if you own a fixer upper home - Page 2

Pianolady · 10-06-2008, 10:52 AM

No. We've got projects that still need done. But we have started & finished enough projects that our house is worth substantially more than when we purchased it. Housing market & economy is still good here. We could sell our house quickly as-is for a substantial profit.

lamby248 · 10-06-2008, 10:59 AM

It doesn't really scare me because I'm not looking to sell right away, although DH wants to buy a different house really bad.

We do need to do ALOT of fixing up in order for it to sell at a price that will cover the mortgage on it now. Housing has fallen alot in our area and houses aren't selling.

Problem is, my DH is not mechanically inclined, so the things we need to do, we'll have to get someone else to do, and he is so cheap, he won't pay someone to do it. It's a vicious cycle.

Debbiesmom · 10-06-2008, 11:32 AM

We bought a 4 bed 3 bath fixer upper for 65K last December. It needed a ton of work and we didn't realize then that the septic tank was not working and that is our next huge thing to pay for. My husband is a self employed remodeler, so he does all the work in his spare time. We are not going to worry about the cabinets and the counter tops, just basically the floors. Our house is a manufactured home so we had to drywall over the tacky faux wallpaper, yuk. But it is only ten years old and on 2.4 acres, so I think it is still very sellable. When we bought it, it appraised at 89K and that was before we did anything so it should be at least a little more now. If not, our back up plan is to save up a large down payment for a second home and rent this one. I'm definately afraid to be stuck with a manufactured home though because they only deteriorate with age, not gain value.

Kim · 10-06-2008, 12:23 PM

When we bought our home four years ago, we knew it needed work and we bought it anyway. For that reason, I think when it comes time to sell any home as long as it's priced right it the right person will look beyond the work that needs to be done.

Since then, we've done projects as we could afford them and paid cash for the work along the way. Selling isn't on our immediate horizon either, but we're enjoying the changes and putting our mark on the home as we find time/money to complete each project. With most homes, there's always something that needs to be done.

lovingthem · 10-10-2008, 01:42 AM

the fixer uppers around here were selling for 500k+ before the crash...my mom's house (i don't own a home yet) was purchased for 70k and appraised for 600k before the market crashed, and while the house isn't in shambles it certainly could use a new basement and plumbing...so i think it's best to hold onto all properties until this mess we're in lifts!

lovingthem · 10-10-2008, 01:44 AM

Quote:

Originally Posted by Debbiesmom

We bought a 4 bed 3 bath fixer upper for 65K last December. It needed a ton of work and we didn't realize then that the septic tank was not working and that is our next huge thing to pay for. My husband is a self employed remodeler, so he does all the work in his spare time. We are not going to worry about the cabinets and the counter tops, just basically the floors. Our house is a manufactured home so we had to drywall over the tacky faux wallpaper, yuk. But it is only ten years old and on 2.4 acres, so I think it is still very sellable. When we bought it, it appraised at 89K and that was before we did anything so it should be at least a little more now. If not, our back up plan is to save up a large down payment for a second home and rent this one. I'm definately afraid to be stuck with a manufactured home though because they only deteriorate with age, not gain value.

my mother also owns a manufactured home and she had a bright idea to just bulldoze it and rebuild a larger one on that land. have you ever considered doing that? or even having an actual solid *not prebuilt* house built on the land?