Buying a major fixer upper with water damage
My husband and I are buying a major fixer upper. We see the potential. It's an older home build in 1900, but it has extensive damage. Everything will need replaced. The roof first off. It's leaking bad and the floor and carpet are saturated. My question is, is it worth buying this? (we paid $8 grand) we are going to tear out everything inside after we roof. There are no foundation issues. Just mostly the water damage. The previous owners trashed the place. Let big dogs run wild inside so I'm sure you can just imagine that kind of mess. The smell is horrific and I'm just hoping that once we take possession we can rip out all the flooring and ceilings. I'm just worried that we're doing it all for nothing at this point. There is a lot of work to be done. But this is pretty much what we can afford. I know most of you have hundred grand plus houses that you are buying and we are talking a mere $8 grand. Difference in geography I guess. I will not get in to the renting trap. Rent here is way too much for our incomes together. The appealing thing is that we will own this place free and clear. Are we crazy to take the plunge?