Hi everyone, My husband and I are looking at buying a handyman special, but I’m not sure if we have a full grasp of what it will involve, so I’m looking for your horror/success stories before we get too serious about this.
Thanks for sharing!
I haven’t bought one myself, but I lived with my Mom after she did and live with my brother who just did (and my Dad bought the house our family started in, but I was three when we moved from there).
Don’t but it if you can’t do most of it yourself: at least the flooring, wall repair, doors, framing, minor electrical (ie light fixtures), minor plumbing (ie reseating toilets, replacing dishwasher/sink lines).
My Mom ended up with a H.S. after my Dad died, and need a lot of help to get major problems fixed. Bathrooms and kitchen needed complete redoing, electrical upgraded, etc. That was a bit of a nightmare, because what little my younger brother and I could do we were learning as we did it.
However, it is a good way to increase equity rather quickly, my brother’s house is worth close to three times what he paid and we have only been here 6 months. However the first few weeks we only had sub-flooring as we had to remove all the carpeting and most of the tile. Also, three rooms have been primed, no other painting will be done for a while, as the outdoor projects have just gotten to the point where they are no longer a safety issue in the short term. So far I think the expenses have run ~10-20% of purchase price, doing nearly everything ourselves (not the woodstove though…). Most of the really major projects (ie bathroom) are not need items, so they will be delayed until the money is there.
So if you know how to do some of the major stuff, are handy enough to figure out the little stuff, and can budget a good portion ahead to do the repairs it is doable. If you cannot do the repairs yourself, it is probably not worth it.