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Rick
Rick, General Contractor
Category: Home Improvement
Satisfied Customers: 18907
Experience:  Licensed construction supervisor with 35+ yrs. experience.
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I just purchased a home this past April and come to find out

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I just purchased a home this past April and come to find out after home inspections etc.. that the home is in need of a new foundation or repair as well as a lot of structural issues. I was told this would need to be a complete gut and rebuild. I have been quoted not including electrical work, kitchen cabenits, or kitchen appliances a price of 130K. Which would include reassuring the foundation, restructing the second floor, hvac work, new plumbing, fixing the roof, bring stairs up to code, instulation, flooring, tiling, etc... I only have a budget of 100K which I have borrowed thanks to family do you think the 30K extra with out kitchen or electrical which I need is worth it

Rick :

Welcome, my name is XXXXX XXXXX I will do my best to help you with your issue.

Rick :

There are basically 2 issues here; how much do you like/want the house and is the re-sale value of the house equal to or greater than the money you will have to put into it. If you really like the house and you're ok with the necessary cutbacks to make your budget work then it may be worth moving forward. But if the money you'll have intoo the house isn't at least close to the value of the house then perhaps it's not worth the expense

Rick :

If you are on the fence then get a couple more estimates. Another contractor(s) may have a different approach that will be more in line with your budget

Customer:

I will loose way too much money for the house although I don't love the house I like the house. The house is worth less than I paid.. which was stupid!!!! But was under the impression it was in move in condition with a few minor repairs like new light fixtures cause I wanted to replace them etc....

Customer:

Inspection that I had prior to the purchase didn't mention any structural or foundation issues so I purchased thinking I can change things in time...

Customer:

And hopefully in a few years values would go up and I would have equity of some kind built into the house

Customer:

stupid first time buyer mistake I guess

Rick :

It sounds like you may have cause to sue the seller and/or the home inspector as these issues should have been revealed either in the home owners declaration but certainly in the pre-purchase inspection report. I'm not a lawyer so I can't advise you on legal matters.

Customer:

I had to move out of the house cause it is not safe

Customer:

thanks I will look into legal advice

Rick :

In any event putting that much money into this house doesn't sound worth while

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