I'm doing it now and am in the 6th week....okay I have my good days and my bad days. How much of it will you do yourself? If it's just contracting and paying for it..I think you'll manage just fine...sure there'll be headaches but seek out a good contractor to handle most of them for you.

I actually enjoy being the general contractor, I like that feeling of "yeah, I can do this!" Now, I've flooded two bathrooms...trying to hold your finger in pressurized water pvc pipes while your husband tries to find the cutoff at the street...not fun. Other than that, I've peeled of 3 rooms of wallpaper, I've pulled up linoleum and have tiled two rooms (one I had help with)....I've painted 3 rooms...I designed and paid my cousin to frame 1100 unfinished square footage...I've lined up my subs to finish out that part...I gutted the kitchen and am installing new flooring in every single room of the house...I'm bringing in 3 cows from a neighbor to help manage the pastures on this dream horse farm I bought...because I don't have time to buy the horses yet while I'm fixing this house up...so instead of gazing dreamingly out my breakfast window with my built in seating (still being built) and seeing my horses lovingly eating pasture..I'll see 3 contented cows.

Yeah, it's a struggle sometimes....I got home at 9:30..spent all day running around finding a vanity getting a better deal on a granite top for it....picking out yet another gallon of paint to try...putting grout down over my tiles that look unusually orange when they were taupe at the showroom...darn those compact flourescents! There's always something to do...you may not have time to do it...but in 6 months, you'll know that this place is yours and the memories from building it with your dh will be there to amuse you. We joke that our house has been baptized twice (those floods were not fun, but we've got the cleanest duct work and subflooring now)

Enjoy and have a sense of humor!:)
Tara

The rule of thumb I use is: double the renovation cost and add it to the purchase price. Is it a good deal? If not, pass and buy something already completed.

The beaches of California are too small to contain all the tales of woe caused by renovation, and the Pacific too small to contain all the salt tears homeowners have shed.

I am a professional real estate investor, BTW.

Frank

Thinking of buying a house that needs major work -- am I nuts??

Yes

War is hell and remodeling isn't any fun either.

If you plan to stay in the house, these types of projects can be very rewarding, even if they are expensive. When I've been in the market for a new home, I always try to focus on older neighbourhoods with beautiful houses. Then I look for houses with good bones that need work or some other reconfiguring. Over the years, I've had a lot of fun with these projects, ended up with homes that suit me perfectly, and they've always been profitable in the long run.

Another advantage to older houses that desperately need updating is that you don't feel guilty tearing out hopeless bathrooms and outdated kitchens -- and you'll end up with something that suites your tastes and needs.

Be sure to have a reputable home inspector look at the house closely. Old Spanish revival houses seem to be particularly vulnerable to dry rot. Parapets or tile roofs leak, moisture gets trapped behind stucco -- leading to inevitable results. You're bound to have some dry rot problems in a 1925 house, but you want to make sure the stucco isn't the only thing holding the place up.

I'm going to guess that you'll probably need to update plumbing and electrical systems, too.

Next, line up a good architect. The Pasadena and Santa Barbara areas have a number who specialize in Spanish revival architecture, but it's more important to find one who shares your vision. Take your time planning alterations, then let your architect assist you in hiring a contractor, preferrably one he or she's worked with in the past.

If you need inspiration, get a book called "Red Tile Style" by Arrol Gellner. It's available from Amazon. It'll have you chomping at the bit to get started on the project.

If you can afford to do things right, you could end up with the house of your dreams. I love these kinds of challenges! Good luck.

Here is a link that might be useful: Red Tile Style at Amazon

Good, honest advice from everyone!

Before getting carried away with the excitement of remodeling the interior of the house and the yard, have an independent inspector (not the realtor's inspector) check the structure of the house. If the foundation, framing and roof appear to be in good shape then it may be a good investment of time and money.

Be 'very' prepared for it to be a test of your marriage. We've remodeled 2 homes......... it took several years for us to finish one of them and 2 years for the other.

You'll definitely need a sense of humor.

Thanks everyone! Lots of good honest advice. We've put in our counter offer a contingency to get a structural engineer in to make sure that the things we want to do can be done.

Does anyone have a good home inspector in the area?

Thanks again!!!