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im feeling overwhelmed upgrading a house I inherited...from the ceiling to the floors...would it be

this is a 2 bedroom 1 bathroom frame house. The maintence on it before I inherited it was not as good as thought. it was a rental, thought about renting it out afterwards, but like i mentioned, im feeling very overwhelmed by this. As it stands, the bathroom has been redone, and new insulation in one room is complete.. i really dont know what to do...i feel i should finish it and will be happy with it, but at the same time, i feel i have dug myself into something i can no longer handle.
  • February 22 2012 - Corpus Christi
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Answers (11)

Try starting out with some of the home projects you can do yourself.  Its amazing how cost-effective a coat of paint or new tiles can be.

These days, the home repairman can do more than ever.  Just do your research on places like YouTube and you'll find very good, visual guides on how to complete work.  Several handyman forums out there also allow you to interact and ask questions to people with knowledge and experience.

Worse case scenario, if you do decide to move, your house will be more marketable.  Just remember, take the time to do everything right and use high quality materials.  This will save you a ton of headaches.

Good Luck!
  • May 21 2012
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If you had enough equity in the property, you could do a HomeStyle renovation loan and have a contractor finish the property up for you without using your own funds.  You'll of course still want to talk to an agent to find out how much rent you can command for the improvements you're making.

You'd need a minimum of 20% equity in the after-improved value to be bale to do one of these loans without having to be out-of-pocket additional funds.

The following link is for a rather lengthy post on rehab lending.  Sort by "recent" to find it or just look for my picture (in case others start adding to the thread).

http://www.zillow.com/advice-thread/Do-I-qualify-for-an-FHA-construction-loan/397257/

  • May 21 2012
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First I would figure out what you want to do with the home. The options would be to rent it out, sell the house or live in it yourself. With renting it out you would probably want to do some renovations to it but always keep in mind that it is a rental and not go for what you like the best but rather what is nice enough and cost effective. The second option of selling would bring you the most value and profit if you renovated before selling but you always do have the option of selling the house as is and leaving it as someone else's problem. The third option of living in the house would be the most costly but you would want to pick all of the finishes as per your liking and the higher cost would all be driven by your taste. In any of these options, if you hire the right architect and builder then a lot of your worries will go away. You have work on the design of the project on paper which would bring much ease and you would also have a qualified builder to do your work for you and you might not even be required on site and release all of your worries.
  • April 20 2012
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I urge you to contact an agent at a local brokerage who specializing in your area to see what kind of offer your 2 bed 1 ba home will bring in its current condition in this market before making any more modifications to the property..then ask them how much more it will bring after the improvements are made and see which way is best for you...

you may decide it's just as beneficial for you to list it in its present condition...if you are able and prefer to wait for the market to improve, continue with the rehab and rent it out for income and sell it later when market heads up...

an investor will likely rehab it after he buys it for the right price and rent it out till the market improves

all so far you've paid for it is the renovation made to date and some maintenance fees.....surely it's worth way more than that

when was the property purchased...is it paid in full...are taxes due?
Damsel in distress needs buyer/vulture to swoop in
  • March 06 2012
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Hello,

We have a cash offer program your home might qualify for.  If you are interested in possibly getting this home off your hands without having to put it on the market please contact me directly.

  • March 06 2012
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I can certainly understand how you may be feeling overwhelmed by the whole project and looking at it as a whole is quite daunting!  It is like looking at the whole forest when you should take it one tree at a time.  Set smaller goals.  Once you complete one of you goals and can cross it off your list you will feel a sense of satisfaction.  There is just something about seeing a line crossed off your list.  Take it one small project at a time! 

That being said here is a bit of advice about where you can get your best return on your investment for your remodel projects.

In this slow housing market your return on investment on any renovation/addition project is not as high as it once was.  The housing market was at its peak in 2005 and the average return on your investment was a little over 85% nationwide.  The latest national average figures in this economy have dropped close to 30 points.  All reports though say that the housing market is on an upswing in 2012 and if you are thinking about a remodeling project now might be a good time.

In a recent nationwide survey the top 5 remodel projects are:  Kitchen, Bathroom, Re-siding (curb appeal) Master suite additions and Attic bedrooms.  Since 2004 kitchen remodeling projects has been the number one best investment.  

I hope some of this helps and good luck on your upgrades!  Don't get discouraged, take it one step at a time!

