\GoBillsInDallas/ Posted March 21, 2005 Share Posted March 21, 2005 Any difference in the land? (Lot size, corner lot, etc.) Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 All exactly the same. To a T. That's what's funny about the area. Link to comment Share on other sites More sharing options...
\GoBillsInDallas/ Posted March 21, 2005 Share Posted March 21, 2005 All exactly the same. To a T. That's what's funny about the area. 282537[/snapback] Levittown = cookie cutter heaven. When I buy, I usually "buy the land" with the house being secondary, but in your built-up area it is not a consideration. No matter what you buy, there will always be costs for maintenance - caulking doesn't last forever, you know. The question is this: Can you live with the house being the way it is for the next 5 years? By that time, you will know (a) whether you want to stay there and (b) what you want to upgrade. NEVER do any upgrades the first year in the house - you will regret it, financially and otherwise. Link to comment Share on other sites More sharing options...
Campy Posted March 21, 2005 Share Posted March 21, 2005 I knew a guy who used to buy "rehabs" as investment property (he still may, we lost touch). He'd take out a loan for the cost of the house and the costs to repair it. He'd present the highest quotes he could find and sell the bank on the idea that when the house is fixed-up, it'll be worth X amount more than the loan. Then he'd have the contractor with the lowest bid fix it up (he did a lot of work himself too). The difference between the loan (house + high estimates) would give him instant capital to not only start fixing up the place, but to live off of. After having the place worked on for 6 months or whatever it was, he pocketed a significant amount at the sale of the property after paying off the loan. I don't know if those were special investor-type loans (short-term at higher interest) or what, but I do know that he made a killing doing that. I've pretty much shared everything I know, which ain't much, but it may be worth your while to look into picking up a book or two at your local Barnes & Nobles or Borders. If you can get into the rehab for less with money in your pocket to begin repairs, you could find yourself with an awful lot of equity in a hurry, and that can only help when it comes time to sell! Link to comment Share on other sites More sharing options...
bluenews Posted March 21, 2005 Share Posted March 21, 2005 Unless you are going to die in this house, avoid the Levittown, NY fixer-upper!!! You'll never get your (sweat) investment on resale. Link to comment Share on other sites More sharing options...
Tcali Posted March 21, 2005 Share Posted March 21, 2005 As a Canadian I am not entirely sure of the tax implications. But you guys can write off your carrying charges (we unfortunately cannot) Can this have any effect on your decision? Can you still write off your upgrades/renovations? Not sure how that works 282439[/snapback] Upgrades/renovations are only deductible for rental properties.Where you can save--and this is very rare--is when you sell a property that greatly--and i mean GREATLY appreciates in value--and the apprecaition is above 250,000 for a single or 500,000 for married...which is a situation only likely to occur in places like california,newyork city,and maybe florida.-The upgrades will of course increase the value of the home for resale. Link to comment Share on other sites More sharing options...
Tcali Posted March 21, 2005 Share Posted March 21, 2005 Upgrades/renovations are only deductible for rental properties.Where you can save--and this is very rare--is when you sell a property that greatly--and i mean GREATLY appreciates in value--and the apprecaition is above 250,000 for a single or 500,000 for married...which is a situation only likely to occur in places like california,newyork city,and maybe florida.-The upgrades will of course increase the value of the home for resale. 282557[/snapback] I was referring of cpourse to CAPITAL GAINS TAXES. Link to comment Share on other sites More sharing options...
Alaska Darin Posted March 21, 2005 Share Posted March 21, 2005 Do you want to live "in" your house or "at" your house? That's the question. Remember, if you promise your wife you're going to renovate something - she'll only remind you when the game is on. Reality check: Newer houses tend to have some sort of warranty on virtually every expensive thing in them for a decent period of time. Older houses tend to have expensive things that break when you can least afford it. Also, newer homes tend to be SIGNIFICANTLY more energy efficient. Better windows, insulation, etc. This also means cheaper when the fuel bills roll in. Link to comment Share on other sites More sharing options...
Hogboy Swine Posted March 21, 2005 Share Posted March 21, 2005 Either a fixer up er or one that LOOKS "pristine"......spend the extra 250-300 buck for an independent INSPECTION Link to comment Share on other sites More sharing options...
BEAST MODE BABY! Posted March 21, 2005 Share Posted March 21, 2005 There are also tax defered methods like 1031 Exchanges, but "Joe Homeowner" may not want to deal with the ins and outs of real estate investments. Talk to someone who knows the Levittown market. Link to comment Share on other sites More sharing options...
