Lunenburg, ON · Member since 2018 · 15 posts · 4 votes
There's a property I"m looking at that has been vacant for 40+ years. The roof has at least been done periodically, but windows are broken, walls are falling down. However, it used to be a beautiful historic house, the location is great (high end street, on the water, close to parks and school). Is it possible to fix something that's been vacant for that long? Tell me your stories!
Architect · Providence, RI · Member since 2016 · 257 posts · 195 votes
7y
Well, I don't flip homes myself, but we do some work for home flippers and other investors. I'm not going to share any stories about the worst, but I can answer your question, sort of.
Yes, you can fix anything. This might mean tearing the whole thing down and rebuilding it, but it can be done, with enough money.
Hopefully, your home isn't that bad. The 2 things you need to be looking for are 1) Water damage and 2) foundation damage, with foundation damage being the worse of the two. (and 3) insect damage) (and 4) fire damage)
Water (or insect, or fire) damage usually means rotted wood. This can always be removed and replaced. You'll probably be replacing the entire plumbing and electrical system anyway, and all the windows. You'll probably have lead paint, possibly have asbestos. (This is common on all older homes, not just abandoned ones).
"Walls falling down" sounds pretty bad. Which walls? Why? Do you mean plaster coming off the walls (normal on an old abandoned home) or do you mean the entire wall? Is it an exterior wall (BAD) or an interior wall (probably also BAD). Loadbearing or ?
It'll be a gut renovation. If the home has a decent structure (IE: the structural wood) then you're probably OK. If you have extensive rot, insects, fire damage to the structure, then beware. Honestly, I'd be nervous paying more than what the land is worth, because you might have a very expensive repair project.
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Jessica Vanderveen - Mold house. I put it under contract when just one room had mold. Was supposed to be a $20k rehab. I did my preclosing walkthrough and found the entire house was ridden with it so badly that the entire house needed to be gutted. I was dumb and closed anyway. $20k rehab turned into an $85k rehab real quick