We purchased a home we call "house of opportunity". It has the perfect size lot, perfect location and neighborhood. So far we have had the opportunity to spend 125,000.00 with at least 200 more to go. When we have completed the job we will have our dream house in a dream location. We made this decision knowing it is our last home. If you are not purchasing a forever home or at least long term don't do it. But if you want to spend years in the right location a remodel is the best way to get what you want and where. Just my 2 cents

No matter what house you buy, you're always going to want to put your own stamp on it in some way. If this house works in every other way but the finishes, then go for it. Remodels are a pain when they are going on, but you get exactly what you want (if you hire good pros to do the work or do it yourself if you have the skills). When you look back on it, and after enough wine, you can laugh.

If you don't really want to remodel a home—and you sound hesitant— and don't want to spend more than 9 months doing it I would keep looking. These projects invariably cost more and take longer than expected. You need to seriously look at your priorities as remodeling can be (is) very stressful and not all of it is fun like it looks on tv.

Oh it's definitely not fun like on TV and it definitely will take longer than the GC tells you it will take.

Buying a house that doesn't need remodeling is the cheapest and easiest option, but whether it's an option depends on if there exists a home that checks all the boxes for you. If you've been looking for a long time, then maybe it makes sense to compromise and take on the remodeling. If you haven't been looking long, I'd wait and see if something better turns up.

I happen to love renovating and IMO if all the other boxes are ticked then a fun time awaits to make the rest your own. I would be prepared for a longer time if I was you to get what you want.

I also agree that if this house fits your needs and you are willing to put the money into making it your own, than buy it! Is there anyway you can get a reduced price since you will have to put so much money into renovations? That would help make your decision. We got a discount on our house since the house we bought 3 years ago needed painted and we purchased this house during the winter.

If the alternative is buying a house that's already remodeled, but not the neighborhood you want, or lots size is small, or not enough square footage.... then YES, do it!

You can't change neighborhood, etc., but you can remodel a kitchen or get new flooring.

I would WAY rather remodel myself and get to pick what I want than have to live with someone else's decisions that might not exactly be my taste.

Just take it one project at a time, and be patient. In 5 years you'll be in the house of your dreams, and those renovations will SO be worth it. Or, in 5 years you could be stuck in a neighborhood you still don't like wishing you'd taken the plunge.

What is going to cost $200k-300k? Are you moving walls and then like? We had to do a kitchen, 2 bathrooms, refresh on a half bath, driveway, trees, porch, patio, landscaping and will be under 125k. Did some diy that is not included in the list and total.

Depends. Where does this 200-300K figure come from or the timeline for that matter? Is this one of the few options to get into the desired neighborhood? Is the area valued such that your remodel makes financial sense? Some parts of the country it would,in others not really. How long do you expect to stay in the home? We did an extensive remodel on a very well priced,estate sale fixer. By the end of the remodel I was "underwater" by about 50K. Now, years later,the house has appreciated and I'd make a handsome ROI. In short,consider all the options but know that it isn't the easiest path.

edit to add: if you can share listing photos, folks on here will give better and more targeted advice

Houses like that don't come on the market everyday. I love designing and change, so I would pick a reno over a new build almost always. An established neighborhood is what I like. It won't be a dime-a-dozen home, it will look like you! I have a 90's home too, but most original 90's features have been renovated. Take your time to choose who you will "become best friends with for a while", meaning your contractor.

For me neighborhood matters a great deal, so I would lean toward remodeling if I could afford the time and the financials made sense. Remodeling is a lot of work and a real pain, but the payoff is huge. I say this as someone who bought a house someone else remodeled and I really wish I had made the calls instead, but the timing was not right for us to remodel, so we paid a premium for someone else to have done the job for us.

Only u know the reason why u hesitate on this place. U need to sit down n be honest with ur self. Do u really Not want to do the work, do u Really think 9 months is a reasonable time to do what u want, and do u love All the aspects of this house to just go ahead n do all the things that You think it needs (not what ur family thinks it needs) to accomplish the dream home of yours.

U may have to move on, change ur expectations of a house, or bite the bullet n go for this house. Who knows, u might even be happy with ur choice. Only time will tell. Trust ur instincts... best of luck! :).

U have to think about it. U may be right. or You may be right.

As houses get older, surfaces need to be replaced and all enjoy putting their own style into their home. However, "updating" a home to look 2018 will be dated itself in another 10 years - sooner if done in all grays.

