Quote:
Originally Posted by 1stLand
Well for starters, knowing what I know about the area and the square footage you indicated, I can tell you that it is likely the home is worth less than $400,000 especially if renovations need to be done.
This is ofcourse assuming that there is no legal suite downstairs.
If there is, it might be more palatable to investors and might bring the price up closer to the high 300's.
It depends on your friends short term / long term plans.
If he plans on staying in it for atleast another 5 years, then some significant renovations might be warranted. The easist most effective renovations I find are: changing flooring and kitchen cabinets, counter tops, appliances and renovating the bathrooms. I wouldnt advise tearing down a house like this and building two separate infills. This is very costly and risky. It's also a big investment.
If he has a horizon less than 5 years, I would advise making minor repairs.
You will never get back 100% of your renovation investment when it comes time to sell.
Just my two cents
|
thanks for the imput
they plan on staying long term and renovating completly as they are tired of the house but keeping it as a bungalow but larger if possible.
It is just a trypical bungalow floor plan with a wall in front of your face every 10 feet they want to open up the space and create a master bedroom that you can put a king bed in with an ensuite. It will probably need an extension or a complete knockdown. It is valued a around 400K though.
I guess I would like to know if do you guys think that Thorncliff could justify a home that could be valued at $550K+ and if not today in the future?