I’m thinking about purchasing a house that is in really bad shape. It was built in the 20’s and somewhere along the road someone "finished" the basement. It smells horrible down there and I know there is extensive mold even without getting an inspection yet. The whole house is in horrible condition. The walls, floors, electrical, plumbing, HVAC, bathrooms and kitchen are going to be completely redone from scratch. The only thing I want to keep is the framing, layout, doors, and mouldings. Now you may be asking why I want to buy this house, well its because it is a foreclosure selling for 0,000 in a Million dollar neighborhood. I’m thinking about offering 0,000 just to get the land and willing to go up to 0,000 if the house can saved once gutting everything down to studs. Am I naive to think that the mold problem will be taken care of by gutting everything and fixing any moisture issues or is mold an incurable disease that will only go into remission and come back later when I least expect it? On average how much does it cost to have some one get rid of the mold and guarantee it wont come back? The house is about 5000 sqft if you include the basement.
I think the land is OK because there are houses right next door that are beautiful and appear to be in good shape. This is the worst house on the block and I’m pretty sure the mold is the result of shoddy remodeling and owners that didn’t care about their property because they got an easy loan where they didn’t have to put a down payment.