When To Call It Quits on Your Home

Maintaining a home that has been neglected for years is a real money pit. I should know I’m currently in the middle of a renovation. Here is what happened, it was a cash deal and I was sick of living and paying just for rent and I wanted ownership. This particular house had been on the market for 4 days I immediately called the Real Estate agent and put in my offer, well that same day the house had 8 other offers!

The seller went with my cash offer and we closed on the deal in less than 14 days but here is what went wrong. I didn’t do a proper repair estimate on the home, I was just so excited that I was going to buy something that I now owned. The previous owners didn’t care much for the property, it had water damage all over, upon further inspection it also had termite damage and foundation issues! And that was just the beginning of it all.

I wanted to save money so I did the majority of the work, this house had 2 dead cats, it had wet…everything, a wet carpet, furniture, did someone just leave a giant whole in the roof for 4 years? Everything had to be thrown away, I opened up the walls and it had 3 or 4 layers of previous remodels. The sub floor had holes and the wooden floors were beyond saving. Jesus what did I buy? The exterior cement around the house was cracked all over, the exterior brick had wholes and the place was missing gutters. Who doesn’t install gutters?

I wish I was kidding with you but I moved into this place because I had nowhere else to go! If there was ever a time for someone to tell me I made a mistake in buying this house the time was now! In hindsight it was the middle of winter so snow was covering the whole exterior of the house so I couldn’t make a determination of what was wrong with the house plus the added pressure of other likely investors trying to swoop in and buy this house!

Initially I thought I’ll just do the repairs myself, well I started to! I rented a truck bought hammers, masks, nails, you name it and it got expensive quickly. I went to work I knocked down walls, old houses have asbestos so make sure you know what your doing before you touch those walls, only to find more problems when I tried to put up the drywall myself…the frames where crocked because of a destroyed foundation.

I had to sell the house, I got into a big mess and I did the math it wasnt going to work. I could keep going with this story but its just too embarrassing.

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