Beware Renovation Cause and Effect
As I have written in the past, the lure of buying a junker bank-owned property and fixing it up yourself to save money can be both exhilarating and crushing–sometimes all at the same time!
Here is an example of how easy it is to entangle yourself in all the many elements of a renovation. These are all changes we’ve made to one of our current properties. No doubt the future buyer will be ecstatic about all of the lovely changes and updates we’ve made…but before you buy a fixer upper, ask yourself whether this is something you can handle on your own. If so, more power to ya! If not, why don’t you give us a call to see what already-renovated properties we might have available.
We added a sliding door at the back of the house where the windows used to be located, because we got rid of the original rear door. We got rid of the original rear door so we could put in a new shower for the new luxurious master bathroom in the new master suite, which we created from a large unusable existing room. The renovation of this room required raising up the floor level to match the rest of the house, which caused us to re-design the structural posts and piers supporting the floor joist system. We had to run the plumbing through this joist system and create an access to it from the crawl space, causing more structural issues to deal with before getting the framing inspection approval. Oh, and to make the master suite nice, we cut through the brick walls to add two windows in the bedroom and one in the bathroom to make the space light and airy for the new buyers. And I’m not even going to get into the cost of all these changes…
Now do you have an appreciation for renovation cause and effect?
Tags: bank-owned properties, buying a foreclosure, buying a home, buying foreclosures, distressed property, fixer uppers, for sale, fredericksburg, homebuyer advice, homebuying, house for sale, real estate, real estate investment, Renovations, sweat equity, virginia
This entry was posted on Monday, August 17th, 2009 at 12:48 pm and is filed under Advice for Homebuyers, Case Studies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
