If you’ve found my corner of the internet you probably already know I love old homes.
What’s more, YOU probably love old homes too. You love charm, character and history. You enjoy a good ‘before and after’ and chances are you’ve done a project or two yourself. You’re my people. Welcome to my page.
One of the questions I’m asked ALL the time is “How do you know when you’ve found the right home for your next project.”
Well, I ask myself these 5 things… and you should too:
- Is it in a dream location?
- Is it bigger than every other property in the price point?
- Does it look a little haunted?
- Has everyone else forgotten about it?
- Can it be saved?
1. Is it in a Dream Location?
I don’t mean on a cute street. I mean a showstopping location. I’m only willing to tie up capital that could be earning great returns elsewhere if I am can’t-sleep-at-night obsessed with a property’s location and lot size. For example, facing a park, on the water, on the boulevard, on a double lot, on an acre, etc.
2. Is it bigger than every other property in the price point?
I want the biggest property in the worst condition on the best block in the neighborhood. There’s no such thing as a ‘simple’ addition when you’re adding to historic or old homes. Much better to find a diamond in the rough with amazing square footage.
3. Does it look a little haunted?
Yep, I said it. If everyone else is afraid of it then I know I’ll get a better deal on it. All of the properties I bought scared me half to death on my first showing. It’s how I know I’m onto something.
4. Has everyone else forgotten about it?
I love a seller who loves me back! Does the property have major market time? Has it gone stale? Is no one else looking at it? Sellers become a lot more reasonable when their homes have accrued market time. I look for houses with high market times.
5. Can it be saved?
I find that most people just aren’t willing to put the work in when it comes to major projects, and it’s such a shame because historic homes can be more beautiful and more valuable than any new construction. But you have to know when to draw the line. I have to know that all of the major structural elements are in good condition or it’s a bad deal no matter what.
Not sure how to find the right fixer upper for your family? I’m here to help. Historic homes are my passion (ok fine, obsession) and I want to help you do this, too.
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