Rehabbing a house...
01-26-2009, 05:28 AM
#1
AudiWorld Senior Member
Thread Starter
Join Date: Sep 2007
Posts: 1,751
Likes: 0
Received 0 Likes
on
0 Posts
Rehabbing a house...
I have come to the conclusion that if I don't jump on purchasing a house now, I will be kicking myself in 5 years when the market rebounds. I am seriously considering a house back in my hometown that needs some rehab work - no complete gutting just some paint and updating. The house itself has awesome architectural characteristics. For the price it is a steal. I am certain I can at least double my money when the economy comes back. I think it may need a new septic, but I was going to just have it surveyed and dig that myself.
Overall, I think I can save a lot of time by doing most of the work myself. Has anyone ever rehabbed a property before? Any suggestions, comments, horror stories etc?
Overall, I think I can save a lot of time by doing most of the work myself. Has anyone ever rehabbed a property before? Any suggestions, comments, horror stories etc?
01-26-2009, 06:16 AM
#3
AudiWorld Super User
Join Date: Aug 2002
Posts: 2,505
Likes: 0
Received 0 Likes
on
0 Posts
Been through it three times - more of the gut rehab variety though.
Very satisfying, but always costs more than you can predict. By the third time, I learned the discipline of dealing with issues in a one-at-a-time manner, otherwise you overspend and never enjoy seeing things completed.
The first house we gutted we lived in a state of total chaos for 6 years and got it finished as we moved out. We looked around and kicked ourselves because it was so nice, but we never had the chance to enjoy it. Next time out was a little better, but we hired more help to do major bits of work rather than doing everything ourselves.
We've been doing our current house for 8 years, basically one room at a time, plus the usual major hassles of boiler replacements, roof, etc.
It's all kind of fun for me because I don't do anything residential professionally. If you enjoy doing the work, go for it, but make sure you know what you're getting into. Home inspectors are one source, but you might want to get a builder who specializes in residential renovations to walk through it with you as well.
The first house we gutted we lived in a state of total chaos for 6 years and got it finished as we moved out. We looked around and kicked ourselves because it was so nice, but we never had the chance to enjoy it. Next time out was a little better, but we hired more help to do major bits of work rather than doing everything ourselves.
We've been doing our current house for 8 years, basically one room at a time, plus the usual major hassles of boiler replacements, roof, etc.
It's all kind of fun for me because I don't do anything residential professionally. If you enjoy doing the work, go for it, but make sure you know what you're getting into. Home inspectors are one source, but you might want to get a builder who specializes in residential renovations to walk through it with you as well.
01-26-2009, 06:43 AM
#4
AudiWorld Senior Member
Join Date: May 2007
Location: Beacon Hill, Boston, MA
Posts: 1,876
Likes: 0
Received 0 Likes
on
0 Posts
In my case it's taken twice as long as expected and cost twice as much as I had planned for..
If you hire anyone to do any work make sure your contracts specifically point out details and do your best to hire people that friends/family will give a good reference.
If you hire people to do any work now is a great time.. Some are desperately looking for work and will consider negotiating their hourly rate to get your job.
How in depth are you planning to go? Budget much lower than you can "afford" and expect surprises that are very costly. Otherwise have fun, it's very rewarding. Let me know how things go!
If you hire people to do any work now is a great time.. Some are desperately looking for work and will consider negotiating their hourly rate to get your job.
How in depth are you planning to go? Budget much lower than you can "afford" and expect surprises that are very costly. Otherwise have fun, it's very rewarding. Let me know how things go!
01-26-2009, 09:04 AM
#7
Done plenty.
If you are planning this, be sure you have a good idea of what you are doing, where you will stop, and what it will cost.
Have a contractor work up a punch list with costs before you do anything.
Have a contractor work up a punch list with costs before you do anything.
Trending Topics
01-26-2009, 09:10 AM
#8
I'd skip on a home inspection type service and have a contractor or contractor(s) inspect.
IME, home inspections alone are nearly worthless. After reading the one we ordered on our first house, I never ordered another.
BTW, skipping all the inspection stipulations in the contract really freaks out real estate agents - lol
BTW, skipping all the inspection stipulations in the contract really freaks out real estate agents - lol
01-26-2009, 09:28 AM
#10
AudiWorld Super User
Join Date: Apr 2001
Location: Northern NJ
Posts: 9,211
Likes: 0
Received 0 Likes
on
0 Posts
Been there 3x. Like ArchitecTT and 4D4, it's a mix of labor of love and a bit of a chore -
but in the end it can be tremendously satisfying and perhaps even financially rewarding.
Be careful, don't rush into anything, ask for expert opinions and you'll be fine.
Be careful, don't rush into anything, ask for expert opinions and you'll be fine.