Marilyn, Home Buyer in Belle Isle, FL

1930 cottage in belle isle, fl........worth fixing or tear down? how do I start?

Asked by Marilyn, Belle Isle, FL Tue Apr 24, 2012

small lot.....great location with lake access

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Answers

5
Hi Marilyn,

Some items for consideration --
1. Insurance costs for old vs. new
2. The amount of rehab --- would it require the home to come up to current codes
3. Is there a charm factor worth saving

I am a license contractor and realtor. I would enjoy spending time with you review the pros/cons of tear down/remodel.

Rick Tressler
TCAT Realty
TCAT Construction
407-421-3002
0 votes Thank Flag Link Tue Apr 24, 2012
Marilyn,
I'm a Renovation Mortgage Specialist with Wells Fargo. If the home is in halfway decent condition (not falling down), then oftentimes the purchase price plus renovation costs can be lower than the cost to construct a comparable property. I would get a home inspection to check for hidden damage, but also get a contractor who specializes in remodel/renovation (make sure they are a licensed and insured General Contractor) to give an estimate of repair costs. With a home inspection and GC, you can determine if the real estate sales price is fair.

Call me if you would like to discuss this further. I would have to have more details to give more information regarding the mortgage program and whether it will work for you.
Denise Hostetler
NMLSR 459758
407-803-2272
0 votes Thank Flag Link Tue Apr 24, 2012
Depends on the cottage and on your budget. Start with a home inspector.
0 votes Thank Flag Link Tue Apr 24, 2012
Hi Marilyn: I would recommend you have a building inspector or building contractor look at the home with you and give his assessment on what is the best way to go. Anything can look fantastic if you put enough money into, but you could be feeding a money pit. Obviously location is something you can never change so if you like the lake access you have to have a budget you are comfortable spending for the property.

Best wishes in whichever direction you choose to go.

Carri Schoeller ABR, e-PRO
Charles Rutenberg Realty
cps@orlandorelocation.com
407-492-8559
0 votes Thank Flag Link Tue Apr 24, 2012
Hi Marilyn, I am an agent and live in Belle Isle. Please give me a call to discuss.
0 votes Thank Flag Link Tue Apr 24, 2012
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