BillsNYC Posted March 21, 2005 Share Posted March 21, 2005 Where do you plan on storing your whores? Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Where do you plan on storing your whores? 282452[/snapback] I'll build a shed in the backyard. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Thanks for all the advice so far. I'm still leaning fixer. Remember it won't be an complete overhaul. In my own mind, I categorize fixing like: 1) structural - like dormering or converting an attic into living space 2) major cosmetic - like a new kitchen and new bathroom 3) minor cosmetic - like paint, plaster, carpet Of course there is plumbing, electric, siding, roof, etc too. I think the "fixer-uppers" we're looking at need 2 and 3. Not much else (I hope). Link to comment Share on other sites More sharing options...
Steven in MD Posted March 21, 2005 Share Posted March 21, 2005 Housing, especially on LI is about location. If you believe Levittown and Hicksville are the same, then I would get the fixer upper and use the equity over time to make improvements (home equity loans or refi). On a side note, I think Levittown is a little nicer, especially if you are closer to Wantagh (MacArthur HS). Link to comment Share on other sites More sharing options...
Realist Posted March 21, 2005 Share Posted March 21, 2005 Just remember, You own the house-never let the house own you. Also being experienced in this subject (4 homes in 7 years), estimate the cost of the renovations to the fixer-upper and budget them right in to the cost to make sure you do them within six months of moving in...otherwise the renovations will probably not get done. You cant predict the future, and I got caught doing that, and lost my job, and was stuck in a fixer upper with no cash....it was stressful to say the least. I would also take into account the area and yard too. We just bought in Concord NC, wasnt crazy about the house or yard but excellent schools so in 5-7 years we will move again. Hope this helps 282434[/snapback] This is the way to go. Get a price on everything you're going to need to fix in the "older" home then compare it to the "newer" one. Until you do that, you're not really comparing Apples to Apples. Personally I would go with the newer one, because as others said there will always be things that need to get done in a house. If you get the fixer-upper most likely everything will never get done or you just may feel that things are never getting done. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 This is the way to go. Get a price on everything you're going to need to fix in the "older" home then compare it to the "newer" one. Until you do that, you're not really comparing Apples to Apples. Personally I would go with the newer one, because as others said there will always be things that need to get done in a house. If you get the fixer-upper most likely everything will never get done or you just may feel that things are never getting done. 282468[/snapback] Yes. Therein lies my dilemma. Looks like I have some more number crunching to do. Link to comment Share on other sites More sharing options...
Puhonix Posted March 21, 2005 Share Posted March 21, 2005 Yes. Therein lies my dilemma. Looks like I have some more number crunching to do. 282475[/snapback] No one ever said this was easy.... good luck. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Thanks. My mind is fried. Plan C is to get a complete disaster, come up with a sob story, and try to get one of those TV shows to fix it up for free. Link to comment Share on other sites More sharing options...
IDBillzFan Posted March 21, 2005 Share Posted March 21, 2005 The answer lies within other questions: When you say fixer-upper, are you saying you'll need to re-carpet, re-paint, put in new cabinets, redo the electrical, replace the windows, replace the roof...? And if so, are these things YOU plan to do? And if so...and here's the real poser...WILL you actually do them? Fixer-upper or not, houses...even the pristine ones...need work. If you're the kind of person who is talented and disciplined to get the work prioritized and do it yourself, then get the fixer-upper. If you're not a handyman, or can't imagine yourself really finishing any of the projects required to make the house right, then take a pass. You'll have enough work to do on a pristine house anyway. Link to comment Share on other sites More sharing options...
MattyT Posted March 21, 2005 Share Posted March 21, 2005 I'm not sure about Long Island, but the real estate market is just beginning to warm up in WNY. You are likely to see the rate of houses coming on the market increase rapidly in the next month or two. I have been looking myself for the last month or so and it seems like there are many more buyers than sellers because buyers are starting to get the itch, yet sellers are waiting for the snow to melt so that the property is more presentable. I guess the point that I'm trying to make is that if you're not sure about the houses you're considering now, then keep looking because your options may increase very soon. Good luck. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Thanks LA. Decisions.... Link to comment Share on other sites More sharing options...
BEAST MODE BABY! Posted March 21, 2005 Share Posted March 21, 2005 Well, you can make a lot of money on fixers. Ask any friends who have real estate experience. You should also check with your agent (if you have one) what comps are on 3 bed, 2 baths in the neighborhood. For example, here in California adding a master bedroom/bath on a 2/1 can increase the price of a home from 50 to 85k. The cost is anywhere from 25 to 35k to do the remodel. That's instant equity. You can also do the fixer over time. The important piece of information is what is the difference in price between the fixer and the other place, and how much would it cost to bring the fixer up to date? Lowballing the fixer is a great negotiating tool. Find out what the lowest they'll take is, and negotiate from there. Good luck!!! Link to comment Share on other sites More sharing options...
