I’ll be honest. I hate doing maintenance work on the home I live in. HATE IT! Come on people. I know I’m not the only one. Some homeowners, such as myself, like to believe everything from the kitchen sink to the vinyl siding was built to last through a nuclear explosion. Well, imagine my disdain when I read a recent article on the Eastside real estate blog, Bellevue Bubble that told me exactly what I didn’t want to hear. Your house DOESN’T last forever. According to a National Association of Homebuilders study (downloadable here), a paint job typically lasts 15 years. Kitchen cabinets should last 50 years, according to the association.
The study also determined the median age of a home in the United States is nearly 32 years old. To me, that means I have 18 years before I need to replace the cabinets. To others (perhaps more house-responsible individuals), it means we better take care and elicit constant maintenance on our homes.
To many real estate investors, it’s a good thing the housing market has a lot of people like me in it. Purchasing a home that needs work can be profitable. Sometimes it is just too easy! What do you think? Are the fixer-uppers below—all new listings or recent price reductions—candidates for flips or a high-end rentals?
Please let your answers be yes, otherwise, I’m going to have to pick up a drill or a paint brush soon.
4503 89th Ave SE, Mercer Island
(NOTE: The seller is actually accepting offers as low as $649,000)
4 bed, 2.25 bath
What needs work? Exterior paint, landscaping, and… it doesn’t offer any other pictures so we can assume probably EVERYTHING else.
14415 141st Pl SE, Renton
$324,950 (Down $10,050)
3 bed, 1.75 bath
What needs work? Interior floors, kitchen counters and cabinetry, exterior patio and living area.
523 Main Ave S, Renton
$199,000 (Down $5,000)
3 bed, 1.5 bath
What needs work? The home is self proclaimed a “handyman’s special.” I’m no assessor, but the foundation looks crooked and the roof quite slanted. At $126 a square foot, let’s assume it all needs work.