However, we have located a house a few blocks from our current address that we're very tempted to buy. It was built in 1962 and is a one-owner property. From the looks of the photos, the people who lived there got too old to maintain the place and let it fall into serious disrepair, inside and out.
It's obvious that the yard was once landscaped magnificently, but it's so overgrown that you can't even see the huge double front doors from the street. The interior is spacious and has some great features...lots of rock walls and fireplaces, beamed ceilings, wonderful windows, original slate floors, unique architectural features, and a gorgeous room divider.
There's no doubt that this house could easily be a real showplace worth more than twice the current asking price when restored, but a long and arduous renovation taking at least two years would be necessary. We think we might be able to get a really low offer accepted, because the house has been on the market quite some time, which would give us a low enough monthly mortgage payment to pay cash for repairs as we go. My daughter definitely has the patience to take her time and have the work done in stages...but do I?
Can a house skip "bad" and go straight to "too bad"? Or would it be worth the effort to restore a diamond in the rough like this, even if it takes a while? What are your thoughts?