A fixer upper that needs a COMPLETE renovation. I will be seeing this place tomorrow. Its priced very low for the area and says that renovation began and the guy just left it all. It says that the appliances are there but not put in at all. Would you buy this? Keep in mind, We have quite a few family members and friends who are apt in different types of construction..
DrWho
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Re: Would you buy?????????
It depends on what's left to renovate. Do you need a new roof and subfloors and insulation and drywall, or can you put down some Pergo and slap a coat of paint on?
Have the stairs collapsed a la 'The Money Pit'?
How old is the electric? The plumbing?
staceylacey
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Re: Would you buy?????????
Oh sorry its a 1 bedroom condo :) No roof at all Its my belief that this could potentiolly sell for 100,000 more then we would buy it. But thats not including what it would cost to renovate
JennNicole
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Re: Would you buy?????????
YESSSSSSSSSSSSS but that is just me - it is not for everyone. If there are great bones and you have the patience and DH and family and friends are in the business and willing to pitch in it is a win win situation.
Instead of buying a home already done that you don't get to customize or the previous home owners did something putting money into it that is not necessarily what you would have done or spent money on.
Make sense?
staceylacey
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Re: Would you buy?????????
THANK YOU thats what Im thinking,......Of course we would only stay in this 650 SQft apartment for like 2 years but Im thinking we could make money on it.
JennNicole
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Re: Would you buy?????????
Posted by staceylacey
THANK YOU thats what Im thinking,......Of course we would only stay in this 650 SQft apartment for like 2 years but Im thinking we could make money on it.
WAIT now I will tell you to change how your thinking Don't go in it anticipating the profit in only 2 years. Serious .. it might be longer of a wait - also you would pay capital gains if any less than 2 yrs as well.
My guess is closer to 4 or 5. Sorry That is risky. Think about it as a rental though if you want to move out and go somewhere else. That is smarter right now. I just don't think we will pull out of what is happening in less than 2 yrs for you to see a good profit.
A house that needs work always unleashes it's fury after the purchase and more things happen in time that is unexpected.
staceylacey
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I understand an appreciate what you are saying. This area seems to not even taking hits at all. Its Park Slope Brooklyn. Thats the only reason I would even think about it. This area does not seem to be affected by this whole mess......But I do understand what you are saying
GothBride55
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Re: Would you buy?????????
Hell yeah. Especially if it's in a good neighborhood. We placed an offer on one last week, but the sellers will not come down. They have it priced at diamond condition, even though it's in SHIIIT condition.
Mrs.NicolaXoXo
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DEFINITELY. This was actually our goal when house hunting, although we found something that is pretty updated and is in a great area. I would rather fix something up to my taste and standards and if the house is priced right you could do just this. Plus, if you have family in construction this could save you lots of money.
Our goal when house hunting was finding the worst/cheapest house in a great area with lots of property and great school districts. In my opinion, it could take some time to renovate, but it is worth is in the long run:) JMO!!!
lillprincess54
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Re: Would you buy?????????
ok this is jmo, i would say NO, especially if your only going to be staying there for 2 yrs. 1st if it need a lot of work, how long is it going to take to get everything done, get permits approved and the ok from the township that the house is up to code to move in. let say that takes 2 months, now your not even in there for 2 yrs
i dont know it i could put, all my hard work, blood, sweat and tears, into a place, then turn around and sell it in a few years.
I
PreshusSmurf
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i really don't think i would purchase anything if i was planning on selling in two years. its just not a wise investment ... capital gains, real estate commissions, and the mortgage is only interest in the first few years (so you really are NOT gaining equity)
if you were planning on staying there 5 - 10 years, then i think it COULD be a good and worthwhile investment.
Jenn04
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Re: Would you buy?????????
Hmmm this is hard and I will give MHO. I think about my dad who is a contractor and did a ton of work on their house the last 20 yrs...I am talking like major rennovations and it took many years and there were times we had no bathroom and holes in roofs and etc. I think my dad is happy with how it looks and like others said its such a great accomplishment. But there are always problems with older homes ie plumbing problems, needing new appliances and oil burners, etc...I have heard them all! But anyway I don't know what my point is but you may need to stay more than 2 yrs to get everything done and make a profit!
