Anonymous
04/30/2013 11:53
Subject: Talk me out of doing something stupid
OP here -- apologies, I came back very early on (3rd or 4th comment) and never thought this would go beyond that!
We ended up passing on the fixer upper and signed a contract for a much more "pret-a-porter" house this weekend. Needs some updating simply because the current style isn't our taste, but otherwise it's good to go (or at least we think it is -- inspection tomorrow). Thanks to all for the good advice. I'm glad we went this direction.
We ended up passing on the fixer upper and signed a contract for a much more "pret-a-porter" house this weekend. Needs some updating simply because the current style isn't our taste, but otherwise it's good to go (or at least we think it is -- inspection tomorrow). Thanks to all for the good advice. I'm glad we went this direction.
Anonymous
04/30/2013 10:52
Subject: Talk me out of doing something stupid
Anonymous wrote:Anonymous wrote:We are looking at a pretty intense fixer-upper. I know in my head it's not a smart decision -- we have a 17 month old kid, another one on the way, full-time jobs, and no real knowledge of contracting/home fixing/etc. I keep getting blinded by the dazzle of getting to choose my own finishes, reconfiguring the layout, and generally making some money (long-term) off of this house.
So which is right, my head or my greedy little heart?
Haven't read the other responses, but if you have the money to fix it up how you like it, the DO IT! I bought my house in 2003. It was a foreclosure. I didn't even own a hammer and was a single woman at the time. I LOVE my house and buying it was the best financial move I've ever made. It is now worth 3 times what I paid for it plus what I put in. And it's exactly how I like it. I lived here through all the renovations. I also did what needed to be done straight away and have done the rest over time. I learned very quickly about the basics, even though I didn't do much of it myself it was still a steep learning curve to understand what was possible and what wasn't and what would be expensive and what wouldn't, what needed to be done right away and what could wait.
Also, try and look at the work that needs to be done to see what you can live with now and what would be quick inexpensive fixes. For example, holes in the wall and peeling wall paper look terrible, but are quick and not expensive fixes. If the roof is damaged and leaking badly it needs to be fixed right away so that it doesn't cost more in the long run. Likewise, expect that you will learn more as the process goes on - e.g. once work starts you will definitely uncover additional problems, but they are not all necessarily expensive.
How old is the house? (Mine is 1880s). What type of issues are you talking about?
Yes I'm sure your house tripled in value because you put in new bath tiles and refinished the floors. Nothing to do with the historically massive housing bubble/boom (you pick, only history will tell if DC really has changed for the better or if just part of a decade long Federal spending splurge coupled with a national housing bubble).
Renovations 99% of the time *never* recoup their cost. Do it because you want to improve the house for yourself. They do not add value above and beyond *the money you spend*. And if you _finance_ that money, you are likely spending far more than the 'cost'.
There is definitely value to be said to renovating a house to make it fit your needs, but investment should *never* be in your vocabulary unless it is an investment property that you may be able to charge high market rent because of renovations (and even this takes careful calculation and usually necessitates the cheapest finishings possible)
As for doing it with a toddler and baby on the way, I see much wailing and gnashing of teeth... can you wait until kids are older?
Anonymous
04/30/2013 10:46
Subject: Talk me out of doing something stupid
We were looking at fixer-uppers two years ago when I had a toddler and was about to give birth again. We ended up in a rental (not our choice at the time) and I am thankful almost every day that for those first two years with two kids we did not have a house of our own to worry about. Instead of stressing about what we *should* be doing on the house, we could concentrate on our new family. I'm not saying the fixer-upper is necessarily the wrong choice, just that I was pleasantly surprised by how nice it was, with very young kids, not to deal with the hassle of home ownership and improvements.
We're looking to buy again now, and I feel like we're just now in a place where we can contemplate doing some home improvements (not major) without it being the stress that pushes us over the edge.
We're looking to buy again now, and I feel like we're just now in a place where we can contemplate doing some home improvements (not major) without it being the stress that pushes us over the edge.
Anonymous
04/30/2013 10:35
Subject: Re:Talk me out of doing something stupid
We have done it. Very happy with the results. Go for it, if you can meet the following criteria:
-budget can stretch to about twice the estimates you've gotten
-you are not going to try to live there until it's done
-you have a few months leeway in the completion time
-you will have the ability to stop by once a day or every 2 days to check in with the project manager and tour the day's progress
-budget can stretch to about twice the estimates you've gotten
-you are not going to try to live there until it's done
-you have a few months leeway in the completion time
-you will have the ability to stop by once a day or every 2 days to check in with the project manager and tour the day's progress
Anonymous
04/29/2013 15:59
Subject: Re:Talk me out of doing something stupid
As others have pointed out, it really depends on your money situation. If you have the cash, then go for it. One thing that will help tremendously is to hire a project manager - someone entirely separate from your contractor/designer/architect who will come to the job every day to make sure things are done correctly, are done on time and basically manage the project. Home inspectors can often do this. And I highly recommend an interior designer, someone to help with finishes, paint etc. You should also have enough cash to live elsewhere during the construction. We lived through a major overhaul (new kitchen, 3 baths, floors, ceilings, asbestos removal, new windows etc.) with a 6 year-old, 3 year-old and baby and it was hell. Try feeding 3 kids with a two ring burner, not good times. We only got through it because my husband works from home and became the de facto general contractor. But we spent endless hours debating and making decisions, stressing about money and everything else that goes with a major project. In the end, we love our house but never again.
Anonymous
04/29/2013 12:11
Subject: Re:Talk me out of doing something stupid
Anonymous wrote:Anonymous wrote:Anonymous wrote:Haven't read the other responses, but if you have the money to fix it up how you like it, the DO IT! I bought my house in 2003. It was a foreclosure. I didn't even own a hammer and was a single woman at the time.
Yes, exactly, you were not the parent of a toddler and a newborn.
OP, I am contemplating something similar but just renovation of our current house. We have a baby and toddler. As much as I freaking HATE our kitchen and how old/dirty/cluttered much of our house is, I have ZERO time now to deal with things (much less DIY, I'm just talking planning) and the idea of that much dirt, dust, and not having a kitchen for a month with 2 little kids? nuts. (plus--things like--construction during nap time, etc). We might do it soon, but I would not do it with baby/toddler. I'd advocate for buying the house now if its in livable condition and doing stuff w hen you can, but know that once there are 2 kids to care for, there's not a lot of time for the regular stuff in life, much less major projects.
No, but I was completely on my own, had little cash and no idea what I was doing. I am now the parent of a toddler and a 6 month old and about to start a major addition project. We'll be living in the house the entire time and working full time. That project is just as extensive as the initial renovation but it's much less scary because there are now two of us to oversee it. We're also in a better financial position.
I think there's a big difference when you've been through this experience before. You sort of know what you're in for and what kind of issues may occur. OP does not, and she has a full career, kids, and an also-newbie spouse to deal with. Honestly, for most people that is a ton of stress to take on. It was for me, and I don't know if I would do it again. Maybe you just really have your shit together? This is going to be an expensive, stressful experience and OP can not count on getting her money back. She may decide to do it anyway, and it may work out nicely, but she should walk in with her eyes wide open. I also think there are a lot of variables here that make a difference- the age of the house, the type of issues, whether OP has a lot of cash on hand, whether OP wants to try DIY, etc.
That's very true and I did ask those questions but OP hasn't been back to answer them. The term fixer upper is used in many different ways and she could be looking at buying anything from a shell to a house in really good shape that is dated. If the latter she absolutely should go ahead. If the former, unless they have a lot of money and time to wait before they have to move in, it's a bad idea.