I am not a fixer-upper type of gal, but that is the sort of house my husband and I bought 4 years ago. Since we purchased our house, we have all new plumbing, a brand new bathroom (including the dry wall), new carpet, new doors, new paint, brand new kitchen, new kitchen floor, new door to the laundry room, new roof, new gutters, new sprinkler system, and new landscaping, and a brand new, create-your-own-blueprint shed. With the exception of the flooring and the gutters, we (and by we, I really mean my wonderful husband—after all, I did say I'm not a fixer-upper type of gal)have done it all.
The thing about home improvements is they look great when they are finished, but are they ever really finished? It seems we have tons of little projects—the final trim work, that just get pushed aside for the next big project. This summer we have committed to finish up all the little projects. I'll be really surprised if it really happens, but we have come a long way!
Now I am wondering if it is worth it...in this economy, that is. Considering that 2 houses on our block, with the exact same floor plan that were already fixed up, sold in the last year or so for less that what we paid for our house, I am guessing that we won't see the rewards of our sweat equity for a long time.
NOTE: Never purchase a fixer-upper home, just before the housing market crashes.