U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-22-2018, 08:59 PM
 
1,525 posts, read 572,806 times
Reputation: 2954

Advertisements

Quote:
Originally Posted by Slytrix View Post
I'm sorry, but if you don't know the answer, then how do you know if you will make money by flipping it?
Shhhhhhhhh
Reply With Quote Quick reply to this message

 
Old 03-22-2018, 10:06 PM
 
4,630 posts, read 7,222,406 times
Reputation: 4740
How are you going to make any money? If people can buy brandy-new in a new subdivision and be surrounded by equally brandy-new houses... why would they buy your's?

What you are proposing is not a flip - it's a spec house.

The only time you can really make any money on a tear-down + spec.. is if you can subdivide the property and build two houses.... or more.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 06:53 AM
 
11,416 posts, read 5,887,059 times
Reputation: 21140
My best friend who did all my work: “Throw a match at it”

I spent $15k shy of what I paid for the place remodeling. I might get back 30 cents on the dollar. I don’t intend to ever sell and it’s where I intend to retire. The only advantage is the property taxes are lower because the town has the house as a 1950 house deprecated 25%. I’d have to live to age 120 for that savings to make much of a dent.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 07:57 AM
 
Location: Raleigh NC
7,798 posts, read 6,149,667 times
Reputation: 6913
Quote:
Originally Posted by Nell Plotts View Post
If the guts can be salvaged a re-build is cheaper than a tear-down. There are likely lots of conditions that would be grandfathered in a re-build while with a tear-down you start from today's code 100%. You really need to talk to your local building department.
to the OP, "it depends":

1. it depends on where you are, and what costs are there
2. it depends on the local market is for big rehabs vs new construction
3. it also depends on the layout, specifically the foundation, load-bearing walls of the existing structure, and how much bigger of a house you plan to put on it.
4. It also depends on the local building codes. In my location in NC, a huge remodel (that involved moving plumbing/new, new wiring/electrical capacity, etc) would generally require ALL that stuff to meet current code.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 08:09 AM
 
Location: Columbia, SC
8,858 posts, read 17,468,555 times
Reputation: 6240
It will almost certainly be less expensive to renovate unless the house is dilapidated to the point it should be condemned. The only way to know for certain is to bring in a builder and a general contractor and price it out.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 08:43 AM
 
11,416 posts, read 5,887,059 times
Reputation: 21140
Quote:
Originally Posted by Brandon Hoffman View Post
It will almost certainly be less expensive to renovate unless the house is dilapidated to the point it should be condemned. The only way to know for certain is to bring in a builder and a general contractor and price it out.
That's not "certain" at all. I had four years of "while it's opened up" during my remodeling that more than doubled my costs.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 09:50 AM
 
Location: Raleigh
7,039 posts, read 5,224,011 times
Reputation: 9517
Hard to say. I've seen "complete gut jobs" around here that literally take the place down to the studs and lathe...no exterior, no roofing. Just the skeleton. But, these are in very desirable neighborhoods, on small-ish lots where you aren't going to be building large footprints.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 09:55 AM
 
5,071 posts, read 3,342,955 times
Reputation: 4888
Quote:
Originally Posted by Sophiasmommy View Post
Quick question for all of the experts out there. I may buy a property for the express purpose of flipping, but the house is so bad, although currently occupied, I'm thinking about having it torn down and rebuilding from scratch. My question is, how do I know which would be cheaper before I put in an offer? I was told buy a builder that typical tear down is not more than $3k. Thanks in advance
I just gutted and re-did a 900 sq ft home and my trash bill for just the dumpsters was $3,000. You're not getting a structure torn down for anywhere near that.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 11:30 AM
 
Location: Columbia, SC
8,858 posts, read 17,468,555 times
Reputation: 6240
Quote:
Originally Posted by GeoffD View Post
That's not "certain" at all. I had four years of "while it's opened up" during my remodeling that more than doubled my costs.
Actually it is.
Reply With Quote Quick reply to this message
 
Old 03-23-2018, 12:14 PM
 
4,630 posts, read 7,222,406 times
Reputation: 4740
Quote:
Originally Posted by LordSquidworth View Post
I just gutted and re-did a 900 sq ft home and my trash bill for just the dumpsters was $3,000. You're not getting a structure torn down for anywhere near that.
Depending how old the property is... .there could be asbestos and lead as well. I did a tear down and with remediation, tearing down and waste..... it set me back $27K.

However, I subdivided the property and sold each lot for $150K.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top