I have an oppurtunity to purchase what amounts to an abandoned shell of a ranch type property. The inside needs to be gutted(partly done now.) My question is this: I want to remodel this home but what i need is advice on what would be the best route for resale as this will be my pension so to speak. So what is best for the floors, walls and ceilings for resale purposes. I plan on residing it in cedar 12″ material. Appreciate the suggestions. I don’t want to go whole hog but I don’t know what the market looks for in a house. The interior will be completely gutted there is nothing inside that canbe salvaged.
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I don't know what the market looks for in a house
Before you buy make sure you do. Is it a bad house in a good neighborhood? Is there any drawing power to the vicinity? (social stuff/hospitals/schools etc.) What are the taxes?
Rule of thumb......buy the worst looking house in the best neighborhood and even then think...cosmetic. Near a lake? or a housing project. It all matters a whole lot.
For instance ....ten years ago I bought a lake front home for 47,000 sold it this year for 168,000.
My ex-partner built a beautiful home in a ho-hum neighborhood. Never could sell it, now it's a renter with all the BS that goes with renting these days. He's not happy about it.
I would be very careful doing what you're thinking of doing. You could very well end up in the red what with the cost of materials/labor these days.
thanks for the advice, I went and looked at it again and man when the seller said handyman's special he meant twenty handymen! there is just to much that needs to be done to this. the only saving grace was it is in a bedroom community that many aspire to live in. I am going to pass. thanks
On the other hand........if the house is that nasty there are probably no buyers to speak of.
if I really liked the location and wanted the turf, I would make a low offer and try to convince the home owner/realtor that the house as is, is actually a liability rather than an asset.....
the asking price of any (almost) real estate is open to negotiation.....and in an instance such as this you may be able to negotiate yourself into a sweet deal....................for instance the asking price of my lake house was around 89000.00 I offered them 45000.00......they countered with 47000 and I bought it the same day.
The owners were up against the wall and had to sell quickly.........many times this is the case.........they are in desperate need of one sort or another, sometimes the kids just want moms house to be gone so they can settle the estate etc.
but........as in any form of negotiation you gotta be smart......and nice. It always helps to be nice.