You can take an older home and gracefully blend in refreshed colors and surfaces and enjoy the space and possible get some return on your investment, but a whole house reno often does not return the investment unless sold when the new style is still trending.

I live in a neighborhood of 70's homes. Many were "updated" in the 90s or early 2000's. The ones with the "updated" kitchens cannot ask much more in price than those with original 70's kitchens still in good shape. Those with original 70's kitchens do not have original appliance and seldom have original flooring - but what they have is not the newest thing. My point is that if you make the house 2018 and sell in 10 years, it will look 2018. That might seem "dated" in 2028 - people on House Hunters bemoaning all that gray and too much open space!

You can do what you want to make the house your style as long as you have the budget, just don't count on getting that investment back. There are a few homes for sale in my area totally done over inside - very 2015 -17 - and asking 200K more than the neighboring houses of same size - and they are sitting on the market without moving.

Boy do you need to read this. And internalize the message.

https://www.curbed.com/2018/3/7/17087588/home-renovation-unnecessary-mcmansion-hell-wagner

Being under construction for years, is not good for the body, mind and soul. Comments I have heard are - next time they would do it all before moving in. Maybe thats not an option for you- so lots to think about.

I think I was very unclear in my comment. When I said it was rewarding to remodel, I meant personally. Financially, I see very little upside. And by making financial sense, I mean, will the renovations suit the comparables in your neighborhood and/or can you afford to spend the extra money just to please yourself.

About renovations in general. I abhor the concept of renovating for the sake of "updating the look" of the house. As others have mentioned, that will lead to a dated house in no time. Renovating means making the house function better, from an infrastructure point of view and an aesthetic one- so new wiring and plumbing, better insulation, nicer windows, more windows, are all good renovations that will last for you and a future buyer. New gray tile, new wood look tile floors, opening up a floor plan, these are specific to a time and should probably be avoided. I think it's better to indulge in trends through your decor, preferably some accents and accessories and not important pieces.

I would personally buy it only if:

a) the house is appropriately discounted to allow me to do the work, and I am okay with the disruption that renovations will bring over the next few months.

b) It's not appropriately discounted but it's my ideal neighbourhood/ school district/ forever home/ etc, etc, and I enjoy the remodeling process on some level, and it's worth it to me - but I'm going in with my eyes open.

c) I'm satisfied that I've done a good job studying what other property options I have.

You are the only one who would know what's best for you, but reading your post, I don't get the sense that you are excited about buying this house. So ask yourself if the remodeling process to get you to a place where you're excited about it is worth the hassle and expense, assuming you don't enjoy the process itself for what it is.

Our last house needed everything. The roof was four layers thick with the last one put on over thirty years before we bought the house. It still had knob and tube wiring. It had zero functioning appliances—even the heat did not work. One of the two bathrooms had a leaking shower. And on and on.

But it was the perfect location (great schools in walking distance, walk to library, walk to movies, walk to shops and restaurants, easy access to commute routes, adorable neighborhood). It was the right size and had the best curb appeal ever. And there was very very very little on the market.

We spent three years and a lot of effort and money fixing everything. And then about a year after finishing our last project, we moved. Sigh.

Our housing market was hot so we sold for enough to cover the money we put in plus more, but that’s not quite the same as getting our money back because I am sure we could have done nothing and still sold for more than we paid.

So if you hate remodelling ( I actually like the planning part quite a bit, but not the living in the under construction house with kids part at all), I would think carefully about taking on a huge project.

i would think that a 1990’s home would be pretty livable. If you are that unhappy with the style perhaps you really need a new or already updated house.

If you can afford to buy a house that needs a quarter million dollars worth of remodeling, hire an architect.

I HATE the dirt & disruption of remodeling so I would pass on it UNLESS the location was such that finding another house in the area was almost impossible. I purchased & did a complete renovation in my current house only because of it’s location ( beach, in a high demand city in So California ).

You must be sure you will not be overbuilding the house or the neighborhood. 34 years ago, we bought a "plain Jane" house - the cheapest on the block and probably in the entire neighborhood. 34 years later, it's the way we wanted it to be. I knew I could not overbuild the neighborhood, but was VERY careful to not overbuild the house. And I didn't do it all in 9 months. It has evolved through multiple remodeling jobs over the years.