Has anyone ever bought a gutted house? (1 Viewer)

wow, ineta thanks for the info. I know that lakeview has some of the best schools in the area (start with Hynes go on to Ben Franklin). We don't have any kids, and I don't expect we will til I am done with school so we still have 2 years or so.

How much renovation can you get done in the $30-$70 price range. I am looking to buy the house and get renovations for under $120. A few of the houses we are looking at are on west end, canal (by the lake), and robert e. lee, and milne. are those pretty sound areas?

With renovation jobs slowing down from where they were 2 years ago how long would a full renovation take? We can bunker down with my parents in metairie for 2-6 months but what does the time table look like (we will be working on the house on weekends).

It will take six months working at it full time. Granted, if it is a one story three bedroom house that's different from a two story six bedroom in terms of time and money.

West End Blvd. is sound, that's where I live. So are Canal at the lake, Robert E. Lee between Marconi and the 17th Street Canal, and Milne.

I don't see you renovating and purchasing for $120. The lots themselves go for an average of $90,000 to $100,000.

You might find a deal on a home where the homeowners signs over Road Home money to you at act of sale. There are some lots selling with that arrangment. As long as you agree to live in the house for three years and fix it up over that time period the money is yours.
 
I'm guessing you're not including Old Metaire because that area definately has the highest resale value?

resale yes, but value not as much as mid city. the thing that hurts Lakeview is the fact that there are so many homes below the flood plain that it will take a considerable amount of time and money before it is properly developed. If you are looking to spend 30 years in a home, Lakeview could be a great choice, but if you plan on selling in 3 years or so, you may find the profit margins not as generous as if you would have bought in Mid City. Old Metairie is a great location and your home will retain its value, no doubt, but the initial cash outlay is going to be greater and the increase in value per dollar spent on the home will not be as great as f you found a gem Uptown or Mid City. If you're not going to buy in Mid City, the Irish Channel should be a place you examine closely. You could get into a rehab project for about 100-150k and spend another 50-75k to get it in really nice shape and see that same home appraise close to 300k.

I hope this helps...
 
resale yes, but value not as much as mid city. the thing that hurts Lakeview is the fact that there are so many homes below the flood plain that it will take a considerable amount of time and money before it is properly developed. If you are looking to spend 30 years in a home, Lakeview could be a great choice, but if you plan on selling in 3 years or so, you may find the profit margins not as generous as if you would have bought in Mid City. Old Metairie is a great location and your home will retain its value, no doubt, but the initial cash outlay is going to be greater and the increase in value per dollar spent on the home will not be as great as f you found a gem Uptown or Mid City. If you're not going to buy in Mid City, the Irish Channel should be a place you examine closely. You could get into a rehab project for about 100-150k and spend another 50-75k to get it in really nice shape and see that same home appraise close to 300k.

I hope this helps...

I see the point you are making, but the whole thing isn't the floodplain it is whether the individual house is above base flood elevation. Many properties in Lakeview were built above the current base flood. So if you have one of those, you are in good shape. Easy enough to check before buying.
 
while your house may be in good shape, those that are not above are not in good shape and will hurt your resale value...

Don't get me wrong, Lakeview is a great area but it will take some time and some money to get her back. Those houses below that line are sold are gonna be a tough sell and will hurt your value until they are rehabbed...
 
So far on my block of West End. Every house is rehabbed except one lot that construction is about to begin for a new house and the house on the other side of me that is a few weeks away from being finished.


Don't really want to go back and forth on this. Truth is I like Lakeview and I like Mid-City. The right choices made in either will turn out well for the buyer.
 
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yeah, and i love NOLA and want all of her to return!!!
 
hmm. 6mo for gutted to rebuilt? funny, it took 3mo from contract signed to start my house, and the time i closed and moved into it.
 
hmm. 6mo for gutted to rebuilt? funny, it took 3mo from contract signed to start my house, and the time i closed and moved into it.

How big is your house and how much water did it take. We are talking gutted completely. No ceiling, no walls, etc.
 
How big is your house and how much water did it take. We are talking gutted completely. No ceiling, no walls, etc.

I was talking NEW build no walls no foundation nothing but dirt lot. and 2438 sq ft. 134K in oct of 98.
 
I was talking NEW build no walls no foundation nothing but dirt lot. and 2438 sq ft. 134K in oct of 98.

Okay. A new build can be quicker than a rehab. If you have an older house and you are replacing HVAC/rerunning all electrical and plumbing through already existing walls, trying not to further damage your second floor, discovering additional issues when you open a wall upstairs to accommodate running plumbing. That type of thing makes rehab, especially on a large home, longer.
 
Okay. A new build can be quicker than a rehab. If you have an older house and you are replacing HVAC/rerunning all electrical and plumbing through already existing walls, trying not to further damage your second floor, discovering additional issues when you open a wall upstairs to accommodate running plumbing. That type of thing makes rehab, especially on a large home, longer.

yes, but GUTTED, would mean down to studs wouldn't it? and all the stuff having to come out, is already out? at least, that was my understanding.
 

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