Why do home increase in value even when their old?
Take this for example. A car loses value as it gets old. The argument is that its engine decays and gets old. The same with every other product. Gold and Diamonds however retain the same value because they don’t decay and get old. The Home however is different. Homes get old, wood decays, stoves and roofs need repair. If the owner decides to get it repaired, it costs even more. What is the rationale to why old homes are increasing to such a high rate?
James Conley answers:
Two reasons really, One is since we have a fiat currency a dollar is not based on any standard measure of worth. Real buying power of a dollar is only a fraction of what it used to be. The other reason is it cost a lot of money to build a new house and an old well maintained house still keeps up with that.
What is the costs of labor if I supply all materials?
I’m purchasing my first fixer upper home next week and I’ve contacted some contractors/handymen to work on the property for me. This is my first time hiring someone to do a constructional job and I’m trying to get an idea of what the costs will or should be. I am purchasing all materials so ideally what is a reasonable price for the contractor to charge for labor? The kitchen tile is being replaced, kitchen cabinetry, a stove is being put in, carpets need to be replaced, copper pips need to be replaced, house needs to be painted and minor cosmetic work.
The home is located in Pottsville, PA it’s a 4 bedroom 1 bath townhouse.
James Conley answers:
You want estimates we cannot not give you prices because you didn’t include your city. You will have to hire a plumber an electrician and a carpet layer and a general contractor your going to pay more if the general contractor hires the other trades to do the work you require and plumbing upgrades has to be done accord to your cities building codes One problem with fixer uppers is they almost never can be nailed to a budget if they tear down walls and see structure damage your going to be out a lot more money all the repairs will have to be up to current building codes Most handyman don’t have qualifications to replace plumber when you city permits office requires a license bonded and insured plumber to be current code requirements.
In my city
Plumbers are 50-80 an hr
general contractors are 50-70 an hr
carpet layers are 25-40 an hr
Handy men are 10-25 hr
I had a client that bought a fixer upper they budgeted 30k for their remodel When the demo was done the damage to structure was pretty extensive and a 30k job went to 100k in a hurry
its not like we can just cover it back up and call it a day that’s actually illegal to do. And you the new home owner can wind up buying a can of worms
Whatever you do make sure whom ever you hire is licensed bonded and insured that way if they screw up because they haven’t a clue what the building codes state you can at least recover the bonded amount.
Re-post your question with your city state not all charge the same.
How long does it take to fix a main pipe?
I live in an apartment building and the hot water is off. The main pipe is broken (whatever that is) and I’m very fustrated. Its been broken for about two days now. I’m not heating water on a stove to bathe. I pay rent I should get my hot water. I feel like they’re feeding me BS. How long does it take to fix a pipe?
James Conley answers:
Planned maintenance and repairs can usually be made quickly . . . . . Unexpected failures not so orderly.
Sounds like your building provides hot and cold to all suites, i.e. Rather than 1 cold main going to each suite where you have your own water heater……there is a central water heater so you have both cold and hot water piped to each units.
I am guessing that there’s more involved than a single pipe – that there is damage to the boiler, pumps, etc. I agree that it’s a major inconvenience, but having a hissie-fit won’t speed repairs. But if this drags on, you might wish to contact the local authorities to learn at what point the building is considered untenable and the owners required to provide alternate housing. Perhaps your Renter’s Insurance would even cover the cost of renting a hotel room.
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