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Um, I won't say I am jealous of your finds.
Is this house worth doing up? It sounds as if it might be cheaper to demolish & put on a new build. Says me who has no experience with this sort of thing, mind you.
@springyzone wrote:Um, I won't say I am jealous of your finds.
Is this house worth doing up? It sounds as if it might be cheaper to demolish & put on a new build. Says me who has no experience with this sort of thing, mind you.
The medium house price in our town is $340.000 which includes a lot of houses on the fringes of town, a long way from anything. We paid exactly half that at $170,000 for a shack on an 800 metre block, in the centre of town, 3 minutes walk from supermarkets, fast food joints, pharmacy, school, and around 50 specialty shops. It was only cheap block value, with no charge for the shack.
The cheapest livable houses in our town start at around $230,000. and these are often pretty rough and need work and money spent on them. Our budget for restoration / repairs is $20,000 so we should be able to bring the whole project in well under $200,000 not including my labor. ( around 3 months full time equivalent ) We will end up with a nice little house with new roof, new wall cladding, rewired, replumbed, upgraded kitchen, some new fences, an added transportable guest room / studio out the back, paving and landscaping.
It wont ever be the flashest house in town, but it will be a neat, attractive little place that will provide cheap accommodation for a couple of young people who are in need of stable housing. Basically we really just purchased it and are doing it up for this reason rather than to make our fortune, but there should be a few bucks in it over the longer term.
When we where younger the missus and myself used to buy a few old demolition jobs on good blocks of land and restore them as rental houses. Like this one, it usually took around 3 months, full time work. At one stage we where buying one project house per year and ended up with quite a few. We used the improved equity from the last restored house as the collatoral to borrow for the next one. We sold them all off around 12 years ago and the profits paid for the 100 acre farm we now have which is only 20 minutes drive from the outskirts of Adelaide in a lush, green area. Something we never could have achieved through regular work.
So in answer to the original question, while it is a lot of work and worry, there is good money in it if you buy the roughest place in the best area..
Ah, so you're a house flipper.
I guess it works for you as you are able to do so much of the work yourself.
This doesn't really qualify for the topic (um, words you & found don't apply here) but I can tell you about something that was lost.
My 5 year old granddaughter rang me up on Sunday night and she was almost beside herself with excitement. You'll never guess what happened to me at dinner, she said.
Well, being the clairvoyant I am and knowing she had a wobbly tooth..........
Yes, she lost a tooth. She didn't realise tooth fairies might bring money but she was expecting a letter.
Her only concern was whether the elf on the shelf might bump into the tooth fairy during the night.