Terry Tate Posted March 21, 2005 Share Posted March 21, 2005 If it's within your abilities, I'm a fixer-upper guy. Nothing like sweat equity. Even if you hire some work out, there's lots of ways to save on materials. Just depends on how much your family will put up with. Living in a fixer-upper takes some patience. Our last house shopping, we drive up to a place, my wife takes one look from the car and says "Tell the agent 'let's go.' I don't even want to look at it". Yes, it was that bad. Long story short, I talked her into buying it, and got to work. By the time we sold it five years later, my wife had become more attached to the 'new' version of the place than I was. There are no bad houses, just bad prices for condition. A whole house inspection will give you a laundry list of items - review the required repairs to see if you want to take it on (ability, material cost, etc), and use it as a checklist as you work on them if you buy it. If you can handle living in a fixer-upper while you work on it, they're money in your pocket. On the other hand, if the house that would make you happy 'as is' is within your means, I can't argue with that. I enjoy doing the work, so it's not a chore to me. Link to comment Share on other sites More sharing options...
Vetriano Posted March 21, 2005 Share Posted March 21, 2005 It depends on you. If you can do the work and really want to do it and can then a fixer upper can be good. I had a house did substantial improvements, throughout the house- thing is before I had a house - watched this old house, had handy relatives and thought I could do. Learned quickly I could not do the work- had to rely heavily on family- and also put a strain on my marriage. If I had to do it again, I would buy new. Best advice I got and did not follow- buy a house you love. As an aside, leave LI, NJ is cheaper and newer. Link to comment Share on other sites More sharing options...
todd Posted March 21, 2005 Share Posted March 21, 2005 Fixer upper. You're always going to need to do work to make a house "yours". It's just a matter of how much, not "if". We bought a house well within our price comfort zone, and I'm so damn glad we did. As it turns out, a year and a half later my job was eliminated at Kodak. My wife works, and we were able to survive quite comfortably on quite a bit less than we were used to. Knowing now that we can do it one one salary is a giant relief, and makes life much less stressful. But that's just me. I'm not a big fan of financial stress. We came through that trial with our saving still intact. We still live in a great neighborhood with a great school district, and in 3 years of work and a desirable location, our house has appreciated 35%. I also know people who have split the difference. They bought something in between pristine and a semi-fixerupper very close to our house, and have been able to make their house look phenominal in a very short period of time. Maybe that's what you're best bet is. Link to comment Share on other sites More sharing options...
rockpile Posted March 21, 2005 Share Posted March 21, 2005 Thanks for all the advice so far. I'm still leaning fixer. Remember it won't be an complete overhaul. In my own mind, I categorize fixing like: 1) structural - like dormering or converting an attic into living space 2) major cosmetic - like a new kitchen and new bathroom 3) minor cosmetic - like paint, plaster, carpet Of course there is plumbing, electric, siding, roof, etc too. I think the "fixer-uppers" we're looking at need 2 and 3. Not much else (I hope). 282463[/snapback] You will often have major cosmetic you will ALWAYS have minor cosmetic work, and unless you can do the work, have the money and the time, avoid #1. The house I am in now needed all three (most of the structural was to the in-ground pool and surrounding patio). We ended up dropping an extra $22K into the house during the first three months, most of which was budgeted. Keep in mind I do a lot of work myself, too. Link to comment Share on other sites More sharing options...
Buckeye Eric Posted March 21, 2005 Share Posted March 21, 2005 I would get out very early in the morning, before sunrise. Dress in your best camo outfit and sneak up on potential houses very quietly. Many houese are very sharp and can smell someone willing to overpay coming near. Move slow and make sure you have no cash in you pockets. Real estate agents do not help at all in the process. In fact they are evil. We found our two homes ourselves using the sneaking up approach. We found an area we liked and kept trolling for a sign to appear on the lawn, the sure sign of vulerability. We then used the agent to get past the threshhold, the only thing they are good for and which are needed to get gain entrance in most houses. Sometimes, however, you get lucky and an unsuspecting spec home is left unlocked and you can sneak in under the cover of dusk or dawn. Link to comment Share on other sites More sharing options...
rockpile Posted March 21, 2005 Share Posted March 21, 2005 Real estate agents do not help at all in the process. In fact they are evil.282513[/snapback] They are not necessarily evil, it is just that they work for the seller not you! Link to comment Share on other sites More sharing options...
gantrules Posted March 21, 2005 Share Posted March 21, 2005 I'll share my story. I suck at fixing things. I bought my first home and thought I could do it....nope I sucked. Sold it and bought one built in 2000. Payment is more and honestly I still spend a crap load in upgrades.... Bottom line...no matter which you choose you'll end up spending a lot over time. Link to comment Share on other sites More sharing options...
billsfanone Posted March 21, 2005 Author Share Posted March 21, 2005 Thanks again for the advice so far. I'm pretty handy, and I know my limits. There is plenty I can do, but a lot that I wounldn't dare to attempt. I'd leave all the major things to a pro (or more able family member). Can't leave LI for NJ. I would, but my wife works on LI and I just acceped a new job who's HQ is on LI too. We going to do some major budgeting this week. We're in no real rush to buy, so this exercise is very helpful. And probably came at the perfect time. Unfortunately, there's not that type of leverage here buckeye... Link to comment Share on other sites More sharing options...
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