Should I pay for a complete home renovation or try to sell it for scrap?
I inherited a 130 year old brick exterior Victorian house in which there is extensive deferred maintenance. The electric wiring and plumbing are outdated, almost everywhere the exterior bricks need pointing, the trim needs painting, new roofing wouldn't hurt,
almost all the windows are damaged, the ceilings inside are deteriorating, wallpaper is peeling, dampness in the cellar, etc. The list is endless.
- TavyLv 74 months agoFavourite answer
Sell for scrap? It's not a car, people don't scrap houses. Have you had it valued?
You could put it up for auction, or get in a builder to give you an estimate for repair.
Is it beyond you to hang wallpaper or freshen up the paint?
I repointed my barn, easy job, and I'm a female.
This house is worth more done up than selling it cheap at auction.
- Karen LLv 74 months ago
How could we know? We know nothing at all about the value or costs. If you totally renovate it, will it be worth a million, or $100,000? Will it cost $250,000 to renovate it, or $50,000? Do you have whatever money it will cost to renovate it, or can you borrow it and pay it back? The only thing I can say for sure is that you won't get much if you sell parts of it for scrap. Unless it has remarkable architectural detail that you can sell for high prices, it will probably cost you more money to tear it down than you'll get for any parts you can sell. What would the land be worth without the house?
- geraldLv 74 months ago
There is a program on TV called homes under the hammer that started in the 1990s , and it has helped build a nation of landlords , unlike the continent renting in Britain is a money making oportunity a lick or two of paint and an unfetered rent that pays for your pension banks and insurances no longer do it , no interest rates so you do it up doesnt have to be perfect and rent it make an average 10% on your money , yoi could own 500 or more some do its a gravey train and the youth pay for it they cant afford houses you have suckers straight off