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House flipping/rehab
Topic Started: Mon Nov 16, 2015 3:42 pm (520 Views)
WV Mom

When the kids were in college, we purchased a cute-as-a-button bungalow, built in 1931, for them to live in. Now that they're real live grownups and living elsewhere, we're getting it ready to sell.

Instead of doing a quick cosmetic make-over, we've decided to rehab it. I know, for example, that we're going to remove the leaky radiators and electric baseboard heating and install a high-efficiency gas-forced-air heating system with air conditioning. We also plan to put in a new kitchen, turning the wall between the kitchen and dining room into a half wall/island. We may rewire and install a bigger electrical panel (currently 120 amps), but that's TBD (to be determined). Also TBD are a remodeled bathroom -- actually, two of them -- and a new roof.

Has anyone ever done anything like this? If so, I could use your advice. If not, I'd still value your opinions.
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I have not done that... What I would do, though, is consult with a realtor, who can do a CMA for you based on the house as it is, as well as one for a completely renovated house. This way, you can see if it will likely be worth it; he or she will also have suggestions on what is more likely to increase the value of the house, and what is less likely.
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WV Mom

We've already met with two realtors who, of course, had different ideas about what to do. ^o) But this isn't just about return on investment. I also want the experience and, in the end, I want to feel like a good steward of an old property.

Most recently I've been researching 1930s wallpaper. If I were going to live in the house, I'd either use an authentic or reproduced 1930s pattern. Since I'm not going to live in the house -- and since specialty wallpaper is at least three times higher than other wallpaper -- I'm going to do something else. I love Love LOVE historic wallpapers, but a prospective buyer may not share my design aesthetic. How could someone not love this?

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