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

Posted by MarkB_MI on September 01, 2004 at 18:21:52 from (64.31.11.95):

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:

I hate to chime in with yet another negative response, but if you've already bought it it's a little late for the most important advice I can give: The most important factor in successfully restoring a home is buying the right property at the right price. Even under the most favorable conditions, it is difficult to buy a house, fix it up and sell it at a profit.

So now that you're in the middle of it, I'll tell you a few things I've learned. My wife and I ended up fixing up someone else's problem (long story), so I know just a little about it.

1. Be reasonable about how far you want to go. Don't gut the house just because you think it's the right thing to do. The buyer could probably care less how you fixed up the house as long as it looks reasonably good. If you start busting up plaster walls, you'll be sorry before you're done.

2. Think carefully about what you want to contract out. For example, if you're not a drywaller, it's probably well worth your money to contract it out. On the other hand, if you're handy at something (such as plumbing), you can save a lot of money doing it yourself.

3. If it's very old, you'll probably have to redo all of the plumbing, except possibly for the sewer. Just do it.

4. If it's very old at all, the electrical will be a mess. Getting it up to code can be expensive, but there's really no way around it.

5. Don't fall in love with hardwood (or pine) floors. If they put carpet or vinyl over the flooring, there's probably a reason.

As far as taxes go, if you live in the house as your primary residence for three years you don't have to pay capital gains. Make sure and keep good records of what you spend (including your time) in case you have to sell it before then. Consider renting it out rather than reselling it; the tax consequences are better.

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