You can hire a good home inspector to give you a checklist of what needs repair including things like the state of the electrical and plumbing and what needs bringing up to code and if previous updates were done to code. You can then get bids from good contractors based on repairs needed but also what changes you want to make.

Thank you!!! Blown away by your response!

Thank you!!! Blown away by your response!

I'd add, if possible, take a contractor as well. What may seem like a little problem to an inspector and realtor can add up to big bucks for a contractor to fix.

All good information thank you! I am in talks with the owner. House sits on a golf course. I look at it everyday from the kitchen window. Honestly I am an urban gal and this is so rural but financially it makes sense particularly as it stares at me in the face each day. I will try to take pictures and post tomorrow. There is a caretaker there now and the house looks so run down. My sister lost her sight many years ago so this seems like a blessing if I can make it work. I have been looking on Houzz for contractors, even architect but I don't have a background in renovations. The inspection sounds like the first logical step to take. I made a list of items I need to know financially from the owner so I can negotiate. The house she said was in a precarious place with the bank as it was not actually foreclosed on yet. I will have my lawyer speak with the bank and see what we can settle on IF we can.

If you ever watch "Flip or Flop" on HGTV, they buy run down properties and most of the time seem to make a nice profit. Only once have I seen them lose money and that was a result of unforeseen issues that cost quite a bit.

Granted, they do some of the work themselves and work with a trusted contractor. However, it's probably harder than it looks on TV.

I have watched the twins religiously. Scott I think. Property Brothers. So tempted to call them -smiles.

A home to live in is different from a flip. So, be willing to incur more costs for this than make real financial sense. And, it WILL cost far more than you think to do all of the projects that you listed. It would easily be 100K here for just those projects done to a basic level. And I am in a fairly low cost labor market. That is if no kitchens or baths are involved and the plumbing and electrical are all good with no damage or upgrades.

First off.. those shows on tv are definitely not reality... I think half of them are in Canada and they can magically do a full kitchen remodel for $3k in 2 weeks, move walls and replumb etc etc... no way, not possible unless you do everything yourself and guarantee it'll take 6 months.

I bought a foreclosed townhouse a year ago, bank-owned. It was vacant for almost 2 years....If you can buy it before the bank owns it you are waaaay better off. Banks are a hassle and so it the whole purchase of a foreclosure process. Definitely not the same as a conventional purchase.

Just plan on remodel costs being double to triple what you expect. So list posted above, evaluate the neighborhood property values and how long you plan to live there, etc...

I think most "home inspectors" are generally NOT a good choice, ***instead get specialists in there***... an HVAC guy, a plumber, and a electrician. Home inspectors "generally" (don't get mad if you are one of the really rare good ones please) are not knowledgeable enough to tell you if the furnace is properly vented to meet code and keep your family safe, they can't tell you if there are enough return air vents to properly cool the place, etc.... they can tell you if the lights work and the sink drains... Oh and a roofer... get a roofer too. :-)

THIS COMMENT...

Honestly I am an urban gal and this is so rural but financially it makes sense particularly as it stares at me in the face each day.

is a red flag to me.

You don't have any idea at the moment if it makes financial sense. And just because it's next door to your sister doesn't necessarily make it a wise choice for you, either. What about it "staring you in the face" makes it a good investment for your money, time, and lifestyle? Don't get emotionally attached to the house until you find out the financial part, and REALLY consider whether you WANT to live in a rural location, and in THAT house.

Agreed. Bottom line my sister is disabled and I have had a strong career in finance. You are absolutely right. I do not have an idea of financial effort. This is a development that is 25 years old and we know the previous owner. Very strong homeowners association and house sits on a golf course as does my sisters. The house is not a complete unknown. I moved here from California to help my sister. But thank you. All really great comments I can tell all commentators have some great experience.

I didn't mean to sound like all doom and gloom. That house could be a perfect solution.

I moved to a development that's between 25 and 30 years old. Just about everyone here is having to replace major systems - air conditioners, furnaces, water heaters, windows. The vinyl siding and roofs are being replaced by a lot of homeowners. I'm pretty sure everyone's replaced at least one kitchen appliance, if not the entire kitchen. Take that into consideration, because even if something's working "today" it may fail "tomorrow" if it's near the end of it's life expectancy.

If you haven't already, attend HOA meetings. Speak with someone "in charge" and find out what percentage of the homes are delinquent in their fees.

The more you know, the better position you'll be in to make a fair deal on the house.