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Here is the scoop and the details of a house that I could buy for 28,000 dollars.
The house is about 2,200 square feet and located in pretty good part of town. The house has major problems. Here are some of the problems listed below.
Problems with the plubming that could cost over 20,000 dollars. Plumbing issues will probably run between 20,000 and 30,000 to fix.
Problems with electrical the whole house needs to be rewired and that will run between 15,000 to 20,000 dollars.
Problems with the roof and that will cost about 10,000 dollars. The home will need a new roof.
The house also needs some repainting but that will only cost about 1,000 dollars.
I could be looking at 50,000 or more in repairs to fix up the house. The house was built in 1960. The has several add ons that bring the total square footage of the house to about 2,200 square feet.
You didn't save what comps sell for, where it was located or a multitude of other things.
Just take the cost for the home and the max price for all repairs and see if it is enough below what comps are going for to make it worth it.
I doubt you will have a seer come on here to look in the future to see if it was a good decision for you.
The house is about 2,200 square feet and located in pretty good part of town.
The house has major problems.
Plumbing issues will probably run between 20,000 and 30,000 to fix.
Problems with electrical will run between 15,000 to 20,000 dollars.
Problems with the roof and that will cost about 10,000 dollars.
It entirely depends on what similar sized / aged houses (in 'good' and 'move in ready' condition) sell for in the same area, whether it's a worthwhile investment or not. If similar houses are selling for $100k+ then it might be worth it. Just do your research, and make sure you budget for a percentage more than your anticipated repair costs. A project of that magnitude may have the potential to spiral out of control otherwise!
Well, how are you going to pay for it? Do you have the money to make the necessary repairs to bring it to where you will be able to get a CO...Certificate of Occupancy.
Are you going to live in the house while the rest of the repairs are done? If anyone would be living with you...can they take it?
It might need all or most new bathroom and kitchen as well. And masonry things like walkway, steps, patio. Lots of incidentals. Probably doesn't have much good lighting. Cable connections.
Racks up.
As some said, can it stand up to the comps? Will the value be there.
How is the foundation and the sill and bug situation. Water / basement in general situation.
A house added on to that many times is a 'good year house'. Have a good year...add on another room. How is it where the sections join? Roofwise as well as flooring.
While you're at it...how about the flooring? Good old wood? Rotted from abuse and rain coming in?
Location: Danbury CT covering all of Fairfield County
2,636 posts, read 7,430,245 times
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How much would it be worth after it is fixed up? How are the cosmetic features? What are the value of the land as an approved building lot in the neighborhood?
$30,000 to replace all the plumbing? I think you need to find a new plumber.
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