DanInSouthBuffalo Posted March 21, 2005 Share Posted March 21, 2005 I'm leaning towards a fixer-upper. 282399[/snapback] I'm looking too, and I'm leaning this way myself. Within reason of course! I wouldn't mind doing some fresh painting and I hate wallpaper so that would have to go. Carpeting is another thing I'd be fussy about. I just thought of a good benchmark. If either the kitchen or the bathroom (just one) needs some remodeling I can live with that. If BOTH are fairly toast I would move on unless you want to undertake some time and $$$ consuming projects. Link to comment Share on other sites More sharing options...
Terry Tate Posted March 22, 2005 Share Posted March 22, 2005 All the same exact ages. Same exact neighborhoods. If anyone is familiar with Hicksville and Levittown, NY, you'd know they are EXACTLY the same. LOL, I just skipped right past this when you first mentioned it. Levittown, named after William Levitt - the man who introduced the whole concept of affordable suburban tract homes to post-WWII America. That's a bit of history there; there were other Levittowns (and of course, a lot of other suburbias), but that one built on the potato fields was the first one. Link to comment Share on other sites More sharing options...
jayg Posted March 22, 2005 Share Posted March 22, 2005 I bought a fixer upper. It was a 1950's era ranch. The CAC was added in the mid 90's. Make sure the seller includes one of these AHS. Mine has come in very handy. If you don't want to keep the full coverage after it runs out you can get one that covers major systems. When you renovate start one room at a time and have everything ready to go. Be very diligent in your preparation. This can save you a lot of time if you keep having to stop and start over. Do not begin another room until you have finished the first. I would try to do the kitchen before you move in if possible. My girlfriend doesn't live with me so it was easy for me to move from room to room. For the kitchen. I used Mill's Pride cabinets from Home depot Mill's Pride. They have an online design tool that I used to redesign the entire Kitchen.The doors are real maple and cabinets aren't. They look very good and will save you a bundle. Also granite counter tops don't have to be super expensive. I used granite tiles as they are around 8-12 times cheaper than slab. Use small grout line like 1/16" and they will look fantastic. Get credit cards with air miles and pay them off as you go and you'll have free trips when your house is done. Good luck! I'm looking too, and I'm leaning this way myself. Within reason of course!I wouldn't mind doing some fresh painting and I hate wallpaper so that would have to go. Carpeting is another thing I'd be fussy about. I just thought of a good benchmark. If either the kitchen or the bathroom (just one) needs some remodeling I can live with that. If BOTH are fairly toast I would move on unless you want to undertake some time and $$$ consuming projects. 282611[/snapback] Link to comment Share on other sites More sharing options...
John from Riverside Posted March 22, 2005 Share Posted March 22, 2005 I say fixer up IF you enjoy working on things around your own house...... I bought a Cal Vet repo what.....6 years ago? In Hemet.....agreement was to put a brand new roof on it and reinforce the back patio.....for 89K Now...the house needed a lot of work. Since that time quality new carpet throughout, pavers work all the way around the house, swimming pool, sodded front yard, new fence etc etc.....except for the carpet and swimming pool I did it myself along with some compadres or family..... Estimated at 280K at the beginning of the year..... Link to comment Share on other sites More sharing options...
aussiew Posted March 22, 2005 Share Posted March 22, 2005 I would go with the fiver-uppper because I love to do that kind of stuff. I can hang drywall, hang wallpaper, lay tile etc. And love to paint. When it comes to remodeling, I usually take the lead. BUT - if your wife doesn't know how or isn't much interested in that sort of thing - then it will all come down to you working nights and weekends and her nagging you to get it finished. Link to comment Share on other sites More sharing options...
Guffalo Posted March 22, 2005 Share Posted March 22, 2005 We are now on our 3rd home in the area, and we always took the fixer upper. In the long run, you put it together the way you like it, not the way the previous owners did. We now live nearby (Wantagh), I know there is some values in the Seaford area if you take a look. Some are fixer uppers and others are new builds. I like the Hicksville area, but some of Levitown is nice too. Many/Most of the Levitown homes are built on slabs with hot water heat elements built into the concrete. Make sure your plumber/home inspector gets a good look at that part of the house. All of Long Island is booming right now, and spring is bringing out a lot of new homes to the market, keep your eyes open but be reasonable, some of the fixer uppers will go close to the asking price, since there are many young couples who are willing to put in the sweat equity. Link to comment Share on other sites More sharing options...
