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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: fatty who wrote (10961)	6/3/2003 1:59:45 AM
From: Elroy Jetson	Respond to of 306849

I'd like something that put more emphasis on older houses because that's what you will find in Boston. You may want to work with an inspector or contractor who is experienced with this sort of home. It's quite a lot to learn. Just some advice. Personally I love old homes, especially those which have been restored and brought up to code. But be aware of the underlying economics of restoration before getting involved. There is a reason people who do this type of restoration first get the designations they need to access historical restoration tax credits. A home builder can scrape any home off a lot and have it carted away for $10k. Building a new home should cost about $110k, a mini-mansionette can cost $220k. I know people who have spent $500k remodeling homes in Los Angeles and end up with much less than a new $215k home. Here in Los Angeles, people who rebuild typically leave one wall of the original home as this qualifies as a remodel, eliminating the neeed to go through the planning commission.