saving a home out of family foreclosure/ how to update
we have been offered the opportunity to get a family home out of foreclosure. We, of course, will have to pay to do this but dh and I are mulling this over with the intentions to flip the home or find someone to rent long term.
Either way we have some cosmetic issues. The home has a pine paneled den and kitchen cabinets are pine paneled. The floors are in need of sanding and there are wood floors throughout sans the kitchen and bathrooms.
The house is 2800 square feet. It needs to be painted throughout, floors sanded, and the bathrooms are the old ceramic tile look. The bathroom counters need to be replaced and tubs reglazed.
The home however has a huge lot, fenced in yard and in a great school district.
My questions are as follows:
1. What would you do to the pine paneling?
2. How do you designate how much to spend on repairs?
3. Do you think this is too big of a list of repairs?
The structure is sound. A new roof was put in over three years ago.
Almost everything is cosmetic.
Do you have any suggestions on how to proceed?
This home was lost in a divorce and we want to try (out of respect) for longtime neighbors to save it from foreclosure. I doubt we will make much...probably just break even but we are considering this very seriously.
thanks for any and all suggestions.