dundy249 Posted March 22, 2005 Share Posted March 22, 2005 Ok, my wife and I have been house hunting for about a month, and we feel ready to move on some houses. We've done exhaustive research on schools, property values, etc. We've found some decent towns we can afford... Would you either: 1) go with a house that's pristine, and would need no upgrades, and pinch every penny to make it happen, or, 2) buy a somewhat fixer upper that wouldn't stretch your budget, but needs upgrades (not major construction, just upgrades like kitchen cabinets, bathroom tiles, paint, plaster, etc.), with the possibly never getting it completely done. I'm leaning towards a fixer-upper. One that's livable to start. Not great and not a complete disaster, but livable. I have some family members who can lend solid advice on how and what to do to upgrade (and when), and maybe do a little work at minimal cost. Also, I am fairly familiar with what needs to go into the work (money, time, sweat, etc.). Pros of pristine house: No work, no headaches, no need to spend anymore money cons of pristine: dangerously eats at budget, no "emergency" funds pros of fixer upper: can easily manage financially to start cons of fixer upper: can be a never ending ordeal. Will likely spend the money to fix which would have been used up-front to go pristine. I know there's a ton more to consider, and we have. What would you do. Or what have you experienced? 282399[/snapback] Give you some advice. Buy a house in NC. I sold my house in Buffalo at a loss 3 years ago and have now just sold my first hous in NC and am upgrading. I made a 25% profit on my house here. Not to mention I spent this weekend Golfing and Fishing in mid 70's....Much better than shoveling!!! I love Buffalo but will never move back! Link to comment Share on other sites More sharing options...
billsfanone Posted March 22, 2005 Author Share Posted March 22, 2005 I bought a fixer upper. It was a 1950's era ranch. The CAC was added in the mid 90's. Make sure the seller includes one of these AHS. Mine has come in very handy. If you don't want to keep the full coverage after it runs out you can get one that covers major systems. When you renovate start one room at a time and have everything ready to go. Be very diligent in your preparation. This can save you a lot of time if you keep having to stop and start over. Do not begin another room until you have finished the first. I would try to do the kitchen before you move in if possible. My girlfriend doesn't live with me so it was easy for me to move from room to room. For the kitchen. I used Mill's Pride cabinets from Home depot Mill's Pride. They have an online design tool that I used to redesign the entire Kitchen.The doors are real maple and cabinets aren't. They look very good and will save you a bundle. Also granite counter tops don't have to be super expensive. I used granite tiles as they are around 8-12 times cheaper than slab. Use small grout line like 1/16" and they will look fantastic. Get credit cards with air miles and pay them off as you go and you'll have free trips when your house is done. Good luck! 282648[/snapback] Thanks! That's what we're planning. We're living in an apt now with no kids. We don't have a lot of "junk" yet, so we'd be able to do room by room. Great advice about finishing up first before moving on. The kitchen will likely be the first thing done. Great site btw! Link to comment Share on other sites More sharing options...
billsfanone Posted March 22, 2005 Author Share Posted March 22, 2005 Give you some advice. Buy a house in NC. I sold my house in Buffalo at a loss 3 years ago and have now just sold my first hous in NC and am upgrading. I made a 25% profit on my house here. Not to mention I spent this weekend Golfing and Fishing in mid 70's....Much better than shoveling!!! I love Buffalo but will never move back! 283254[/snapback] Bevieve it or not, we have thought about moving down south. My brother was seriously considering it, and even bid on a house. That's before he landed a better job. We were thinking of following his lead. It's tough to find new jobs, new social circle, etc. For us anyway. All of our friends and family is in the NYC metro area... Link to comment Share on other sites More sharing options...
billsfanone Posted March 22, 2005 Author Share Posted March 22, 2005 We are now on our 3rd home in the area, and we always took the fixer upper. In the long run, you put it together the way you like it, not the way the previous owners did. We now live nearby (Wantagh), I know there is some values in the Seaford area if you take a look. Some are fixer uppers and others are new builds. I like the Hicksville area, but some of Levitown is nice too. Many/Most of the Levitown homes are built on slabs with hot water heat elements built into the concrete. Make sure your plumber/home inspector gets a good look at that part of the house. All of Long Island is booming right now, and spring is bringing out a lot of new homes to the market, keep your eyes open but be reasonable, some of the fixer uppers will go close to the asking price, since there are many young couples who are willing to put in the sweat equity. 283187[/snapback] Thanks man. I knew you lives somewhere out there... We are aware of the radient heat. Our realtor is very honest (at least we think so!). She tipped us off about that. Most of the fixer uppers have their heat upgraded to baseboard. Another thing on our checklist of things to look out for... The killer is the location of the furnace. It's in the kitchen! The pristine ones I mentioned have moved them. Which is a pretty major step. Link to comment Share on other sites More sharing options...
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