I purchased an old (1850) fixer upper big time home for 250k in a very good school district with a nice piece of land (over half acre) in Orange County New York, most homes in the area sell for over 300k. It is our first home, we were looking for 2 years and could not afford anything else and wanted out of the South Bronx (1 starting HS other kindergarten) I do have friends that can and will help me fix little by little. A friend of mine says no matter what it will always be worth more in the future. What do my fellow yahooligans think?
2006-08-03 10:19:43 · 8 answers · asked by zurc137 2 in Home & Garden ➔ Other - Home & Garden
I think you made a good decision. Older houses have much more character and charm then the new "cookie cutter" homes. If you plan on living there awhile, take your time fixing it up. Don't stress yourself out thinking that you want it all done right away. Enjoy your home.
I lived in an older home (1910) and loved working on it. It's amazing the things you find out about a home once you get into it.
2006-08-03 10:24:25 · answer #1 · answered by CG234 4 · 1⤊ 0⤋
I think the question comes down to systems and structure.
Ifs the basic structure still sound?. That is, is the foundation solid, the beams firm, no dry rot, no termites, no roof beams broken, no walls crumbling, etc.
Also, are the systems sound? Is the plumbing still working, does it leak, does it meet code or will it need to be replaced? Is the electricity old and rotted or has it been updated? Is it a fire hazard? Heat? Etc.
If those two basics are OK, you should be alright. From there, you are *probably* talking mainly cosmetic / repair work and remodeling. If you watch your budget tightly and do most of the work yourself, you will earn it back, as long as you don't try to "flip" the house too quickly.
On the other hand, if you have to do major repairs to structure or have to hire contractor labor or have to move too quickly, the cost investment can easily outweigh the market gains.
Hope you are in for the long haul!! Have fun in your new place and don't be discouraged -- once you get it the way you want, it should be a true dream house!!
2006-08-03 10:30:50 · answer #2 · answered by Yahzmin ♥♥ 4ever 7 · 0⤊ 0⤋
I can't believe you got it so cheap. I always heard NY was so dam high - but that is half of what my old abode, 1949 CBS house on 1+ acre is assessed at here in S Florida.
Good Luck - I would have opted for a better price.
I would rather buy a no fixer Nice Home for $300k
(that money would be in the loan) and not have the headaches
What I mean is - I don't believe saving yourself $50k is worth it -
Maybe if you got it for $200k instead then I would not mind spending the aggravation of fixing it up..... IMHO
2006-08-03 10:31:34 · answer #3 · answered by captbryguy 5 · 0⤊ 0⤋
Where I'm from 250K is a lot to pay for a house that old, but I don't know what the cost of living is like in NY. I do however believe that the best houses to buy are fixer-uppers. I always look at the potenial in houses...what they can be and not what they already are. I say just enjoy it, since it's yours and enjoy fixing it up. I'm sure it is a beautiful antique home which can only get better.
2006-08-03 10:27:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
as a fellow old home buyer, you better have plenty of time, skills and patience.
i bought a 83yo house and immediately gutted the kitchen. it took me 4 months of hard labor to finish it and i consider myself to be an above average diy'er. (you can check out work on my 360 site).
its not so much the $$$ but the skill sets needed. i do my own plumbing, electric and drywalling, so i saved a bundle. i still had to hire a licensed electrician to run the lines according to code (a whole other set of problems).
the little things will trip you up. i follow a simple rule, never buy a fixer upper if it's gonna be the only residence while you fix it up. its such a hassle living in dust, you'll give up and call a contractor or you'll skimp to finish quickly.
good luck.
al
2006-08-03 10:28:55 · answer #5 · answered by mex-o-funk 3 · 0⤊ 0⤋
This is how real estate works:
Real estate is a long term investment. It appreciates considerably over a longer period of time although not too soon. What may seem a not too good investment today may fetch you quite a lump sum if that area gets more developed in future.
You could always renovate your existing home. You have got one in a good area so why not make it a happy home
2006-08-03 10:45:33 · answer #6 · answered by Bachelor boy 2 · 0⤊ 0⤋
You're fine.
2006-08-03 10:25:37 · answer #7 · answered by prosopopoeia 3 · 0⤊ 0⤋
an investment STILL is an investment
2006-08-03 10:25:40 · answer #8 · answered by E 3 · 0⤊ 0⤋