks who THINK new is better. It's the way they are wired. A good many of those folks are in the real estate profession. They are looking at things from the point of the bottomline. Not always the best place to measure success from.
I'd start by finding a different contractor. When it comes to contractors you generally have two types the one ones who like new because it's fast and easy and it fattens their wallets with a quick turn around and the the ones who are masters and will work with you to save what they can. Generally speaking the latter is more costly but they also have the advantage of being better problem solvers and better at their craft. There seems to be a point of pride they carry which the gut and build guys just don't have.
That house has character. It has a good location and if you can afford to fix it up so it maintains that charm then I'd go for it. You fell in love with it as it is. Fixed up and maintained somebody else in the future will love it just as much if not more.
My biggest rule in home ownership is go with your gut. If your gut tells you it's better to save it than flatten it them do it.

carol, I think you're right, 100%! Right now, a new offer is on the table, the seller is away for 2 weeks, and I'm leaving tomorrow.. so just keeping my fingers crossed. This house has been on the market over 1 year, NO offers have been made, except ours... so we'll see. *IF* we end up getting this house, we already know that we would seek out a different contractor, one who appreciates older homes AND the quality!

I was thinking my husband and I will come down and do that work for half the price you were quoted! And we'll still come out with a pretty penny for ourselves! lol

You ever watch that show, I think it's called Rehab Addict on the DYI channel? This chick buys old houses and renovates them into what they were when they were first built. She specializes in the old houses. She does a beautiful job. Then she sells them. Speaking of which, whenever I've sold a house, the old ones that I fixed up are the ones I made the most money on.

Hey, I'm just wondering. How do you know there were "NO offers" on the house? Did her agent actually spill the beans on that?

Hi,

I commented on your other thread and can't believe it needs all that work. The images are beautiful. My contractor friend has a saying. "They don't build them like they used to, and thank god for that." I suggest getting an estimate to build the same home. Is the slab/basement reusable? Waterfront is a safe investment in my opinion. The only place they are creating more waterfront is in Dubai and who wants to live there.

Here is a link that might be useful: Sell your home in Andover MA

NA, I know of no waterfront home in FL that has a basement. Basements are very rare here.

Tinker, did the sale ever materialize? I'd buy that gorgeous bungalow in a heartbeat. It's crying out to be spiffed up and loved.

Re. the rain, I had to smile -- "the entire roof would have to come off to bring it to code, which means all the ceilings would have to be replaced. If it rained during this time, I hate to think of damage" -- I'm on a very different coast (Maine) and it would be a miracle to get re-roofing done without a few showers. If a roofing/ceiling contractor can't deal with a little rain, you've got the wrong guy. :-)

Crossing fingers for you!

circuspeanut, YES! We closed May 6th, and after closing we had lunch and headed to the new/old house.. and it started pouring and the roof was leaking! So within 60 minutes of handing over a VERY BIG check (Bay Front property).. we were leaking! We've been there everyday, and the list of things keep growing, but when the day is done, I STILL see a very charming, beautiful and unique home.. it's just going to take a lot of time and $$.

Thanks for thinking of me and asking.. heading there now.. have a great day!

Tinker....I just read your post....and CONGRATULATIONS!!!

I absolutely love whatever you do to your homes...you have a talent that few have...you have a vision!! The pictures of your new/old home are beautiful...and I know you will whip this house into a show place in no time :-) You will indeed make it a charming and unique home. I hope no storms ever come your way...but you kinda take the chance like we do here in the with the tornadoes.

I know you were having a struggle in getting your plans just right for your new build....I felt your pain. I certainly hope that I find that house that makes my heart skip a beat, so we don't have to build again...but I am really attached to the land/lake that we bought over 3 years ago...sort of like your DH.

I'd love to have the house you just sold...I followed you through all of your building and decorating dilemmas...even the returning of all of those lamps~~~LOL

Please keep us posted on your progress and don't forget to post pictures.

phoggie, thank you, you're sooo sweet! You actually have more confidence in my decorating ability than I do, I always 2nd, 3rd, 4th guess every decision! LOL

I'm thrilled to end the building process, it was a long 9 months of getting no where! I just found this house on a day of frustration, and it was the ONLY house we even looked at.

You really have a great memory.. I'm chuckling, remembering how many lamps I returned! We are still living in this house, and will put it on the market once our new/old house is ready for occupancy! I'm making my way around on the forums.. old house, kitchen and I'll eventually end up on my favorite one, the decorating!