Found Ugly House..Any Suggestions??
I found a house in a very good area. It's been listed for 6 months and dropped from 299k to 269k last month. My RE agent showed me this prop as well as 10 more, but this seemed to be the best. As a matter of fact, as I was looking at it another agent came in with clients and left in less than 2 minutes!!
It's a 4bd (one bd was converted from a garage w/permit) 2.5 ba, carport 1120 sq ft., 12,000 lot sz
Comps in the area are around 289k-299k. I'm trying to get an appraisal for 310k and make an offer for 250k, because I need to completely re-model the kitchen, baths, paint and carpet, new windows+ clean up.
Any suggestions or comments, especially in regard to how much this remodel will cost???
Thx
Hi Alvinpapa
You dont mention what you want to do with this place (live there, rehab and sell ect)
This old house magazine recently ran a story called inexspensive kitchen makeovers ( or something like that )
These new kitchens ranged in price from $3,000 to $60,000 ( I have yet to rehab a house that could justify a 60K kitchen)
A recient kitchen that I remodeled cost me about 10K in materials + my labor
A rental house kichen makeover just cost me $150 to have it painted including painting the dark cabinets and it looks great.
New windows $165 Home depot specials (owner installed) Newpro windows $5000 installed.
Receint estimates recieved for interior paint of 10 room house #1$7000 #2 $7000 #3 $1200 + materials.
Wall to wall $3 a yard as stated by some posters of this site $28 a yard I have paid for berber installed.
My point is it can cost you as much as you want it to.
It all depends what you are trying to accomplish.
As far as trying to get an appraisal for $310K on a house that needs the kind of updating that you have described especially with area coms at 289-299K , you may have your work cut out for you.
Best of luck
JohnNH
John is most correct, the costs go up and down and the only person who can make the correct decisison is YOU.
I love the 12,000 sq.ft lot. Is the lot capabe of split. that is without having to move the house?.
My suggestion, is to tell you that you are too close for a really good job of rehab. Failing that and you wish to play you do the Flash Bit.. Seal and airless paint the exterior no replacements. Contrast color on the front door and install shutters of same color or whatever to bring a feeling of contrast. A little brass on the door, kick plate, Baldwin knobs and locks. Good brassy knocker. Now thats your focal point and everything leads to that. Also if possible a really good coach lamp or something decorative to light the front door.
Then kitchen. No goodies, just leave the places for the buyer/tenant to bring in his stuff. But it must be painted well, crisp. and the flooring black and white big checks or little checks whatever. Your windows well done and everything to sparkle.
Thats it show with a small fire if winter time and see what happens. List top $299999. Unconventional advertise.
PTA, Local theatre lobby. Restaurants.
The Lead. I NEED A FAMILY I am in great need of a loving family to fill my halls with laughter. My kitchen with friendly cooking oders. And my owners pockets with money. Calll: ----------------
Put the radio announcer set in the living room and the sign outside announcing to dial this radio number and get all the info. Give them all the info but in the price you play a game. Announcers voice " You can own me for $320,000. What you think that is too high? Ok if you have four kids the price is $315,000 . Still too high? Got a cat or a Dog how about $310,000 and thats my last last offer. Wait have you got a halfdoghalfcat. I will trade you even steven. Call me.
blaw blaw."
In your area the Radio from the house is a goody. People all drive around listening to the radio. A little twist of the wrist and your ad is on blaring in the car and if they have kids and it is entertaining they will call you.
Enjoy, get rich.
Lucius
I agree, there is always a disparity in prices for rehab on a kitchen. I have a client that spent 25K on the cabinets and a total of 50K on the kitchen.
I would never do such a thing