Jethard, Home Buyer in West Hollywood, CA

Can someone help me understand the STEP BY STEP process of Buying and Rebuilding/Improving an older house, in the west hollywood area.?

Asked by Jethard, West Hollywood, CA Mon Apr 21, 2014

I would like to know what is the process of getting an older house and turing it into a new custom, bigger, modern home for myself? I'm not interested in flipping the house I want to keep it !!! Where do you start: permits, plans, zoning, architectural renderings, construction etc...? cost, fees and time frames ?


I can put 250-300k downpayment on a 800k - 1.1m house and spend around 400-500k cash for the construction/renovation process! Is it my budged going to be enough for this kind of project?


Any information it will be highly appreciated.

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Answers

3
Hi, I recommend you call me Nitish Kannan 321-482-7393

I work primarily with investors and flippers doing this type of thing. There are lots of rules, and regulations for construction including permitting. It's important to understand all aspects of the real estate industry and also instead of blindly remodeling to flip, improving critical parts of the home that adds maximum value. refinishing floors, new kitchens, and walk in showers and upgraded bathrooms are a must.


We work with good contractors as well. Please feel free to ask me any questions or to purchase property. I have many off market investment homes that have huge upside to flip.

Thanks

Nitish Kannan
http://www.nitishkannan.com
Keller Williams Realty Beverly Hills
Direct Cell- 3214827393
0 votes Thank Flag Link Sat May 31, 2014
Start with the City and find out what the guidelines are restrictions might be for your particular property. The Plans and Permits will be provided to you by your licensed contractor. You can find a contractor by looking at Angie's List online and interviewing. Your contractor will talk to you about costs, fees and timeframes..as those are very individual and depend upon the amount of work, time and materials you want.
A couple of things to remember (from one who has been through it)

1. you will probably do more work, then you planned in the beginning
2. It will cost more then you expected
3. It will take longer then you thought.
0 votes Thank Flag Link Tue Apr 22, 2014
Jenhard,
If you don't know where to start, you shouldn't be doing this by yourself. Get a contractor and they will deal with the steps and explain everything.
Until then, get pre-approved for a mortgage. Find a great agent to help you find the house. Make an offer and get it accepted. Get the house professionally inspected, inside, outside and upside down. Leave no stone unturned. If acceptable, complete the purchase.
Dream up what you hope to accomplish with the house. Draw some pictures, find similar designs and plans. Bring your contractor into the picture to view the home, review your goals and set up a plan and a budget. Change your plans because you're exceeding your budget (in most cases) Get your contractor started on the revised, scaled down plans. Plan for surprises and going for over budget, it almost always happens. Anticipate relational stress with anyone you're dealing with as you are frustrated with how long it takes and how much it costs.
I could go on, but this generally summarizes most people with similar plans. Best of luck, let us know how things turn out.
0 votes Thank Flag Link Mon Apr 21, 2014
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