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Worth buying a house that needs a full remodel for 30-50% of the market price? (MD,US)

Long story short, we have been given the opportunity to purchase a house on the cheap. It is structurally sound, but needs a full remodel (kitchen, bathroom added and moved, some walls moved - probably new piping, HVAC, potentially electric, etc.). We could get it for about half, if not 1/3, of the market price of other houses on our block that also needed a similar full remodel (all row homes so very comparable). Houses that have been remodeled are selling for 50-100k more than it would cost us to buy and remodel it, and we would like to stay in it for a while. A couple of questions for seasoned buyers:

  • Are there concerns about purchasing such a fixer-upper as a first-time buyer?
  • How much extra would you budget for unexpected expenses, percentage-wise?
  • Any advice on buying a house without a realtor (but with a real estate attorney)?

It feels like a true once-in-a-lifetime opportunity, but as our first house, we are hesitant.

submitted by /u/gibbonjiggle
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1xm0gt6/worth_buying_a_house_that_needs_a_full_remodel/
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