Anyone who has bought a fixer-uper...?

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I recently found a house (online, have not see it in person) but it is really under what our budget is, and needs some work. I think overall the house is adorable and with some TLC it will be even better.

My questions are, since neither I nor my boyfriend have any idea how to do any of the work ourselves, or where to get the money...

1. Where could we get the money, is it possible to take out another loan to cover the cost of the renovations, or could out mortgage be larger than the amount of the house for the changes to be made?

2. Is it possible for two people who don't know what they are doing, do some of the updates and make it look good? I am totally ok with getting dirty and doing it myself, but I want it to look good at the same time.

3. Is it worth paying the extra money to have someone do the renovations rather than doing it yourself?

4. The house does not have ac but says it has hot air heat, can an ac unit be added to that??

Anyone who has bought a fixer-uper...?

My husband and I have been do-it-yourselfers for 26 years now. I probably won't answer ALL your questions but I will give you my hard learned advice. Sweat equity put into a house is worth it's weight in Gold. Now with that being said....don't hire someone to do the work, unless it is something that you just can't possibly do like plumbing, electrical or roofing. When you are remodeling a house....concentrate on ONE room at a time. Not the whole project. That will overwhelm you. Get magazines, color swatches and sit and design ONE room just exactly the way you want it. If you do-it-yourself, you can probably keep under budget and not need to take out a loan. You'd be surprised how much even $500 will remodel. Once you have remodel that one room to your exact specifications....move on to the next room that needs to be remodeled. It might take 10 years to do all the remodeling necessary...but at the end of that time, you will have one exquiste house. We bought our home for $19,000 26 years ago. We could now put our house on the market for $100,000. It is well worth your time and effort. As far as the AC is concerned, that is one of the instances where you need to consult an expert in that field and pick their brains. You will be surprised at how fast you can learn fix-it skills. I can sheet rock, paint and design with the best of them. It might take me a while to learn what I need to do (like faux painting recently) but with patience you can do it.

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Anyone who has bought a fixer-uper...?

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