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nineseven

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recently purchased 1 unit of an old Victorian that was converted into 4 condos...joined this site because I plan to do many improvements to beautify my unit to sell it within the next couple of years.
 
Welcome to the forum.

Will you be living in it and fixing it up to flip at the same time, is that the plan? What kind of things need done? Is there profit in the flip? Many people here have done similar things.
 
Welcome to the forum.

Will you be living in it and fixing it up to flip at the same time, is that the plan? What kind of things need done? Is there profit in the flip? Many people here have done similar things.

Thanks. I will be living in the unit while fixing it up. I plan on living here for 2-4 years. I actually could put the unit on the market today (purchased it this past October) and could make a profit as I managed to get a good deal and bought it under market price.

A few things that need to be done:
It has pine floors that need to be sanded and stained. I actually think it would be a better plan to just put new hardwood floors down. The previous owners had a boxer, and their are huge gashes in some parts of the floor, and their are many gaps with missing wood.

It has a gorgeous mantel where the fireplace used to be. Of course the first place was dry walled and enclosed. I need to do something to beautify the mantel area it is kind of weird just having a mantel up on a wall. I can't open the enclosed fire place as it is now the exhaust for 2 of the units boilers. I tried googling some ideas but haven't really found anything.

Kitchen needs to be done. In a few years I plan on installing an IKEA kitchen.

Bathroom could use a new tiled floor and shower.


And I am going to update the electrical with my friend who is a licensed electrician. It is very outdated. Ever light is on a pull string.
 
What’s the age of the building?

Having it divided into 4 units I’m sure has taken away some of the historical and period charm of the building, but my opinion is people that will be drawn to such a unit will want that feeling of history and won’t be looking for a new modern interior. If they wanted that they would more than likely go with a new construction condo. If your plans were to make it your long term dwelling then I would say do it to suit your tastes but really this is a flip project just done over a longer time span than most and will serve as your home while doing it. One problem many have when doing such is they start doing things that they want personally and not what will have the best resale bang for the buck.

Before you start it could well be the best thing to do as you mentioned and resell it straight off if you got it at a good enough price point and the market is good enough now to turn a substantial profit. It’s all about the numbers. You could put in a 2000 hours of work and X amount of money only to find out based around what you feel your time is worth there is a greater profit now than later. Those numbers are not going to be knowns but you will have to try and figure out what point you are at now and at the end. Sometimes looking around at comparable properties in the finished condition you plan on making yours will clear it up for you to make some educated guesses.

Having lived in and remodeled / reconstructed several homes I can tell you it’s not as easy as working on an empty building. Are you single and have minimal furnishings now. The house we did and are living in now we fought to stay out of till the floors, walls, kitchen, plumbing etc were done and other major work was done. Some insurance companies want the home to be lived in as soon as it’s sold we had to do a little side stepping and move in a bed etc.

I say keep the charm and the mantle and build a faux surround and hearth. Or move the mantle to a better location and reuse it as such. Upgrading the electric is a must and again keep the kitchen with the period of the house if going with new.

Looking forward to seeing your posts on your progress.
 
What’s the age of the building?

Having it divided into 4 units I’m sure has taken away some of the historical and period charm of the building, but my opinion is people that will be drawn to such a unit will want that feeling of history and won’t be looking for a new modern interior. If they wanted that they would more than likely go with a new construction condo. If your plans were to make it your long term dwelling then I would say do it to suit your tastes but really this is a flip project just done over a longer time span than most and will serve as your home while doing it. One problem many have when doing such is they start doing things that they want personally and not what will have the best resale bang for the buck.

Before you start it could well be the best thing to do as you mentioned and resell it straight off if you got it at a good enough price point and the market is good enough now to turn a substantial profit. It’s all about the numbers. You could put in a 2000 hours of work and X amount of money only to find out based around what you feel your time is worth there is a greater profit now than later. Those numbers are not going to be knowns but you will have to try and figure out what point you are at now and at the end. Sometimes looking around at comparable properties in the finished condition you plan on making yours will clear it up for you to make some educated guesses.

Having lived in and remodeled / reconstructed several homes I can tell you it’s not as easy as working on an empty building. Are you single and have minimal furnishings now. The house we did and are living in now we fought to stay out of till the floors, walls, kitchen, plumbing etc were done and other major work was done. Some insurance companies want the home to be lived in as soon as it’s sold we had to do a little side stepping and move in a bed etc.

I say keep the charm and the mantle and build a faux surround and hearth. Or move the mantle to a better location and reuse it as such. Upgrading the electric is a must and again keep the kitchen with the period of the house if going with new.

Looking forward to seeing your posts on your progress.

originally built in 1886. Many modifications and additions later.

My original thought was the keep the kitchen as is, and just add minor upgrades; Add a few outlets, add a water line for the fridge, add an exhaust with a hood, upgrade the floor, etc but the other unit of similar size in my condo association just sold at an extremely over inflated price, and the only thing that unit has is an updated kitchen. I mean everything else is beat, and it needs plenty of updates.


I was definitely thinking about the faux surround and hearth but what about the portion they just dry walled over? It would look hideous. Was thinking of possible adding a gas fireplace but again the issue is that the chimney is now the exhaust for the boilers.
 
Having rebuilt and restored two 1880 vintage homes I have a good idea what you will be finding. The house we are in now has a Victorian flavor to it and in our town Victorian houses of that age are the norm. Some are carefully restored some were covered in aluminum siding in 1960.

Any realtor will tell you kitchen upgrades along with baths will sell a house and give the greatest return. Along with a freshening up of the rest. Lots of people like the charm of the century old homes but they still what a modern kitchen. The trick is I think to find the balance in the design.

They do make vent free gas fireplaces and most people use them for supplemental heat. There are also some electric units that look a lot like a fireplace. Other people I have seen places a decorative screen in front of the opening of a fake fireplace.
 
Having rebuilt and restored two 1880 vintage homes I have a good idea what you will be finding. The house we are in now has a Victorian flavor to it and in our town Victorian houses of that age are the norm. Some are carefully restored some were covered in aluminum siding in 1960.

Any realtor will tell you kitchen upgrades along with baths will sell a house and give the greatest return. Along with a freshening up of the rest. Lots of people like the charm of the century old homes but they still what a modern kitchen. The trick is I think to find the balance in the design.

They do make vent free gas fireplaces and most people use them for supplemental heat. There are also some electric units that look a lot like a fireplace. Other people I have seen places a decorative screen in front of the opening of a fake fireplace.

thanks for the advice. looking forward to seeing you around this Forum
 

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