Thursday, December 1, 2011

Redoing an Old House

With the housing market in the slump now is the best time to become a homeowner. Whether it be buying new, buying old and remodel it or building from the ground up. The main thing is to move on now while the market is so down. In this section we will talk about existing homes to remodel. Right now is the best time to be the one on the buying end unlike in years past where it has been a seller's market. There are great deals out there for existing houses, make sure you have a qualified person check them structurally.

If there is nothing wrong with it structurally then just about anything can be fixed easily as long as the price you are getting the house is a steal. Say if you can buy a house that needs some work and a couple acres of land for say ,000.00, you have to put another ,000.00 in it but once your done that 60,000.00 house is worth 0,000.00 in a down market, what is it going to be worth when the market goes back to normal 180,000.00 or maybe even 0,000.00. What I am telling you is you can take something not that attractive and cheap and turn it into your dream home for very little, at the same time you already have equity for your children's college, your retirement, emergency you see what I mean.

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I am not saying go out and buy an old house and you're going to be happy it will take some work and it can be done cheap. I want to give you an extreme example. I bought a house in the country with 2.5 acres of land, an 8 stall horse barn and a 20x40 garage and workshop original price was ,000.00 and let me tell you this house looked really bad. I ended up purchasing this house for ,500.00.And over the next 3 to 5 years put another 20,000.00 in it, but the house now is worth 150,000.00. That is 85,500.00 equity, and was all done over time. One advantage of doing it this way is it is all tax deductible.

The little things you can do to fix an old house up are unbelievable. If you take your time you can have the house of your dreams before you know it. As far as buying material your major home building stores (Lowes, Home Depot) are always doing deals like twelve months with no interest. This is a great way to remodel and not cost a bunch at one time. I am working on several How To projects that will outline all of these options and fixes. So if buying and remodeling an existing home is for you especially with the minimal investment move on it now while the market is down and make that great deal. Remember never settle for the first offer negotiates it will save you several thousand dollars.

Redoing an Old House

Lowes Build

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