One of the things I hear from lots of clients is that today’s homes just don’t have the character they are looking for. If character is what you want, you might want to consider purchasing an older home in one of Raleigh’s more established neighborhoods.
One of the best spots in Raleigh for this is known by the locals as Inside The Beltline. Many homes in this area range from turn of the century to the mid 50s and are guaranteed to give you the perfect canvas for a successful remodel project.
I just listed and sold such a home on Lake Boone Trail. It was built in 1953 and was definitely full of character. My client inherited the home from his parents and it was in serious need of updating. This great old home was the perfect remodel candidate.
From the real hardwood floors hiding under dated carpet, to the unique architectural style, to the beautiful brick retaining wall out back, to the amazing location, this home offered huge potential for the right buyer.
Prior to listing we had a home inspection completed and then got quotes for repairs and improvements from several of the area’s best contractors. This went a long way to ease the uncertainty that buyers might have about such an old home. Since the seller wanted to sell as-is and did not want to invest in any of the repairs himself, we had to lower the price a little bit, but eventually ended up with multiple offers.
My best guess is that the person who ended up buying this home could do a complete remodel and end up building at least $50-75K of equity for themselves. And they will have a one of a kind, beautiful home in one of the most sought after locations in Raleigh.
Interested in finding a good remodel canvas for yourself? There are lots of good opportunities out there and in this market the price is right too. Give me a call and I’ll be glad to answer any questions you might have about how to have a successful remodel experience.
{ 2 comments… read them below or add one }
This sounds good. What is the price range for these character-filled fixer uppers? Gina
Hi Gina – The prices for these homes is all over the board, depending on location, condition, etc. This particular one sold for $320K. It needed about $15K of just good old fashioned maintenance. Another $50K or so would likely result in a very nice remodel with an updated kitchen, hardwoods, some fresh paint, etc. After all that the new homeowner would have about $385K invested. Homes of similar square footage in this area, with updates done, sell in the $550K range. That’s a $165K equity gain in this example! Not bad…
There are lots of other scenarios out there too, depending on your budget. The main thing is to go for location, the one thing that cannot be changed or cured after you purchase. Other than that, it’s a matter of buying a house with “good bones” and not paying too much. Call me if I can help –Bob