I am in the process of buying a bank owned house that needs major remodeling. The house is $150,000 plus I got a remodeling bid for $91,000. The remodeling includes complete forced air heating/cooling system with duct work, All new Andersen windows and patio door, rebuild bay in kitchen, new siding, new exterior doors, new water heater, new bathroom, new flooring, and paved driveway. (City requires paved driveway.) The house is one story with 1,300 square feet on the first floor and 1,300 square feet in the basement. Lot is 3 acres. The septic system was replaced in 2011. I still have until next week to cancel the deal if I want.
I'm really conflicted on what to do here. It seems like a lot of money to spend, but the house will be practically new once it is all done. I can get a new house for the same money in the same city, but the lot is pretty bad and I don't like split level houses.