Expert: Bruce E. Johnson - 6/15/2010

Question
I want to buy this 1947 home,but it would all have to be redone(Interior walls have paneling, ceilings have to be redone, electrical wiring, insulation, plumbing(bathroom, kitchen, and laundry area,etc. and the exterior(Some of the boards at the bottom are rotted.) as well including changing the windows to smaller ones.) The only things that do not have to be changed are the hardwood floors that seem to be in great condition and the roof was recently changed.(This caused interior water damage and there seems to be some mold on the ceiling in one bedroom.)I also do not want the kitchen changed, except the plumbing. The floors are very, very good and the size of the house is approximately 1000 sq. ft.(fairly small house) The owner wants $8300 and to be moved it is costing me $2000. I have a piece of property that cost me $26000. Everyone tells me why don't I just build a new structure. I love the way the front of the house looks(the door and the double window) If all I have is the frame and nothing else(except the floor), do you think it is worth it or not?  And how much do you think the finished product  would cost me? I would like your expert advice asap. P.S. The house is on pier and beam and it would need ones as it is planted on the ground. I looked under the house and the beams look to be in excellent condition as well.And would it be energy- efficient? I need expertise advice  and not just people's advice in this area.

Answer
Hi Esther, it all depends on what you want and whether you have done your homework.  If the house is quaint and appealing to you and the total costs for moving, foundation, renovation, landscaping etc. don't overshadow the end value then I say go for it.  By overshadowing the end value I mean this:  The average price for a home of this size in your neighborhood would be the end value.  Will it cost more than the end value to take this project to its completion?  Crunch the numbers, get realistic estimates from contractors and if it looks like you still want to proceed then good luck with your dream home. I hope this information helps please feel free to write again regarding this or other matters, sincerely bruce e johnson..bejohnsonconsulting.com