Realtor showed me an old house with knob-and-tube wiring and I totally changed my mind about renovations

I was dead set on buying a fixer-upper in Portland, Oregon, thinking I could save money and do the work myself over time. Then my realtor took me to this 1920s bungalow that looked perfect from the street, but the inspector pointed out knob-and-tube wiring still live in the attic, and the main panel was rated for just 60 amps. The estimate to rewire the whole place came in at $8,500, and that was just for the electric. Then we found out the foundation had cracks that needed steel piers, which was another $12,000. Standing in that dusty basement with the inspector, I realized I was romanticizing the idea of a project house but ignoring the real costs and safety issues. Now I am only looking at places that have been updated in the last 20 years, even if they cost more upfront. Has anyone else gotten burned by underestimating old house repairs?

2 comments

2 Comments

casey3932d ago

Knob and tube tried to give me a permanent perm for $8,500.

diana_black222d ago

Lol @casey393 that's a wild way to put it but honestly not wrong. Did the inspector give you an estimate for the foundation too or did you find that out separately after you already had your heart set on the place?