Walls and Ceilings - Is my new home worth all this?

My fiancee and I are in the process of buying our first home. We got a 4 story home for 47,000! But it needs some work. There are some cracks in the walls. The kitchen and dining room needs tile. It also needs some new windows. The kitchen also needs a new counter. As you can tell it's an older home. I was just wondering if anyone out there will give me there honest opinion-are we getting a good deal or is it not worth it. For more info: 5 bedrooms
2 total bathrooms
Dining Room
Wash Room
Big Attic
Office w/fireplace
Over 2,000sq/ft
Big Living Room
Big Kitchen
Big Basement
New deck
Fenced in yard
Big porch:confused:

That sounds like too much house for that amount of money. I suspect it needs a lot more fixing then what you noticed. Get your own professional home inspector and appraiser to check it out before purchasing the house. Don't rely on the owners reports or the real estate salesman.
In Philadelphia, Pa, 3 bedroom row homes that are well maintained are selling for about $120,000 to $150,000 with about 1700 to 2000 square feet of living space.
Cracks in the walls are not a good sign. You may have structural or foundation problems.

You really don't know what you do or don't have without an inspection.I don't know your purchase details but here it would be highly unusual to not have an inspection before a purchase.Even in As is situations you get one so you know what to expect.You may have done well or you may have been badly taken.Cracks and such tell you nothing except what's visible and on the surface.Many older homes have cracks.What about plumbing electrical termites roof etc etc? Before you make any decisions get an inspection.

Home prices vary greatly depending on location so it would be hard to say if it is priced high or low. I agree that it would be wise to get a home inspection before signing. I know you expect to do a lot of work to it but you would also hate to find out too late there is major structural [or any other type] damage that is too expensive to undertake.

If the work needed is all cosmetic (like what you described), this is probably a good deal. As mentioned by previous posters, however, this house might need more and the cracks in the walls could be from a structural problem, which quickly makes this a deal to avoid. I agree with the inspection before purchase advice given.

A home inspection is really important, especialy with an older home. I don't know where you are, but location is the primary factor when determining the price of a home. Not just what area of the country, but also what the neighborhood is like. I think you should do a little research. Find out what other similar properties in the neighborhood sold for. If your property is significantly lower, beware. That doesn't mean don't buy, it means you should be extra cautious.
Everything you describe is relatively minor and right up a DIYer's alley. What you really need to look at are the home's mechanicals (how old is the furnace?), plumbing and the condition of the electrical service. Along with the roof and windows these are all parts of the house that can really get into your wallet. If you are in an area where insulation is important, you need to know how well the house is insulated. Ask to see the utility bills for the last 12 months.

get an inspection and even after that don't completly reley on them catching everything.

i was present for my inspection and thought he did a really thorough job and was very impressed. needless to say, he over looked the rotting roof around the chimney!!!!!!!!!!

you cannot expect them to find everything but i do highly suggest the inspection prior to buying.

In addition to the inspection (which a conventional (conforming) loan would require, a lender will also require an appraisal, although I would have gotten my own appraisal before negotiating a price or asking for a loan. You should be able to get a copy of any appraisals done on the home. Inspect it carefully. It will use one method that arrives at a fair market price based upon comparable recent sales in the area. The comparables will be adjusted up or down based upon differences between them and your house (more bedrooms, less square feet, better condition, etc...)

Based upon that and looking around at a lot of other homes for sale in the area, try to determine what you think the home would be worth after you do aesthetic repairs and mechanical updates (wiring, plumbing, etc...) [You can pull up a map of MLS listings in your area on talktotucker (dot) com] Whatever cost you guess in time and money for your repairs, add 50-100%, because nothing is ever as easy as you think it will be in these older homes (Don't ask me how I know :wall: )

It's very likely, depending on home values in your area, that you could turn a decent profit on a home like this by putting a lot of sweat and money into it over the course of a year or two. If that were your goal, you have to make decisions on what to fix and how much to spend based on what you think it will do to the selling price (Return on Investment=ROI). Kitchens and bathrooms have the best ROI. Adding square feet is usually second, although it sounds as though this may be big enough.

This would only be a good idea if you enjoy fixing things up, like many of us do. You have to be prepared to live in a construction zone. (think: Green Acres)