parchmentheart (parchmentheart) wrote in housediaries,

first-time buyer jitters

Hi, I joined because I'm considering a 203K loan. I've painted, installed carpet, replaced damaged ceiling drywall, spackled/patched large holes, and am not afraid of power tools. But I don't know enough about real rehabbing to feel confident with buying a really serious fixer upper house- I'm a first time buyer, mind you. I have been looking in the area I want to live, and I can either get a really tiny place that may only need minor cosmetic work or a new water heater... or I can afford "more house", but they tend to be older and needs say, a totally new bathroom because it has water damaged floors.
Anyone care to give this newbie some advice? My realestate agent said I should solicit the good, the bad, and the ugly from everyone I know who's done a rehab. I just don't know that many folks in real life who even own their own homes, let alone fixer-uppers.
This is not necessarily a DIY issue, either- the 203K loan is very specific about hiring licensed contractors to do the work when necessary. So stories about how you dealt with bidding, hiring, and dealing with contractors are welcome!
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