Tag Archives: money pit

Bargain Fixer-Upper or Money Pit? Houses Built in the 1950s

Posted on September 27, 2011 | Leave a comment

Cement and cinder-block construction was popular during the building boom of the 1940s to the 1960s. Cracks that develop in the mortar between blocks allow water penetration.

Also furnaces more than 20 years old are not only inefficient, noisy and costly to operate, they lack safety features like shut-off valves, which can make them dangerous to maintain.

Plumbing problems can require costly repairs as galvanized steel pipes were used until 1970 for water supply lines.

Fact: Homes built prior to and during the 1950s may have zero insulation in some areas – especially the attic.

Approximate cost of repairs:

Foundation – $30,000
Complete electrical – $8,000 to $20,000
Replacing pipes – $2000 and up.

Contact the appraisers at www.socalappraisalserv.com for your cost to value issues.

Disclaimer: For Information and Entertainment Purposes Only

Bargain Fixer-Upper or Money Pit? Houses Built Before the Turn of the 20th Century

Posted on September 25, 2011 | Leave a comment

Take nothing for granted no matter what the previous owner or realtor says. “Hire an inspector, but also a licensed contractor accustomed to remodeling old homes to give you a realistic estimate on repairs,” advises Tom Green, a restorer in Brookfield, Massachusetts, whose company specializes in foundation and frame repair. Green states that even a functioning older house will likely have multiple ailments, you will need to start with the most urgent project. If the roof is leaking or you’re told the furnace or electrical wiring is dangerous, have those repaired first.

Green also states that the foundation is also important to address in the beginning. Green begins with the sills of the foundation (8″ x 8″ timbers that sit on the foundation). Any deterioration with the structure should be evident here, particularly on the lower edge.

Approximate cost of repairs:

Foundation – $30,000
Complete electrical – $8,000 to $20,000
Replacing pipes – $2000 and up.

Contact the appraisers at www.socalappraisalserv.com for your cost to value issues.

Disclaimer: For Information and Entertainment Purposes Only

Thanks to Mikey Goodman of “Holmes Magazine” and Tom Green for content

New Series – Bargain Fixer-Upper or Money Pit?

Posted on September 24, 2011 | Leave a comment

We will be addressing older homes and what the buyer should be looking for when considering buying a fixer-upper.

Fact as reported by Bankrate, Inc: A homeowner’s estimate of what a project will cost is often about half of the actual cost.

Mike Holmes of “Holmes on Homes”: Whatever the estimate states add 10% extra for unforseen costs; there are usually unforseen costs.

Buyers who fall in love with Victorian, bungalows or even mid-century ranches should do so with their eyes wide open. Older homes could easily have issues that cannot actually be seen at the open house. Things old homes have issues with are rotting beams, steel water pipes, faulting wiring, no insulation, mold, termites and the list goes on.

TIP: If lights dim when the refrigerator compressor kicks in, the home’s electrical system could be out of date.

This is where a building inspection is essential. We recommend everyone having a building inspection before they buy any property. Tip: Do your homework and find a good inspector. Ask RE appraisers, contractors but we do not recommend letting the sales agents pick the inspector; you want the person working for you. Make sure that the inspector reports all findings to you. Future articles will be on how to find a good building inspector but you can call the city permit office and sometimes they can recommend because they hear all the complaints.

We also recommend an appraisal once the building inspection has been done. The appraiser can give you a cost estimate of what it would “cost” to repair the building and determine what the future value may be. Contact the appraiser at www.socalappraisalserv.com for your cost to value issues.

Disclaimer: For Information and Entertainment Purposes Only.

Tag Archives: money pit

Bargain Fixer-Upper or Money Pit? Houses Built in the 1950s

Bargain Fixer-Upper or Money Pit? Houses Built Before the Turn of the 20th Century

New Series – Bargain Fixer-Upper or Money Pit?

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