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02-02-2010, 12:18 PM
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#1
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I subscribe to Revscene
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Anyone here own property?
Me and my father bought a piece of land out in Maple ridge its a quarter acre with a crappy rancher house on it, for $270k. We plan to fix it up and possibly add another floor to out then rent it out as two, two bedroom suites. My father said it'll cost about $70k to fix it up and renovate.. I think it might be more, does anyone have experience with this? I'm hoping to make some profit on it in 10-15 years time.. We are also looking for contractors too that will offer a good price on framing for the second floor etc etc
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02-02-2010, 12:30 PM
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#2
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RS controls my life!
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you need to provide more info.
adding another floor: are you planning to lift the whole house and put in a basement / sub floor? or are you taking the roof off and adding a top floor?
you also need to look into max sq. footage you can build on this piece of land as well
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02-02-2010, 12:33 PM
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#3
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Banned (ABWS)
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Sounds perfect for a grow op too! Can make profit in just a few years!
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02-02-2010, 01:36 PM
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#4
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I subscribe to Revscene
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Quote:
Originally Posted by Wetordry
you need to provide more info.
adding another floor: are you planning to lift the whole house and put in a basement / sub floor? or are you taking the roof off and adding a top floor?
you also need to look into max sq. footage you can build on this piece of land as well
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yup, wanting to take the roof off and put on another floor. we already talked to the city and they are okay with it
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02-02-2010, 01:46 PM
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#5
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RS controls my life!
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Usually with a project like that you would have to check with you structural engineer to see if your foundation is suitable for another level. If yes, you can continue with it and start designing and if no you may need upgrades for the new floor. If everything goes well apply for the permit bla bla. pm me i can give you a price and advice
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02-02-2010, 01:55 PM
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#6
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I subscribe to Revscene
Join Date: Mar 2007
Location: Vancouver
Posts: 1,940
Thanked 320 Times in 123 Posts
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yup have already checked foundation by an engineer, my dad has already designed the layout
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02-02-2010, 01:57 PM
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#7
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Banned By Establishment
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have you considered doing a knockdown and rebuilding
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02-02-2010, 02:03 PM
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#8
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RS controls my life!
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you aint providing much info. How big is it sq ft? current condition? what kind of foundation? height? location? what kind of layout? etc.
^ knock down and rebuild can be too costly but it all depends on the current condition and how much his dad wants to spend
Last edited by RenoMan; 02-02-2010 at 02:11 PM.
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02-02-2010, 02:56 PM
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#9
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I subscribe to Revscene
Join Date: Mar 2007
Location: Vancouver
Posts: 1,940
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i spoke with my dad, when he gets the key then he will want a quote, should be in a couple weeks.
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10-21-2010, 08:46 PM
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#10
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I subscribe to Revscene
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Location: Vancouver
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Update house is 90% complete. Turning the patio into another room as we speak. Did not add another floor, would have gone over budget.
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