My sister and BIL bought what seemed like a great house back in April but it's turned into a money pit.
So far they've spent close to $110k just doing repairs like a new roof, HVAC, fixing the foundation, replacing pluming and the electrical, new doors and windows and they still haven't even started remodeling.
As they were doing the remodeling all the issues the house started appearing. The floor was actually sinking and had to be braced and that alone cost $15,000.
My sister is livid because they were fine in their condo but my BIL wanted a big house in a mature neighborhood and thought buying from an elderly couple would mean getting a well cared for house.
They've burned through their savings and now my BIL wants to get a second mortgage to continue with the work convinced that the house will double in value and they'll have lots of equity after the new appraisal.