Re: Any ideas for a guy buying fixer-upper house t

Posted by Peanut on September 01, 2004 at 10:34:23 from (12.10.115.129):

In Reply to: Any ideas for a guy buying fixer-upper house to re posted by Bryan on September 01, 2004 at 09:31:56:

Your skill level in construction makes all the difference in the world. Keep in mind we are talking about home construction not home repair.

Once you get the interior down to studs (and probably to the subfloor too if you are doing this right), you'll find plenty of things that need additional work. Good examples: Running grounded wire (of course this assumes your "old" house is not already wired with grounded wire), GFCI outlets near water sources, removing lead plumbing and replacing with PVC, updating the main breaker panel, installing subpanel off main breaker, replacing insulation because it got wet somehow, replacing windows and exterior doors with more efficient insulator-types. The list goes on and on.

Ever laid tile? Ever laid carpet? Ever drywalled? Ever roofed? Do you have a tool rental place nearby (for roof nailers, framing nailers, finish nailers, carpet stretchers, carpet knee kickers, tile cutter, etc)?

None of this is extremely difficult but it takes time, patience, money, and reasonable construction skills. Personally, I like doing all these things so I really enjoy a project like this. Although I hate laying carpet in the worst way ... I thought that was the biggest pain of all construction.

Don't forget permits and local building codes. You may not want to get the permits and follow codes because they sometimes sound stupid but ... The building inspector who goes over your home when you are selling it will very likely find every mistake and start digging into whether or not you got proper permits. It could get rather expensive in fines and redoing your work.

Taxes - I stink at taxes. Ask the IRS and my accountant. Both are still hunting me down.

Reselling - This is a big thing to pay attention to. Watch your market closely. Get the selling prices of similar homes in the immediate area BEFORE you start construction. This way you can set a reasonable budget for yourself and not rebuild a house too expensive for the immediate market. Obviously, you want to make money on this project. It is very easy to go overboard and fix up a place too much. Build the home in a way that keeps your market open. Examples: 1) Don't put in a pool, 2) Don't build many "built-in" cubbies/cabinets in the home, 3) neutral colors on walls and floors. Basically, don't do anything that may reduce the number of people that come to your Open House.

Best of luck. Have fun and enjoy the process.

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