"I got it at a steal - $84,000 - and for good reason. The siding was an ugly dirty yellow; wood paneling had been randomly tacked up on the main wall inside; the carpet was old and matted; water seeped into the basement every time it rained; and the back porch (which had been turned into a three-season room) seemed to be sinking a little."
"Six years later, I'd made enough updates to turn it more into my home. The siding was replaced with a brick red that I absolutely loved; neighbors complimented me on it regularly. I ripped out the carpet and replaced it with a wood floor. That ugly wood paneled wall was now a clean sheet of drywall painted an accent color. I'd also had someone out to replace the roof, ensure the foundation was sturdy, and discuss waterproofing the basement."
"From the moment I moved to Wisconsin, I dreamt of getting back to Chicago. But thanks to all the repairs I put into the house, I couldn't afford it - plus, I had a spouse keeping me in Wisconsin. As much as I loved the exterior of the house, the inside was wearing on my nerves. I was tired of cleaning up drowned items in the basement, and from finding random things stuffed into walls by former tenants."
Bought a 1940s summer cottage in rural Wisconsin in 2012 for $84,000 despite siding, paneling, matted carpet, basement water seepage, and a sinking back porch. Over six years completed updates including new brick-red siding, wood floors replacing carpet, drywall over paneling with accent paint, roof replacement, foundation repairs, and discussions about basement waterproofing. Found random items hidden behind wall paneling and dealt with flooded basement possessions. After a divorce, sold the house, realized significant profit, opened a savings account with $40,000 from the sale, and returned to renting to move back to Chicago.
Read at Apartment Therapy
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