Gary Gilbert Posted November 3, 2015 Report Share Posted November 3, 2015 We have been wanting to move from out from our house due to how close out neighbors are annd out growing this house. Just like normal I look to see what is for sale in the area. I came across a home that had some damage due to what looks to be from a small fire in one part of a home. I think the only reason we are even thinking about the home is cause it's listed about 45% of it's current value. we had talked about this year about me putting up a shop here at this home with getting quotes in the 60k range But if we did then we would not move from the house for a another few years. since we live in upstate NY the cost of living is way up there. We also took in account that my wife will be closer to work like 10 mins vs 45mins. I am going to look at the home today to find out more information. and if we like what we see or if we find that the damage is to one area we will get a inspector to findout out how much is involved in getting this fixed. i'm not scared of a house that needs work since I have had to fix the issues from a prevouis owner who played contractor on this house and come to find alot was needign to be redone. So I look at it like this:saves me atleast 60k for building a shop dealing with a small town with getting permits and having to get permision to have one plus moving all my services underground to have it done. I will no longer have neighbors so close, I will not sit on my rear porchin the morning and smell the neighbors horses that likes to come in my land due to them not fixing their fences . I think my or our only fear is that this might fall to a money pit of sorts. I know i will have to call in just about every trade to come in and fix everthing. we know some people on that side of the river who can do the work and have all the certs that might be able to save us a little bit of money in the long run. then there is one guy i became friends with ,, with the motto have tool will travel.lol so let me know your thoughts. I'm not in a rush or grabbing a checkbook just something I found. Quote Link to comment Share on other sites More sharing options...
shaneymack Posted November 3, 2015 Report Share Posted November 3, 2015 Wow thats certainly a fixer upper. I would have no problems with buying a fixer upper but a with a fire there can be a little more involved. Has there been any repairs done since the fire? You could have to tear apart quite a bit before rebuilding. Also getting the odour out is sometimes difficult. Sent from my SGH-I337M using Tapatalk Quote Link to comment Share on other sites More sharing options...
Llama Posted November 3, 2015 Report Share Posted November 3, 2015 I bought a mild "fixer-upper" and I hate every second of it. After 7 years there are still things that need to be done. Part of it is me putting things off, the other part of it is we're simply too busy to get some of it done. I have started hiring out parts of it just to get it done before we sell. My next house will either be a new build, or fixed before I step foot in it. I do not enjoy renovations. Quote Link to comment Share on other sites More sharing options...
Popular Post Eric. Posted November 3, 2015 Popular Post Report Share Posted November 3, 2015 3 Quote Link to comment Share on other sites More sharing options...
Beechwood Chip Posted November 3, 2015 Report Share Posted November 3, 2015 I bought a fixer upper, mostly because it was the only home available that met my needs. I spent the first five years figuring out that I wasn't going to renovate it myself. I've already got a full time job, and I'm just not motivated enough to work a second part time job, learning as I go, making mistakes, and wasting time. For example, I spent a lot of hours tracking down and patching roof leaks, but the roof kept leaking until I hired a roofer to put a new roof on.That said, I'm not sorry I got the place. I live alone, and I don't really mind living in a half finished house. It's a lot more house than I could have afforded otherwise, and I like getting it fixed up the way I want. 1 Quote Link to comment Share on other sites More sharing options...
Janello Posted November 3, 2015 Report Share Posted November 3, 2015 I'd say it depends on your skill level and motivation. That can certainly be a beautiful house, but you would need to do a lot of work yourself, unless you want to spend a fortune. Judgeing from the photos the house has been neglected for quite some time. Windows paint...possibly some rot and a roof look to be in order and that's before stepping inside. You really need to have a structured plan and a realistic budget in place before making a decision. Quote Link to comment Share on other sites More sharing options...
boelkers Posted November 3, 2015 Report Share Posted November 3, 2015 My wife and I just bought a mild fixer upper a couple months ago. I've grown up living in a fixer upper so I was slightly prepared for it compared to my wife. Now that we are just over 2 months into the process I have a different perspective on fixer uppers. I like the idea of building equity myself and I enjoy the work I'm doing, but I do find my motivation falling on projects if they start taking too long as I see all these other projects and I just want to move on to fixing the next thing.Also my wife started out excited for me to do the work on the home, but already she has become tired of me getting home from work, having supper, and then I move on to work on the house till 9:00 at night. She wants me to spend more time with her or something like that....and I guess I'd like that too so you need to remember its also a balance of your personal time when you do the work yourself. 1 Quote Link to comment Share on other sites More sharing options...