There is an online magazine that may give you more insight to your best bets.  http://www.remodeling.hw.net/.  



  • March 05 2012
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Profile picture for the_country_hick
I once took a truck down to just the frame and axles. Everything else was removed. I sandblasted the frame and then put everything back together. It seemed like it would never end.

The key is to focus on one task at a time. If you look at the whole project it looks impossible to finish. If you just look at needing to put the cab on, or hook up the wiring to the engine it is not so daunting a task. Fixing a house up is the same thing. Concentrate on just one wall in that one room. After that wall is finished look at the next wall. Once all the walls are done look at the plumbing. Then look at the flooring in one room and so on until each room is done. Each part is a small piece of the whole. By breaking it down into small tasks it seems a lot easier to deal with.

It took me forever to get my truck done. It was most of one summer tearing it down and putting it back together. I have recently helped to get a house back together also. It has been months getting done and still has more to go. By looking at each individual task needing to get done it is easier to see the job getting done. Once the sheetrock in one room is finished and the room is painted you can see all of the progress you have made. Then you move onto the next room until you are done with it. Sooner or later you will finish that last room and be finished.
  • February 22 2012
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There is a lot understand when setting out to rehab a home...I've been doing it for 12 years and it's always a challenge.
 
At this point, you may want to stop and re-evaluate your investment in the property and your exit strategy. Putting money into some areas may not give you the return you expect. 

If you decide you wish to sell, feel free to contact me so we can discuss what you've already done, what you plan to do (if anything), and what I can offer you for the home.  
  • February 22 2012
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I understand your feeling of being overwhelmed-  I've been there myself.  What I found helps a tremendous amount is to prioritize.  What HAS to be done?  Whether you live there, rent it or sell it certain things may need to be done.

I would then research as much as you can regarding costs, timeline etc.  Usually the more information you arm yourself with, the clearer things become and the less panicked you will feel.  Research thoroughly various contractors and get estimates.  Whatever the final cost estimate is that you come up with, you should multiply by 1 1/2, better yet, double it.

You have two completely different scenarios if your house is in need of major repair (such as roof, plumbing, electrical, heating) or minor maintenance (such as cleanup, paint, refacing or painting cabinets).

Write down everything down: your list of must dos, should dos, and maybe dos with your most pessimistic cost scenario.  Figure out what you can do yourself to save money. 

The next step is to figure out what you can and are willing to do financially and time wise.

Having all of this information written down, in front of you, should help you figure out what you have to do with this house and then, what you want to do with it.

Best of luck.

 

  • February 22 2012
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Profile picture for Connie Klemme
it's hard to really give you good pointers or suggestions (not advice) without seeing the house.

so here's the thing- what is your end goal?  to rent it for top dollar, or just get it moving?  How does it compare to other rentals. 
can you separte the difference between "maintenance" and upgrades.

also- who is your target customer, are you renting to someone that wants the best or someone that needs to live in the area? 

find the answers to those questions and that should help you know what to do next.  If you're renting to college students, granite counters and plush carpet or wood flooring is not the solution (laminate on both).
if you're renting to young professionals working downtown...you want to have granite and good carpet.
if the house has a fenced yard...are you going to allow pets (if so do you really want carpet??)
fix the holes and safety issues and mechanical issues.
if you are going to rent it to section 8 or assisted housing, they usually have inspectors and conditions that you must meet, consult them.
if you are going to sell it.   - check out the competition and factor in the price to get there- then sell as is or sell as updated or just sell as repaired.

if you're looking to sell...I'm sure there is a local agent that would come look, provide you a CMA and give you some pointers.  
A key thing to know- once you tackle a room...a half done update is a waste of money, so either just repair it and clean it (new paint, clean floors) or update it all the way. ex.  new counters on old yucky cabinets is a total waste of money.
  • February 22 2012
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Dear Corpus Christi Homeowner,
This response is more on the "advice" side than "real estate advice," but renovations should be made as you can afford them, in contrast to repairs which generally must be made as they come up. Budget your time, money and energy so you can enjoy the benefits of homeownership and take care of repairs when they come along. For most Americans, owning a home is a long term commitment, and renovations and improvements can be made along the way while you build equity in your home. I think making your home a "project" may be contributing to your feeling that you are over your head.
  • February 22 2012
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