StrangerThan
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Joined: 4/25/2008
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I built a house, which isn't in MB, but is in a section of the Carolinas where the local economy is dominated by tourism and that has much the same literature spewing from realtors. Granted, I did much of the work. I sub-contracted portions like foundation, electrical, plumbing, well and drywall, along with various other pieces here and there. Much of the rest I did myself with the help of family, friends, in the same way I had helped many of them over the years raise roofs, frame walls, water-proof basements and the like. For a bit over 100k in construction loans, I ended up with a 2000 sq foot cape cod, a gorgeous view, a pair of covered decks that totaled somewhere close to 1000 sq feet front and back, and an open floor plan that incorporated 2 1/2 baths and three bedrooms. It could have easily been 4 bedrooms, but I like big rooms. One of the upper bedrooms was 20 by 22. The downstairs bedroom and master bath occupied about a third of the total living space downstairs. The remaining bedroom upstairs had dimensions that were more common. It was either 12x14 or 14x16. I can't remember which. All had walk-in closets. I incorporated space from one of the dormers along with a bit left over at the top of the staircase to wind around a walkway and rail to office space. It was by no means huge, but was open, full of light. The bookcases and filing cabinet space were built into the walls, which left plenty of room for a rather large desk without it feeling cramped. The room itself, I had wired with 6 outlets, cable and two phone lines.
It sat on a couple of acres, had a creek running down the back side through a small grove of trees where I had used natural shrubs for landscaping and stuck a picnic area and grill. I used it maybe once or twice, but that little garden/picnic spot ended up being one of the telling points on the sale. All flowerbeds and landscaping were done in gentle curves for the simple reason that while i had all the tools to do lawn work, I figured since I'd spent a large chunk on a riding mower, I'd do as much of the work from it as possible. Out of the entire place, it took about 10 minutes using a weed eater or push mower once the riding was done. The back side I ringed in fruit, peaches on the upper corner, Muscadine grapes on the lower situated between two types of apples, two types of pears, cherries and blueberries.
The house sold for twice what I had in it. What I won't argue is that the realtor kept banging on me to drop the price, nor that prices around me were dropping. Much of that seemed to be from distressed sales, meaning either people who were losing their home, or folks who had moved out of the area and needed that mortgage off their backs. I was in a position where making two house payments wasn't fun, but was something I could do. In the end I had competing offers and was able to choose the best of the lot. Another point I won't argue is that I probably could have gotten more for it the year before.
The realtor wanted the starting price 25k under what it sold for. The house I later bought, has a mortgage under $500 a month. It is a 30 year old, 3400 sq foot ranch type house that had been treated with less than tender care situated on about an acre outside city limits. It went on the market for about 100k if memory serves me right. I did some bargaining and dumped some of the profit from the other house into the purchase of this one. I think I currently owe somewhere around 60k total for it. I spent maybe 10-12k in the first two weeks on it. My father and I re-floored much of the upstairs in hardwood. I rebuilt the subfloor in the kitchen and my girl laid tile while he and I laid hardwood. I redid the subfloor and replaced linoleum with tile in the main bathroom myself. The heat pump too had to be replaced.
I paid a company to carpet the bedrooms. Sue me. I hate stepping out on to cold floors in the winter from a nice warm bed.
It isn't done. It is very much a work in progress. By the time I am done, however, I fully expect, even in this market, to make somewhere between 100 and 150k.
The upshot of it is that general trends are just that, generalizations. It is possible to make money these days on real estate and houses, just not as easy as it used to be. You have to be more careful of location, price, and what you're buying. Before doubting anyone on the perceived market value of any house, there are a lot of things that need to be taken into account that may not abide by general trends, among which are location, improvements, and often as not, waiting for the right buyer.
Shrug. Just me.
< Message edited by StrangerThan -- 9/6/2010 4:33:41 AM >
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