I would get back in the house with a contractor or structural engineer or both........ before I even MADE an offer. Lets put it this way. If you were looking at 100K, 150 k to 200k worth of remodel...... would you MAKE an offer? Figure average remodel costs of a kitchen with a total gut at 60k and a master bath at not less than 45k with a gut involved...... hardwood flooring at 15 $ a sq foot installed.........and make sure you haven't been watching too much HGTV

Exact numbers aren't necessary in a comment, but a similar scenario below. Before and after .......app 175k

click the pics on the real estate listing :

https://www.zillow.com/homedetails/494-Lake-Rd-Webster-NY-14580/31038682_zpid/

Then scroll the after which DID involve load bearing removal......etc and the guts of kitchen and bath. Lousy photo order : )

[https://www.houzz.com/photos/lake-home-kitchen-new-york-phvw-vp~97657705[(https://www.houzz.com/photos/lake-home-kitchen-new-york-phvw-vp~97657705)

Thank you for this info!! We are in love with the house even before changes are made...these are just things we want to make it our dream home!! We have zero clue on costs involved, so was trying to get an idea of someone coming out to let us know idea of costs/times. That way we know if it's something we do now or later on.

There are different ways to approach this, but Jan is right. If you are going to go for a total gut, get the contractor out before you make an offer. You don't want to offer too much if the current condition of the house doesn't warrant it (have your comps in hand).

Otherwise, if you have a cooperative contractor, bring him out during the inspection period. This is risky time-wise - depending on the length of your inspection period.

As to actually doing any work at all, including demolishing anything, you can't and shouldn't do anything before you close on the house. It's not your house until you buy it and you haven't completed the purchase until closing. For clarity: closing is the exchange of money (the entire purchase price) for keys and the deed. The contract period can be considered the promise to buy under certain circumstances (getting financing, inspections etc).

You start with a plan and a budget. If the budget isn't enough to do what you plan you either modify the plan, increase the budget or pass on the house. ...Or wait until you have enough money to do what you plan. Or take it a room at a time.

Hahah, thanks! I mean, we maybe newbies to home buying, but I would think anyone would know that nothing can be done to home until it belongs to us.

Also the house would be our forever home, so not concerned about pricing ourselves over the comps for resale. Also we love the house even without the renovations...just would like to have updates to home to make perfect for us.

Each house has specific construction which limits the amount of remodeling that can be done without complete tearout and rebuilding. The first red flag about your wishes is the removing first floor walls. Most two story homes have loadbearing interior first floor walls. That means the entire structure of the walls/roof/foundation have to be changed. In some cases, that means building a new structure would be less expensive.

You need a lot more information before you even start, unless you have a couple boatloads of money---in which case, buying, tear down , and rebuilding is a better idea.

Next, remodeling can be a crap shoot, even with good planning. Damage to framing/foundation/roofing/floor or roof joists can sometimes only be discovered when demo is happening. A walk through will usually miss those areas.

Having an architect/builder do a walk through can help with cost estimates. As can a report from an independent home inspector. But, those reports/inspections are basically looking at the lipstick on the pig and the basic size/weight of the animal. Does nothing to tell you about the actual condition on the interior.

Renovation needs a lot of planning and a very flexible budget and time table. It is not unusual to see a budget be under by 40%, and six months to a year over the time schedule on older houses.

One example of a problem in the house you described---removing interior walls. That can be done, if there is room/space for the necessary load carrying beams necessary to replace the walls. However, adding a 14" wide glue lam beam can be impossible due to the thickness of the floor between the first and second stories. Or the load bearing capabilities of the first floor walls and foundation. Just not easily nor financially feasible.

What you want to do can be done, just not on every house you find.