100 year old house worth remodeling?

Question

There's a 100 year old house that's for sale in the neighborhood.

I'm currently renting a newer house but would love to purchase my own home.

The 100 year old house I can get for $15,000.00 but it needs remodeling inside.

When I say remodeling I mean it needs to be gutted as the plaster is falling off everywhere.

Is this house worth remodeling or should I look for a different house?

Answer 1

It depends on how bad the damage to the house.

Does it have some structural problems? If so can you fix those problems yourself or do you have to hire it out?

If you can do the structural repairs, replacing sill joists, foundations, wall studs etc then it might be worth it as it's cheaper doing it yourself.

If you have to hire out all those jobs for structural problems then it might not be worth it.

The cheap house could turn out to be not so cheap.

I bought a run down house that was built in 1906 and I'm able to do the repairs by myself so it's worth it.

I'm taking it slow and not taking out any loans to repair it.

I'm just doing the repairs to it as I get the money.