Remodeling Hell

How the unpredictable demons of remodeling houses taught expensive and hellish lessons to a trusting guy.

Friday, February 26, 2016

Rehab projects not for everyone


Are you ready to tackle a fixer-upper?

Buying a house that needs some TLC can be rewarding, said Matthew Provenzano, a Sewickley real estate investor who’s bought, rehabbed and sold many older western Pennsylvania homes in the past 10 years.

“You have the ability to buy a house at less than market value and make it your own,” he said. “Rehabbing a house can be fun, and it’s something you’ll take pride in for many years.”
However, it’s not for everyone. Here are a few basic questions to ask before you buy an older house that needs work.

• Can I see beyond cosmetics? A DIY home might be right for you, Provenzano said, if you have a basic understanding of mechanicals (heating, plumbing, electrical systems) and a bit of vision. “For instance, a home might not be selling because it has a cramped galley kitchen. If you can envision what it would look like with a wall knocked out, you might get a great value.”

• Did I get a home inspection? An inspection is a good starting point, said Gina Mercurio, a real estate agent with Berkshire Hathaway in Sewickley. But be aware that even the most thorough inspection may not show all problems; issues with the roof, gutters and chimney may develop with time, or it may be too cold to inspect the air conditioning system. “Exterior conditions are often overlooked, too,” Mercurio said. “Trees, for instance, can cause mold and clog gutters, adding to basement moisture.”

• What will renovations cost? Most mortgages don’t allow for renovation expenses, so a DIY-er needs a certain amount of cash in hand, Provenzano said. “I use a spreadsheet and itemize every item. Before I hire any contractor, I always get four or five quotes.”

• Do I have the resources to handle unexpected issues? It’s the rare rehab project that comes in under -- or even close to -- budget. “After the demolition and renovations begin, dreams tend to increase, and buyers want bigger, better, and more,” Mercurio said. Unforeseen problems and delays -- the warehouse sent the wrong size windows, for instance -- tend to crop up once work is underway. A good rule of thumb? Budget 25 percent more than the quote for each job, said Provenzano, and have patience with what can seem like an endless process.

• Do I have enough experience? You need to know what you can handle, and what’s better left to the pros. Mercurio said that buyers often make the mistake of thinking they can complete a DIY project without addressing the underlying problems. “Oftentimes, buyers talk about how they’ll knock down a wall to open up a room without considering if the wall is load-bearing,” she said. “Or, maybe they want to add a master suite on a third floor, with no knowledge of how the plumbing will be run.”

• What do similar homes in the area sell for? You want to be able to get your money out of the house, even if you’re not planning to sell right away. “People go in and buy a house and throw an exorbitant amount of money at it because their friends tell them it will sell for $500,000,” said Provenzano. “You need to be smart about it and research the area; every dollar you spend over market value, you won’t get back.”


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Posted by Charles G. Irion at 9:00 AM
Labels: DIY, fixer upper, home diy, home project, home renovation, remodeling hell

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Charles G. Irion
Charles G. Irion is an award-winning author, publisher, entrepreneur, philanthropist, Executive Producer, actor, and adventurer. A founder and publisher of Irion Books, LLC he has written a series of murder mystery novels set against the backdrop of the Seven Summits. The Summit Murder Mystery series includes Murder on Everest, Murder on Elbrus, Murder on Mt. McKinley, Murder on Puncak Jaya, Murder on Aconcagua, Murder on Vinson Massif and Murder on Kilimanjaro. In addition, Charles has also authored the Hell Series which are Remodeling Hell, Autograph Hell, Car Dealer Hell and Divorce Hell. Irion also wrote the cookbook every camper should own, Roadkill Cooking for Campers: The Best Dang Wild Game Cookbook in the World! Irion also supports other humanitarian-relief organizations, such as Project C.U.R.E. and the Phil-Am Lions Club. He has traveled all over the world conduction medical assessments and helping those in need. A successful investor and businessman, Irion is the founder of U. S. Park Investments, a company that owns and brokers Manufactured Home and RV communities.
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      • How to Tell if Your DIY Project Is a Disaster—and ...
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