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Excerts from a couple email exchanges;
The more I think about it the more I realise the truth that buying a older house is like buying a older car. There is a lot that can and will go wrong with it.
Clipped from an article on home investing.
There are some problems that just don't pay to fix but will hurt you when it comes time to sell if you haven't addressed them. Upgrading electrical systems, replacing foundations and plumbing systems, and reroofing are very big-ticket remodeling jobs that are only noticed when they are lacking. Look for buildings that don't need any of these major fixes.
and...
I was showing homes in Oakland for someone else I am working with on Saturday. They are trying to find something in the $250,000 and not having much luck. Roofing and the significance of it came up. I did this research for them and got to thinking you would want to see it also. I called a good roofer in Oakland and asked him to help me figure out the following. A typical shingle roof last about 15 years, 20 max if you are the lucky type. (Newer homes that have tile roofs on them last 50 plus years) To replace roofs cost $3.20 to $4.20 per square foot. If it needs plywood $4.50 to $5.50 per aquare foot. Average house built in the 1920's like what is common in Oakland as an example ranges from 1200 to 2400 square feet. Most average about 2000. To apply this information lets use $4.00 per square feet and 2000 square feet. Simple math you are looking at $8000. to reroof. Notice the roof when you look at homes. If they are not clean and fresh looking they could be approaching this cost. I will be glad to help you size this up. |