Re: I bought the property to rehab - now what? - Posted by Pup
Posted by Pup on January 07, 1999 at 09:27:28:
I guess I didn’t explain the amount of rehab. It’s a circa 1860 Federal Style home. 4 bedrooms. Approx. 2500 sq. ft on two floors. Frame construction. Additions had been added on to the rear of the house over the last 100 years or so, and the foundation was crumbling under the weight of the additions. The demolition team tore off all of the additions and the large front porch that was not original to the property. So I’m back to the original structure that has a solid stone foundation, but it also has a back wall that needs to be leveled and covered. Door openings that previously led to the additions that need to be filled. Radiators that were cut off and need to be moved back into the old structure. And since the bathrooms and kitchen were later additions (and now in a landfill), add 2 new bathrooms and a kitchen. And you can add the following:
New electric system
Upgrade heating system
Build parking terrace for off-street parking
New roof, spouting, soffit, and facia
20 new windows
2 new stoops, doors, and entryways
Drywall areas where plaster and lath were removed - about 3 rooms need new ceilings.
Remove old wallpaper and replaster any cracks, etc.
This could be a job for “This Old House”…where’s Norm?
Since it’s in the historic district, the city didn’t want me to use the vinyl siding, but it would be cost prohibitive to try and replicate the existing wood clapboards. So they have approved replacement windows and vinyl siding.
My estimate of value after repairs is conservative. The homes in this neighborhood have sold anywhere from $75k - $140. I sold a home near this one last year for $115,000, after investing $55k in the home and rehab. When I renovate, I like to add a little ‘sizzle’ - nice carpeting, wallpaper, new appliances, etc. So a prospective buyer doesn’t have to do a thing. . .except sign on the dotted line.
I had found this property and contacted the owner and offered them $10,000. They wanted more, but said they’d think about it. 3 months pass, and in the mean time, I had committed to buying another home (to live in) when they contacted me accepting my offer. So, there you have…the rest of the story.