In addition to selling real estate in the 94010 neighborhoods, I also build, renovate and remodel....Some of the areas of concern for me today is what lender will consider doing a construction loan, unless you plan on using all cash, construction and line of credit against your home is considerably difficult in today's market...
The thing I look for when building, of course, what can I do with this property, and is it situated in the right school district, of course if you were building in Hillsborough, that would not be a concern, all schools are award winning, and community is amazing, in all markets buyers flock to this area. Burlingame, while very desirable, some neighborhoods don't share the same sizzle that others do. The Easton addition seems to be the number l location for most Burlingame buyers.. People love the neighborhood feel and the ability to walk to Broadway...not to mention Lincoln and Franklin elementary schools....This is an area where it would be difficult to overbuild, where as some of the other parts of Burlingame, still charming, one may not want to over invest....Check your comparable sales in the area for the home you plan on building and see if the numbers make sense...Is this your area of expertise or will you be hiring someone to do this work....
Good luck to you and if you need any further information, don't hesitate to call me, I have been building and selling for over 20 years in the 94010 area....
1. Building codes. Have they changed since property was built? Some areas make you bring things up to code when you ope a wall etc.
2. Size of property, lot lines set backs etc.
3. HOA's restrictions
4. CC& R restrictions
5. Cost of labor and services in that area.
6. Difficulty in getting to the site such as a mountain etc.
7. Age of structure. too old and you will be doing more retrofitting / fixing than you can think of.
8. zoning restrictions.
9. If you can, avoid homes built 1977 and older. Reasons; Lead based paint, Worn insulation, if you go older than 1973 than you have chances of aluminum wiring, Fewer outlets and circuits in rooms, kitchens etc. also the galvanized plumbing. You might also be looking at asbestos - cottage cheese ceilings and duct work in attics, If you go into the 60's and before you will start to run into plaster walls instead of drywall and you will be chasing cracks what seems like the rest of your life. By the way, in California, if you work on any home with built 1977 and before, there are now EPA laws in effect about cutting into lead based paint.
I hope this helps the reality of buying to fix. Basically the older you go the cans of worms and the headaches outweigh the benefits.
On the newer homes find out how to find if you have that Chinese drywall. there is a way I saw online. by going into the attic and looking at the stamps on the wall board.
Some smart contractors will buy a piece of land with an existing structure on it and build a new structure on the lot or adjacent lot. Split the lot, and sell the existing structure later after they lived in it while building new house.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate License # 01312992