If you were to ask my DH...he likes to buy new and have everything new and pristine and know that everything works and is waranteed! But its hard to find new here and they r very pricey! I tend to like older homes...I think they have character. Ok I am rambling...well I wish u luck and let us know what happens!
PegaLega
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Re: Would you buy?????????
Posted by PreshusSmurf
i really don't think i would purchase anything if i was planning on selling in two years. its just not a wise investment ... capital gains, real estate commissions, and the mortgage is only interest in the first few years (so you really are NOT gaining equity)
if you were planning on staying there 5 - 10 years, then i think it COULD be a good and worthwhile investment.
ITA. THey are estimating housing will keep going down until 2011.....that feels like forever away. Also like Jenna said, there is always something wrong with older places, YES it may only be what you see now but I would be worried about what comes afterwards.
Espo22
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Re: Would you buy?????????
depends on exactly how much work the apartment needs. Are you going to gut everything out? if so this can be a long process. We did this with my apartment 4 years ago. Ill say that it took over a year to fix the apartment, luckily i had just stayed in my previous home until it was done and didnt have to move.
But we COMPLETELY renovated the apartment, took everything out of the kitchen, didnt keep anything in there not the cabinets or any appliances, even ripped out the walls and floors bc we were positioning everything differently, we didnt want to place the stove in same area it was in so had to re-do pipes and electrical work. There are 2 bathrooms and added a stand up shower in one before it had just a sink and toilet. With the other bathroom, we extended it by knocking a closet out of one of the bedrooms next to the bathroom, and along with the tub added a stand up shower in there. Even got a new tub, sink, toilet and completely re-did the walls and floor so ripped everything out. Then in the bedroom since we took out one of the closets had to seal that part up from the bedroom side. Changed the hallway with closets and lots of other work. Theres no way we could've lived in the apt while they were doing all this, and things get delayed and take longer than you will expect many times.
After we moved in, the apartment was worth over 100k more than what we paid. Even now with the market its still alot more than what we paid.
Plus you say its in park slope bklyn and real estate there has not gone done, there are still insane prices. I am going to guess you are comparing the low price in todays market so if the apartment is very afford compared to other apartments currently in park slope then yes it is an investment. But if you plan on moving in 2 years i would definitely give this alot of thought then. With all the work it might take close to that to fix it all up
staceylacey
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Re: Would you buy?????????
Thank you all so much. Im going to see the apartment tonight and Ill be sure to annoy you all with more posts about it if I like it!!!!!!!
EmberLynn
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Just make sure you have a contractor take a good luck before you go into it. My brother was going to buy a complete fixer upper, but after our inspector took a look, he found exposed pipes that would have cost $$$$ to fix.
gabbie83
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Re: Would you buy?????????
yes but i think it depends on your situation - my husband is a veryyyyyyyy handyman ---- he does construction but could do electric, plumbing, roofing, tiles anything you give him + my dad and all my uncles & grandpas are construction guys so they never buy renovated house lol
zoe282
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I guess it's tough...if you only plan on staying two years...you have to figure that a big renovation is going to take at least 4-6 months (they take forever!) so out of that 2 years a bunch of it will be spent in shambles with construction men wandering around, and then you will spend all that time picking fixtures and tile and flooring, and you will get your place exactly as you want it and then leave? That's tough. I have a friend who revamped her new house and loves it! and now she can't even think about moving b/c she has her kitchen and bathroom exactly how she would want it.
bonniejd
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We are in the process of buying in park slope nad will be doing a ton of rennovation.. BUT we plan on staying for around 5yrs or so.
Does the building let you rent? That is our back-up plan if the market is still garbage.
What
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Re: Would you buy?????????
Posted by staceylacey
THANK YOU thats what Im thinking,......Of course we would only stay in this 650 SQft apartment for like 2 years but Im thinking we could make money on it.
