I work with a woman who also works part-time as a realtor. The other day she told me about a house that was on the market – “a real fixer upper.” In my area, as in many places, real-estate prices have been through the roof. This made buying an investment property difficult, not only because the prices seemed to be more than they were worth, but they were way more than I could afford! But prices are on the way down, and this place is in my price range.
The asking price is $55,000. We went to take a look at it.
To say that this place is “a real fixer upper” is an understatement! It needs a LOT of work. And by a lot of work, I mean that it needs major renovation in every conceivable way – electrical, plumbing, heating, roof, bathrooms, kitchen, mold in the basement, and floor to ceiling wear, cracks, holes and collapse. My initial reaction is that one would have to be crazy to buy this place, unless they were going to tear it down and start over. Or use it as a haunted house once a year. The price is alluring, but it just needs too much darn work, not including the hidden or unforeseen problems.
I love a challenge, and don’t like to think I would walk away from something just because it would be hard. But trying to renovate this place wouldn’t just be hard … it would be insane! Or would it? I can’t help thinking about it. It’s in a good location. And it has some charm. It is listed as being built in 1902, and has an immediate feel of solid ‘oldness.’ No, this is ridiculous. ‘Biting off more than one could chew’ comes to mind. However, it’s a decent size, with three bedrooms, enclosed porches on the first and second floor (creating some interesting spaces), and a few rooms downstairs. It has potential. Too much potential! And a basement full of mold. Why am I still thinking about this?!