We have the opportunity to purchase my late grandmother's 1950's home and renovate it into something we could live in for many years. I have no idea where to begin to see if this is even something we can afford or how long it would take. My sister's currently living in the home and from what I've heard, it needs major work. It's probably about 1000 sq ft, 2 bed/1 bath. We'd be interested in adding a second floor to accommodate for our growing family. There have been plumbing problems since my sister moved in, so I imagine most (if not all) plumbing would need to be redone. Probably most of the electrical, too? And I heard there was asbestos in the walls/ceilings.
Considering it needs so much work, I like the idea of creating the house we want. I'm not afraid to do some of the work ourselves (floors, paint, etc). Additionally, we could probably get a good price on the home since it needs so much repair and we'd be purchasing it from family. Does this sound like more of a headache than it's worth? Would it be better to consider renovating bits and pieces over many years?