Gilgaron Posted November 3, 2015 Report Share Posted November 3, 2015 One of my coworkers got a fixer upper and the downsides are that a regular house needs maintenance as it is, and a fixer upper is going to end up being your part time job for quite some time. He hired a lot out that he couldn't do, but the trouble there is that it is hard to get a loan for the money needed since the house isn't worth more than you paid for it until the work is done. My neighbors had fire damage and it took an insurance company funded team months to get it fixed up. So if it isn't a money pit it will certainly be a time pit... Quote Link to comment Share on other sites More sharing options...
..Kev Posted November 3, 2015 Report Share Posted November 3, 2015 Mine was a fixer upper.. It's now 100% remodeled inside and out and there are still things I'd like to do. If you're a homeowner, you're always fixing something, just the nature of the business. Quote Link to comment Share on other sites More sharing options...
Andy Wright Posted November 3, 2015 Report Share Posted November 3, 2015 We bought a house out of foreclosure a few years ago, and although it has been quite a bit of time and money I couldn't be happier. In my case, the main draw to the house was the fact that it was a large house on 28 acres with two 24'x40' shops plus two barns.Just as long as you are mentally and financially prepared to deal with the remodel it will be fine. One note - since there was a fire, I would get an inspection/repair quote by a company that specializes in fire cleanup/repair prior to making an offer Quote Link to comment Share on other sites More sharing options...
Tpt life Posted November 3, 2015 Report Share Posted November 3, 2015 On my second. Only part that bugs me is the budget limitation that drags it out. 1 Quote Link to comment Share on other sites More sharing options...
boelkers Posted November 3, 2015 Report Share Posted November 3, 2015 I agree, budget limitations are what makes it difficult and drags it out. If I had the money right now to complete even half of the projects, I'd still do them myself, but I'd be able to do them quicker as waiting for finances to fall in line before I start the next project takes time and is frustrating. Quote Link to comment Share on other sites More sharing options...
Eric. Posted November 3, 2015 Report Share Posted November 3, 2015 Another thing to consider...If it was only cosmetic issues and stuff that's fairly quick and easy to fix, a flipper would have come in and snatched it up already. Those pics were taken almost two months ago and the house is still sitting...that's a big red flag IMO. Flipping houses is a big business these days and if a house doesn't sell pretty quickly, there's a good reason for it. I would run like hell from that property. 1 Quote Link to comment Share on other sites More sharing options...
Brendon_t Posted November 3, 2015 Report Share Posted November 3, 2015 Definitely bought a fixer upper. Southern California housing is quite expensive and got hit pretty hard by the bubble burst. After getting out of the Marine Corps, I rented for a year watching the local housing markets the whole time. We moved into buy when I felt the time was right. That was December 2011. The local market bottomed in jan 2012.in the area I wanted to live in, there were two options in the price range I wanted to stay in. Either drop $400k on a 3/2 1000sqft house that my 5 person family had already outgrown or buy reo/auction lot houses. I bought my 5/3 2900 sqft house from a DEA land sale. The home had been used as a marijuana growing location for many years. The whole top floor was torn down to studs, electrical was jacked, mold everywhere, holes in the roof from running humidifiers 24/7. It was a 3 month process to get it live able and still an ongoing thing but we love our house and it's big enough to raise 3 kids in. 1 Quote Link to comment Share on other sites More sharing options...
