Two new Grass Valley cottage style homes listed in the last week. Both these homes have deferred maintenance, both need a host of cosmetic repairs, and both homes have a lack of bathrooms, small kitchens and small widows that do not allow in a great deal of natural light. Like any older homes, there is obvious evidence of previous remodeling, but so much of either home is in disrepair, it is hard to say what can or should be salvaged. Only a structural inspection would reveal if there was any truly significant damage that would require a structural or engineered fix, but that’s the way it is with every home priced under $250,000.
These homes are typical of the type and class seen often in this price range. Typically they take a few weeks to sell, but they all sell. Somebody, probably a contractor or an investor with a good crew will go into these places, fix them up for $25,000 of $30,000 and turn them back on the market, as refurbished and priced just under $300,000. The gamble is not what you can sell the homes for when they are fixed up and move in ready, the gamble is whether you can actually get them ready to resell for just $25,000 or $30,000.
Give me a call if you want to discuss this. 530 263-0644