A Kink in the Plan for a Handyman Special
Upstater | March 4, 2013When we asked our beloved readers to fill out our survey, many of them responded with a plaintiff plaintive cry, noting the recent absence of Five-Figure Friday posts. Yes, we’ll bring them back this week, but we came across this post by a Sullivan County realtor, detailing the challenges with a handyman special.
“It’s tough to get financing for handyman condition houses, and some are beyond qualifying for even a rehab loan,” he writes. “If they can be rehabbed, the cost of doing so is often a multiple of the purchase price of a property. A 1,500 sq. ft. handyman farmhouse you might pick up for $50,000 could conceivably take another $100,000 or $150,000 to ‘bring back’. It’s not a project for the faint of heart or light of wallet.”
How many of you out there are hardy enough? And how many of you have rehabbed a handyman special? For many of our readers, a house that costs a total of $150,000 still seems like a bargain.
Read On, Reader...
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Jane Anderson | March 25, 2024 | Comment A c.1920 Three-Bedroom in Newburgh: $305K
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Jane Anderson | January 30, 2024 | Comment A Renovated Three-Story Beauty in Poughkeepsie: $695K
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Jane Anderson | January 19, 2024 | Comment A Renovated Callicoon Barn with Space Galore: $495K