Need Advice: Considering Historic Mansion Purchase

[Felix Sharpe]

Hi BP,

I need some advice. About two weeks ago, my wife and I were doing some house hunting when we came across a boarded up 4,300 sq foot historic home. To make a semi-long story short, we sent the owner a inquiry letter, and he'd like to sell the home. We will be walking through the home this week, and I want to know whether I should hire a contractor as a consultant to give me a ball park estimate on what the renovation would cost. What do you think about this idea? Would a contractor be willing to do this type of thing? Is it even possible to give that sort of estimate with only a 30 - 40 minute walk through the home? Are there any alternatives? What would you do? Thanks, I'd consider any advice you have to offer.

Felix

[James Pearson]

First, I would find out if the home has been considered a historic landmark, the approach with that mindset.  By all means, take a contractor with you, and pay them for their time.  $100 should do the trick, but you need to schedule in advance with them.  Nothing we contractors hate more than giving free advise on these sort of things, and you will be making your offer based upon things we discuss.  If the home has been deemed historic, you are now restoring the home, and not renovating it.  Find out what is required to do this sort of work in your area and make sure the contractor you bring with you is of those qualifications and experience.  For future reference, working with the same contractor time and time again will get this service for you free of charge once a good relationship has been established.

[David Hays]

@James Pearson gives some valuable advice, and I agree with the fact that you shouldn't be afraid to pay a contractor for their time. I understand that it can be intimidating to fork out cash for a deal before you've made it, but as James said, the contractor is a professional that deserves to get paid for their input (and they're providing information directly related to that deal you're trying to close). 

Now, the other consideration to take into account is that a "historical mansion" is a pretty huge jump away from the majority of projects that people discuss here on BP. I'm not saying you can't handle it - I don't know anything about your experience - but luxury finishes and period details can absolutely burn your budget to the ground if you don't know what you're doing.

[Justin Tahilramani]

@Felix Sharpe - You have received some good information from all. What year is the home? The owner should be able to tell you the basics:

1) How old is the roof

2) Has plumbing/electric been updated

3) Is the home registered as a historic with the city/county

4) Known issues 

5) Why is it boarded up/being sold......

6) Whatever other questions you deem necessary

If the owner is unable or unwilling to answer these questions I would be concerned. 

Also, is this your first flip? It might be a STEEP learning curve (read STEEP as EXPENSIVE)  

 - Justin