Tpt life Posted November 3, 2015 Report Share Posted November 3, 2015 If it is selling for 45% of market value, then it is really selling for the value of the land. There is no value in that house. You'd be better off demoing and starting over, most likely. That is just from the outside appearance. Usually vacant houses look even worse on the inside. Another thing to consider...If it was only cosmetic issues and stuff that's fairly quick and easy to fix, a flipper would have come in and snatched it up already. Those pics were taken almost two months ago and the house is still sitting...that's a big red flag IMO. Flipping houses is a big business these days and if a house doesn't sell pretty quickly, there's a good reason for it. I would run like hell from that property.These statements are not necessarily made knowing context and are good cautionary statements but not absolutes. Flippers don't like structural issues but I will tackle them head on. Having worked on many like this I can honestly say it depends. I bought two homes that flippers wouldn't touch. I tripled my cash available on the first and got into the second on a traditional mortgage because I had a down payment. That was huge for us. The first home I bought had renovation money attached to the mortgage. I also had friends and family competent at renovation work. Those kinds of situations help. The house pictured looks bigger than the average flipper could bankroll. I would certainly go poke around and not be put off without context. I say that having worked in fire and water restoration for a time also. Quote Link to comment Share on other sites More sharing options...
Larry Moore Posted November 3, 2015 Report Share Posted November 3, 2015 (edited) We bought our house out of foreclosure also. It was cheap enough we could pay cash and still have enough to fix it up. But we were also full time RV'ers so we had our 5th wheel to live in while I did the work. That house is not livable as is and the distance from your current home could add a lot of stress. If you can get a permit to move a trailer on site while you renovate is the only way I would purchase that place. Edited November 3, 2015 by Larry Moore Quote Link to comment Share on other sites More sharing options...
Gary Gilbert Posted November 3, 2015 Author Report Share Posted November 3, 2015 we drove by today the main gate to the home was locked so I am going to make some calls to the listers and see what they have to say.. I am 85% sure I will pass on it but I still would like to check out the home just cause of the size of it.. besides this is the longest thread I have had.. so GO me.. lol thanks for all the input.. plus I don't want a thread that says you told me so next..lol Quote Link to comment Share on other sites More sharing options...
..Kev Posted November 3, 2015 Report Share Posted November 3, 2015 I'm sure it's worth a closer inspection before making any decisions. Quote Link to comment Share on other sites More sharing options...
Gary Gilbert Posted November 4, 2015 Author Report Share Posted November 4, 2015 hey i can have a big ole BBq and pool party it would be one hell of a forum gathering. lol i think there is enough parking. Quote Link to comment Share on other sites More sharing options...
wtnhighlander Posted November 4, 2015 Report Share Posted November 4, 2015 I built new, 25 years ago, and have been fixing it up ever since. My advice is forget the purchase price, and even the initial reno budget...how much can you afford to MAINTAIN? That is a big load of house, even if half of it garage! 1 Quote Link to comment Share on other sites More sharing options...
Gary Gilbert Posted November 4, 2015 Author Report Share Posted November 4, 2015 I built new, 25 years ago, and have been fixing it up ever since. My advice is forget the purchase price, and even the initial reno budget...how much can you afford to MAINTAIN? That is a big load of house, even if half of it garage!I agree. it's alot to take in account. yeah most of it is garage. I will have to talk to a few people to help us figure out the numbers. I'm home 90% of the time so just like here with ours we have more land then that house. i have to plan on what days to get what done.. Quote Link to comment Share on other sites More sharing options...
ColinF Posted November 5, 2015 Report Share Posted November 5, 2015 I built new, 25 years ago, and have been fixing it up ever since. My advice is forget the purchase price, and even the initial reno budget...how much can you afford to MAINTAIN? That is a big load of house, even if half of it garage!let's not forget heating and cooling to, that's my biggest expense not counting the mortgage, and my house is hardly over 1000 sq ft! Quote Link to comment Share on other sites More sharing options...
Tpt life Posted November 5, 2015 Report Share Posted November 5, 2015 I would buy one like that in a heartbeat at the right price. I am not an only child, but an only son. I foresee the need to care for parents soon. Careful planning of shutoffs and wet walls is the traditional way to only need comfort heat in living spaces. What I could not deal with is NY state property taxes. I am not ignorant of that demon. This is the reason so many homes in the state are not kept up at a high level. Quote Link to comment Share on other sites More sharing options...
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