The pros and cons of a fixer-upper

Looking for a bargain?

Why not buy a disgusting heap of a house that no one else wants and turn it into your dream home?

The Financial Post has an article about the pros and cons of buying a fixer-upper.

It’s a first-time homebuyer’s dream: Snag a rundown house in a terrific neighborhood, and then revamp it to your heart’s content.

But fair warning, that fixer-upper could become your worst nightmare.

“You have to really know what you’re getting into,” says Zillow.com real estate expert Brendon DeSimone. “It could be the case where it seems like a good price and then you dig deeper and find that the windows are off, the electrical foundation is messy, and so on.”

Translation: You could wind up spending more than you bargained for.

Read the full article here.

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patriotz
Member

@Muff Diver Mike:
You mean borrowing money to take the high life.

You take equity out of a house, or any other asset, by selling it.

Muff Diver Mike
Guest
Muff Diver Mike

@Devore:

TakIng equity out of one’s home to live the high life is an epidemic in this country right now. I know a few who have. I ask the why the even bought in the first place…

patriotz
Member

@Okay Buddy:
“Its not racist to point out incidents, but trying to associate the actions of individuals across an entire group of people is.”

We are associating the actions of the playboy princeling with the entire group of corrupt Communist Party officials in China, just as the ordinary Chinese people are, as the news stories indicate.

So are you saying that the ordinary Chinese people are racist?

jesse
Member

@Anonymous: “what impact?”

When something — in this case the housing market — doesn’t behave, the first instinct is to look around for something to punch. “Spineless” bloggers are starting to get noticed.

Van
Guest
Van

Anyone seeing properties priced below assessed?

VHB
Member
VHB

@ScubaSteve: “continually rebase”

If I’m not mistaken this is the first rebasing they’ve done in over 10 years. I don’t think that’s a crazy thing to do. I might be dim, but I just don’t see what the problem is.

Rakim
Guest
Rakim

@Anonymous:

Yes, it’s called “aversion to a sure loss”. It is well-known in behavioural finance.

It will be two years before reality sinks in.

Wants 2 million dollars for a 1912 duplex and rides away from the interview on his mountain bike. What a douche! 🙂

Van
Guest
Van

Realtors are lazy. They will drop everything to do a deal. But try getting them to submit the paperwork to report the sale.

Patiently Waiting
Member
Patiently Waiting

@Rakim:

This appears to be the listing from the story: http://www.ecorealtyinc.ca/listing?id=259686591

kenche
Guest
kenche

@anon 110 – @jesse: what impact? from a bunch of whinners?

I think you misspelt winners

jerkasaurus
Guest
jerkasaurus

@Van: More than a thousand realtors and less than a hundred sales, yet they are falling behind? Are you saying that Realtors are that slow? Is brain damage a prerequisite in your line of work?

Anonymous
Guest
Anonymous

@Rakim: Andreas seems like a perfectly nice guy to me; just having a hard time adjusting his expectations.

s
Guest
s

Van says
“Realtors are too busy doing deals and showing properties to get their sales reports into the office. No report, no sale reported. I think they will catch up in the next couple days or weeks.”

or years… you mean

Anonymous
Guest
Anonymous

@jesse: what impact? from a bunch of whinners?

JR
Guest
JR

@Van: Right Van. Click your heels together and you’ll be in Kansas again. Give my regards to the Wizzard

Van
Guest
Van

Realtors are too busy doing deals and showing properties to get their sales reports into the office. No report, no sale reported. I think they will catch up in the next couple days or weeks.

Anonymous
Guest
Anonymous

@Romeo Jordan: Which Anon are you talking to? Please let it be me! It really makes my day to piss you guys off to the point where you start using naughty words.

VMD
Member

@ZRH2YVR:

Looking at Aug/12 Van West SFH Average vs Median price graph,
Avg price skyrocketed while Median price dropped (so did HPI).
Definitely showing the effect of extreme outliers!

http://s17.postimage.org/fer8a74fz/VWaug.jpg

Crikey
Guest
Crikey

@Chabar:
To any of those that didn’t read the article Chabar refers to, in a nutshell the story is:
Son of high-ranking Chinese communist party official killed while driving his $700,000US Ferrari; two nude “minority” women in the car with him survived but sustained injuries.

Yup, I’m amazed at any communist party where officials’ children have that much money to throw around ontoys… Where is the outrage and protests? I suppose the fact that they blocked the term “Ferrari” from their internet searched for a period of time helped (no joke), but the govt is finally admitting to the story.

No, this is not something unique to China. Greed is no doubt a problem that knows no cultural or racial boundaries. But this very interesting nonetheless…I’m grabbing my popcorn.

jesse
Member

Colliers report here.

Look guys, these blogs are having an impact. Read the commentary in the report. Don’t sell yourselves short.

Anonymous
Guest
Anonymous

@Romeo Jordan: #90,
your box must be losing value, or your girlfriend is prenant. thus the stupid mind of yours is explored.

jesse
Member

@VHB: “But maybe I’m missing what’s wrong.”

Do you see? Do you see?

Rakim
Guest
Rakim

@Best place on meth:

Andreas is the perfect Vancouver boomer-douche.

UnagiDon
Guest
UnagiDon

@Best place on meth: Prof. Andrey Pavlov, congratulations on being the only local RE commentator with any credibility!

“The time on the market has tripled since two months ago. So that’s a crash by any measure.”

Also, is it just me, or does Cameron Muir’s new mustache make him look like Lawrence from Office Space?
http://cdn.memegenerator.net/instances/250×250/22990502.jpg

GNFINGR
Guest

Muir is such a complete dooooosh! That news clip is fantastic though!