Would You Buy a Dilapidated House for $100k Less and Renovate?
Monday, January 4th, 2010 at
1:47 pm
for $100k. Or would you buy a new house with all amenities for the same price?
I’m thinking buy the old house and fix it to my specs. and I will enjoy the rebuilding process too.
Most of your replies were very informative. I cannot decide which I should choose because all your input helped me. I’m putting it to a vote.
Rent Back
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Tagged with: Amenities • Buy House • New House • Vote
Filed under: property renovation
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Zorgvuldig ben! Vele dingen aan horloge uit voor met oude huizen:
Eerst van – is het in een goede buurt? Als it' s in een krottenwijk, die omhoog uw huis bevestigt zal toevoegen niet dat veel wederverkoopwaarde aan het. Zorg ervoor het in een verkoopbare buurt alvorens de bokken te besteden is.
Ten tweede – dit zijn enkele grote kaartjesdingen voor in oude huizen op te letten:
Dak
Elektro systeem
Loodgieterswerk
Structuur
HVAC
Als er kwesties met om het even welk hiervan zijn, you' het re gaan veel geld en veel tijd met veel hoofdpijnen besteden die hen vast krijgen. Zorg ervoor deze en in goede reparatie bijgewerkt zijn. Anders, you' ll besteedt tientallen duizenden dollars aan dit; en als you' ve werd reeds een hypotheek op het huis, kan het moeilijk zijn ertoe brengend een lening om deze dingen te behandelen.
Duidelijk, you' ll wil een vergunning gegeven inspecteur hebben een analyse van het huis doen alle tekortkomingen aan het licht brengen.
Persoonlijk, houd ik van oude huizen – beter charme en karakter, typisch in interessantere (en kleurrijke) buurten. Nochtans, worden zij typisch niet beter gebouwd: de bouwverordeningen/de normen hebben drastisch in de loop van de jaren verbeterd. Met bovengenoemd dat, I' m dat een 100 éénjarigenhuis koopt. Zij zijn ontzagwekkend.
Goed geluk.
Depdends on how much time you have on your hands and how handy you are. I would do it, in fact I did do it.
Does the term “Money Pit” mean anything to you?
If you like the house, the area, and have the budget it can be very rewarding.
HOWEVER you need to give it a serious look over, figure out the real cost then budget for 3 times that amount. I’m not joking.
My money pit had a sag in the bathroom floor so I figured I needed to replace the floor..
Yup the floor, the beams, and half of the kitchen (other side of bathroom wall). The rot had spread that far! The previous owner had only dropped in new plywood with out removing the rotten sub floor and the rot had spread.
Also do you plan to live in the house while working on it? Living in a construction area isn’t as fun as it sounds.
If, and only if, you can do most of the work yourself. Do be careful about location, though. A house in a bad neighborhood is no bargain, no matter the price. I bought an old farmhouse and moved it to a new location. Took 10 years to fix it the way we wanted it. But I’ve spent less than $45,ooo on it including the house and the moving expenses! It’s a beauty.
Let me say this clearly….if you do not have the skills to do all removation your self or have a handiman in your bed i would not recomend it. The amount of financial resourse would be a sponge. That is alot of money for a fixer upper… and should not be taken lightly. You might need an additional 30-40,000 just for repairs. I am very handi and have done commercial painting for almost 5 yrs and even i wouldn’t venture that. Get a home inspector from the bank. Even a house that appears sound my have secret problems that seller may not even know. Buy something that you can mannage without the help of others…learn slowly. Enjoy your new home…don’t drown in it.
When you buy a house that is Dilapidated basically all your buying is a Lot- the cost of Remodling is high, because first you have to remove the old then do the new- its ok if you want a hobby project- but it cost money- often you cannot match, things, trim, cornice, siding, so you tear it all out- it can be rewarding in some cases but if you have to hire it done- look out-
I would definitely go for the new house. If you don’t like something in it, you can always wait for equity to build up and do a remodel later on. Most of the time newer houses have bigger closets, kitchens and bathrooms than the older ones. Plus, you won’t have to worry about termites, new roof, plumbing etc. all the things that are problems associated with older homes.
I vote for the newer house.
i do it all the time. i do it for a living – it’s a great investment if you do it right, but it’s not easy, like the late-night infomercials make it sound. but, it can be done, it’s not rocket science.