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How Many of You Would Do This..

Posted by on Jun. 9, 2009 at 9:44 PM
  • 31 Replies

Once we are back on our feet financially, we plan on buying an old dilapidated 8000 sq ft house.  This house has been gutted since it's been vacant for 6+ years.

We currently live in a 2400 sq ft home which was remodeled with upgrades shortly before we moved in, in 2006.  Since we are $100k upside down on this house due to the market, we are planning on taking the upgrades from this house for the new one and replacing it with lesser quality items.

We have also spent an extra $25k when we moved in.

Needless to say, since we may have to rent before we sell it to see if the market rises again, we want to take items as follows:

Ceiling fans, which we purchased. (cap hole)

Faucets and replace with lesser quality.

Doors, replace with lesser quality.

Chandeliers, replace with lesser quality.

Built in entertainment unit (maybe), Cost us $9k to custom build.

The stainless steel appliances and replacing with lesser quality.

Washer/dryer (replace)

We will leave the house in good condition, just not so luxurious..

What would you do?

 

NOTE: My current house would not be on the market until maybe a year later since we'd have to live in it until half the house is remodeled.

PICS TAKEN WITH CAMERA PHONE of new potential house today (back):

by on Jun. 9, 2009 at 9:44 PM
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Replies (1-10):
Loved4Sure
by on Jun. 9, 2009 at 9:46 PM

I don't know if I would do that.

I mean, if you do it has to be done before the house goes on the market for sure.

Good luck in what ever you decide to do!

mamakenzi
by on Jun. 9, 2009 at 9:48 PM

If you list it with the upgrades then remove them then you would be in violation of the contract when you sell. 

McKenzie, mommy to Bella 10/5/07

moms rockgirl giving flowercoffee

GOBryan
by Gold Member on Jun. 9, 2009 at 9:50 PM

We'll have to live in the house until the west wing of the other house is ready.. so it would take a year. 

My current house would not be on the market yet.

Quoting mamakenzi:

If you list it with the upgrades then remove them then you would be in violation of the contract when you sell. 


mamakenzi
by on Jun. 9, 2009 at 9:52 PM

Then do it if you want too.

Quoting GOBryan:

We'll have to live in the house until the west wing of the other house is ready.. so it would take a year. 

My current house would not be on the market yet.

Quoting mamakenzi:

If you list it with the upgrades then remove them then you would be in violation of the contract when you sell. 



McKenzie, mommy to Bella 10/5/07

moms rockgirl giving flowercoffee

rachellynn81
by on Jun. 9, 2009 at 9:53 PM

I would take out everything u have planned except for the ceiling fans. If you want to do the same and replace with lesser quality that would work but I wouldn't rent a house without them.

GOBryan
by Gold Member on Jun. 9, 2009 at 9:53 PM

When my husband mentioned it, I really didn't like the idea but since we're likely going to lose money on this house, I figured it was a way to break even.

We'd still be leaving someone with a nice house at the end.

Quoting mamakenzi:

Then do it if you want too.

Quoting GOBryan:

We'll have to live in the house until the west wing of the other house is ready.. so it would take a year. 

My current house would not be on the market yet.

Quoting mamakenzi:

If you list it with the upgrades then remove them then you would be in violation of the contract when you sell. 


 


VerucaSallt
by on Jun. 9, 2009 at 9:54 PM

Hell no.  Waaaaaay too risky.  We paid a lot for this house because it is finished - I don't want a money pit!

I am a "I don't summarize my parenting style in a paragraph because it's none of your business" mom of 3.

GOBryan
by Gold Member on Jun. 9, 2009 at 9:56 PM

What? My current home? It's the nicest in the area and the most expensive. It has travertine tile, hardwood floors, granite countertops, maple cabinets..

Someone is going to get a great deal, even if we downgraded some of the fixtures. It would be finished.

Quoting VerucaSallt:

Hell no.  Waaaaaay too risky.  We paid a lot for this house because it is finished - I don't want a money pit!


vanessa1208
by on Jun. 9, 2009 at 10:00 PM

I'd take the stuff we did something similar when we moved out of our place. We paid alot of money to upgrade tbe house before we moved I couldn't see doing it again for the new place.

VerucaSallt
by on Jun. 9, 2009 at 10:00 PM

No, I'm talking about the new home.  We looked into renovating an old victorian farmhouse.  We brought a structural engineer in, he looked around and gave us his best estimate on repairs and upgrades.  $750,000!  Similiar size to yours, and it had been vacant for almost 10 years.

Plus, I think it's idiotic (really - no offense meant) to take a home that's already devalued and devalue it MORE by taking the selling points out.  I'm not a risk taker when it comes to investments and properties, though.

Quoting GOBryan:

What? My current home? It's the nicest in the area and the most expensive. It has travertine tile, hardwood floors, granite countertops, maple cabinets..

Someone is going to get a great deal, even if we downgraded some of the fixtures. It would be finished.

Quoting VerucaSallt:

Hell no.  Waaaaaay too risky.  We paid a lot for this house because it is finished - I don't want a money pit!



I am a "I don't summarize my parenting style in a paragraph because it's none of your business" mom of 3.

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