You are correct. Even the seller states, NO INSULATION, It needs Lathe work,etc. and a lot more as well.
2 acres of land in Mississauga, is probably about half to a 1 Million dollars. Houses alone, Detached houses start from 390 000 and up. This lot is almost 2 hours away from me.
-- Edited by mike667 on Monday 28th of December 2009 09:49:17 PM
-- Edited by mike667 on Monday 28th of December 2009 09:50:04 PM
-- Edited by mike667 on Monday 28th of December 2009 09:51:01 PM
okay guys, after thinking it over and re looking at some of the pictures, and there are more brick problems on the other side of the house as well. I was thinking it was a great deal, but with the amount of work that needs to be put in, I guess possibly another $100 000 or even more?? Since it is a 3000 sq.ft house.I am thinking it is overpriced because of all the work now. I was trying to search some properties up near that area. There are smaller houses that have been renovated and the sellers are asking for about $50 000 more. So with this in mind, I am thinking this property we are talking about is actually worth 20 or 30 percent of what he is asking? I have also been watching this house quite some while online. The house has been for sale 2 years, almost 3 now. Why won't he take the hit and sell it for a lot less?
Forgot to add, I think there are 2 barns (which I am sure needs work as well) on the lot as well. So maybe thats why he still thinks he can get value out of it.
-- Edited by mike667 on Tuesday 29th of December 2009 07:34:03 AM
Looking at those pics, there is no value in the house at all... in fact deduct $10k for the house off the price of the lot, since someone has to demo it. The only value in a house that is that far deteriorated on the inside and needs total upgrade is if the 'bones' are o.k. The 'bones' of that house are done too... I wouldn't even walk in there without an N95 mask on!
If you were interested in the property you could look at a price of an RTM (ready to move) builder near you and put it on a structural slab on grade (instead of a basement) with radiant heat. You would have a comfy nice new house for approx. $150k + lot (just pulled a # out of the air, i dont know your market too well)... an RTM gives instant gratification since its already built, its 'plug and play'... if there are smaller, but renovated homes for only $50k more, that sounds like the way to go to get your foot in the door. I've found that the best deals are on a grandma house that has a solid structure and only needs cosmetic upgrades (if you are up to doing them yourself)...paint/floors/ikea kitchen.etc.etc.
Most home buyers lack 'vision' to see through even an old paint colour and will turn to something that is fresh with no work involved and will pay a bit of premium, while a solid but dated house will sell for a decent price because it attracts less buyers.
Down where i live i don't know about fixer uppers, but prices i think are still decent for a good little house. I'm in St. Thomas, about 20 min south of London. I know one little house went for around 140, needed a bit of work but still not bad and it's a lot cheaper than living in the big city. Take gas prices, under 90 cents per litre as of yesterday.
Sure, go to mls.ca and select residential properties and enter "Ingersoll" in the "where do you want to look?" window and you'll see a pile of older homes much cheaper than where you are.. The Toyta plant in Woodstock has caused prices to increase somewhat.
Sure, go to mls.ca and select residential properties and enter "Ingersoll" in the "where do you want to look?" window and you'll see a pile of older homes much cheaper than where you are.. The Toyta plant in Woodstock has caused prices to increase somewhat.
As Ak already said look for a older home that just needs a little TLC. I have bought houses and only put 10G and a lot of elbow grease and had appraisals for almost double what I paid. If you really want the property that house is on make a offer on just the property value. One time I made a offer of less that half the asking price and got it. A realtor must wright up all offers they must put them on paper. They will try not to but if you want to make a offer just insist they do so. AND AS FOR THE HOUSE IN THE PICS IT NEEDS A BULLDOZER.
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1957 Pathfinder deluxe 4 door wagon 1961 Pontiac Parisienne bubble top Traded for a Harley sorry guys.
Hey Mike, I'd like to just throw in a couple comments not necessarily about this property but looking for a place as a young guy. I looked at your profile and it reminded me of going through this 3 years ago with my son who is now 22. He also was keen to get into some real estate and I was very willing to look and ended up helping him some with the down payment. Our problem here is there is nothing under 300 thousand for a junker. He too wanted an acreage with lots of space and I had to keep telling him just get something that isn't going to cost you a whole whack of money to keep up but you can make improvements on it, alot of it being just sweat equity and you will increase your equity and in few years or whatever you sell it and try to move up. The thing is for a alot of young guys like my son they want a place thats as nice as their parents or even nicer. They don't realize with what we started with and for most of us it takes awhile to get there. I'd suggest something simple that just needs lots of cosmetic stuff and may not give you the big space yet. The key in my opinion is just get your foot into the market. I don't know what your family situation is but working with your parents is definetely an advantage too when it comes to the wheeling and dealing. Good luck.
My home when I moved away from home in 1979 was barely 2 bedrooms that I shared with a buddy. We paid $50 month, split between us! No plumbing, no phone, oil fired space heater on the living room floor to heat the whole 400 or so square feet we had. Drove the 6 blocks to my mom's to shower. But, we had almost 11 acres to park all the cars we wanted!!!
Hey, I'm gonna look, I may even have a picture of it.
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1966 Strato Chief 2 door, 427 4 speed, 45,000 original miles
1966 Grande Parisienne, 396 1 of 23 factory air cars (now converted to a "factory" 4 speed)
Thanks guys for the feedback. I am trying, and will keep looking. There is a small house like Carl Stevenson had posted, except smaller, just 20 minutes away from me on less than half an acre, he's asking 500 000 for it, just because of the lot and location. Houses are way too much now, and in certain areas, just ridiculous.
As for 427Carl, I'll take the Strato Chief with it.
Coming to this thread late but... The wife and I came across an "affordable" house a number of years ago in a very desirable section in Edmonton. We quickly acted, put in an offer pending inspection, which was accepted. Upon inspection, it was determined that one of the foundation walls was bad. (They had mud jacked the driveway which caused the wall to start "curving" inwards. Our friend who was doing the inspection showed us how we could remove cement from the wall with a spoon!) We then gave a new offer which was not accepted. The house was purchased shortly thereafter by someone who did a mass number of renovations, but never adressed the wall...then put the house up for sale. It was on the market for approx 3 years. It is now rented to a single person, I believe in anticipation of the next housing boom.... We ended up finding a house that was everything we were looking for, and offered the original owner what we felt was fair (which was a little more than the asking price). The offer was accepted. That was a dozen years ago. (The neighbourhood has turned out to be a little Mayberry. One afternoon when the girls set up a lemonade stand, within 10 minutes we had about a dozen parents lined up.) Point is. Logic is important when finding a house. (But once you find it, pay what you feel in fair so you don't risk losing it.) Good luck!
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"So when you spot violence, or bigotry, or intolerance or fear or just garden-variety hatred or ignorance, just look it in the eye and think... The good outnumber you, and we always will." Patton Oswalt
