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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Old House Posted by SeanW on June 14, 2003 at 2:56 PM In Reply to: Re: Old House posted by Jenifer on June 14, 2003 at 2:05 PM : : Oh, I agree that the appraiser is not qualified, he even recommended to get a structural report done. I CAN get another appraiser to skirt it for mortgage purposes...but would it be worth it? Meaning how much $$ would be too much? : House in perfect shape would be worth $180k by this appraiser's opinion (with modernized kitchen, no structural problems, no termite damage visible, floors all nice and shiny, etc.). In this shape, he expects bank to price it at about $115k or their auction price of $121k. : He thinks it will need some work just to make it 'livable' by his standards..and certainly more than that to make it sellable down the road. : So...how much money is worth putting into it now that you have the numbers there (I think his 180k estimate is a tad high...I figured about $165-170k). Well, 170K - 8% (realtors, title, escrow, transfer tax) leaves 156K "net sale". 156K - 121K auction price leaves 35K. Add up your repair estimate and subtract from 35K... does it fit, and leave profit? What you really have to watch is the cost of roofing, foundation/basement work, and HVAC. I've seen people claim on the other forums that a new kitchen install is around $5000, if you just get usual Home Depot cabinets and sinks. Termite clearance might just be a thousand or so if the wall is OK. A few thousand for carpet and lino. Painting can be cheap if you do your own. Then leave some room for unexpected surprises-- an old house may need electrical or plumbing updates. I think it sounds like it could work. But I'm a newbie myself; we'll see what others have to say. Follow Ups: Re: Old House Jenifer/SeanW 11:05 AM, 06/16/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : : Oh, I agree that the appraiser is not qualified, he even recommended to get a structural report done. I CAN get another appraiser to skirt it for mortgage purposes...but would it be worth it? Meaning how much $$ would be too much? : : House in perfect shape would be worth $180k by this appraiser's opinion (with modernized kitchen, no structural problems, no termite damage visible, floors all nice and shiny, etc.). In this shape, he expects bank to price it at about $115k or their auction price of $121k. : : He thinks it will need some work just to make it 'livable' by his standards..and certainly more than that to make it sellable down the road. : : So...how much money is worth putting into it now that you have the numbers there (I think his 180k estimate is a tad high...I figured about $165-170k). : : Well, : 170K - 8% (realtors, title, escrow, transfer tax) leaves 156K "net sale". : 156K - 121K auction price leaves 35K. : Add up your repair estimate and subtract from 35K... does it fit, and leave profit? What you really have to watch is the cost of roofing, foundation/basement work, and HVAC. : I've seen people claim on the other forums that a new kitchen install is around $5000, if you just get usual Home Depot cabinets and sinks. Termite clearance might just be a thousand or so if the wall is OK. A few thousand for carpet and lino. Painting can be cheap if you do your own. Then leave some room for unexpected surprises-- an old house may need electrical or plumbing updates. : I think it sounds like it could work. But I'm a newbie myself; we'll see what others have to say. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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