Trojan's return to home ownership in Irvine

[usctrojancpa]

Whatchya gonna do with that niche to the right of the fireplace, Martin? How about putting shelves in and trimming it out to make it a built-in unit... bookcase.

Do you have a floorplan jpg you can post so we can see where things go?

I'm not sure yet...either put in some shelves in or maybe do a built in wine fridge at the bottom with a liquor cabinet on top.  I'll hunt around for a floor plan and post it up when I find one.

 

[usctrojancpa]

2nd question: How are you going to decorate? Is your mom or a girlfriend going to do it for you? What's your style? If your mom / g.f. is unavailable, why not post pics of what you like and we'll help you pull something together! Fun!

Honestly, I picked everything out myself...it took me longer than it would have if I consulted with other people but I'm happy with what I selected.  My style is comfortable contemptorary. 

 

[irvinehomeshopper]

How old is this house ? The condition from the photo looks like it was in poor shape. Could 15 years really do this much wear and tear unless it was the war of the roses.

 

[usctrojancpa]

I guess the only thing I would have done differently is pick out the flooring and carpet sooner...

Not sure if you mentioned this already but who did you choose for your flooring? If I recall correctly, USCDad is retired.

Wood flooring was done by Venetian Flooring (few of my buyers used them), the carpet was done by Tompkins Flooring, and the shutters were done by Tim Lou the shutter guy I posted up in the owner's section.  The painting, downstairs bath, recessed lighting, tile work, and ceiling fans were done by a referral that my good friend gave me.  USCDad just provided some consulting services on this remodel but he will be installing crown molding once he gets his other hip replaced.

 

[usctrojancpa]

How old is this house ? The condition from the photo looks like it was in poor shape. Could 15 years really do this much wear and tear unless it was the war of the roses.

12 years old.  Cosmetically speaking the home was nothing to write home about, but the foundation and bones of the home were in great condition per my home inspector.  Like I said, it was dirty and messy in there when I saw it.  Besides, not like I'm the best picture taker either.  haha  The after pictures will show you how it transformed into a completely different home. 

 

[irvinehomeshopper]

Given today's home home climate would you recommend buying new or get a better deal buying old and cosmetically change everything and still comes out ahead with a good yard, setbacks, front yard and driveway and possibly no HOA or master association?

 

[irvinehomeshopper]

I have been reading the strongest supporters of Irvine have pretty much bailed out from buying a new home or having left this city all together like SoCal, Baby Irvine, Patrick Star and Trojan. You are the most knowledgeable crowd I have ever seen and your decision to taking this drastic measure should send a message to the developers that this new home pricings and lot sizes are not a sustainable model to well informed and educated consumers.

 

[socal78]

the shutters were done

It sounds like you got rid of all those "office blinds". Nice move. What did you replace those vertical blinds on the patio door with? I hope they are in the trash, too.

 

[usctrojancpa]

the shutters were done

It sounds like you got rid of all those "office blinds". Nice move. What did you replace those vertical blinds on the patio door with? I hope they are in the trash, too.

Yes, I tossed those out.  I will be putting in some nice drapes since I don't have any neighbors behind me.

 

[usctrojancpa]

Given today's home home climate would you recommend buying new or get a better deal buying old and cosmetically change everything and still comes out ahead with a good yard, setbacks, front yard and driveway and possibly no HOA or master association?

You know, it really all depends on the buyer and different buyers have difference preferences and must-haves.  I would say that I'm in the minority of buyers out there because I don't mind a remodeling project (from having gone through in the past and having the referrals to handle most everything).  A new home was my plan B option but deep down I was hoping to get a re-sale home with a decent sized lot for a good price.  I'm very fortunate that the short sale worked out as the larger yard and pool/spa were a nice bonus.

 

[irvinehomeowner]

While we would love a new home and be the first and only owners... the new product is very underwhelming both in floorplans and lot sizes... couple that with the additional costs (higher MRs, HOAs etc) and resale just becomes a better value.

The only other plus for new homes is more readily available inventory (although you have to wait 3-6 months for it).

 

[qwerty]

I saw the before and after and all of the work done to the house was very good and the material he selected all look very good.  With that said, the best improvement to the house was the automatic lazy boy recliner 

 

[usctrojancpa]

i would answer this question but dont want the thread to be locked 

Fair enough. 

There is always a bright side: The men of TI have provided me with more than adequate training so that I will be able to handle the county jail inmate population with great ease in the coming months. Nothing shocks me anymore.

Oh, this group is a bunch of teenage boys (language wise) compared to what is at county unfortunately...

From my experience, my female buyers and the wives/fiances tend not to get into the analytical aspects of the home purchase process as much as the male buyers/husbands (checking $/sf comps, rental parity, gross v net monthly payments, etc).  Their focus seems to be the floor plan, location, condition of the home, schools, etc. 

 

[rkp]

Given today's home home climate would you recommend buying new or get a better deal buying old and cosmetically change everything and still comes out ahead with a good yard, setbacks, front yard and driveway and possibly no HOA or master association?

You know, it really all depends on the buyer and different buyers have difference preferences and must-haves.  I would say that I'm in the minority of buyers out there because I don't mind a remodeling project (from having gone through in the past and having the referrals to handle most everything).  A new home was my plan B option but deep down I was hoping to get a re-sale home with a decent sized lot for a good price.  I'm very fortunate that the short sale worked out as the larger yard and pool/spa were a nice bonus.

the challenge is that while your purchase price is lower than a new house, is it really less when you add in all the costs of repair and remodel?  how much would a las venetas with a decent sized lot cost compared to your total outlay?  obviously you would need to spend money on las venetas as well to upgrade to your liking but my math for many properties has put the difference at less that $50K. 

 

[usctrojancpa]

I saw the before and after and all of the work done to the house was very good and the material he selected all look very good.  With that said, the best improvement to the house was the automatic lazy boy recliner 

That recliner was the best investment of all, I've lost count how many nights I've fell asleep on it.

 

[davenlei]

Given today's home home climate would you recommend buying new or get a better deal buying old and cosmetically change everything and still comes out ahead with a good yard, setbacks, front yard and driveway and possibly no HOA or master association?

You know, it really all depends on the buyer and different buyers have difference preferences and must-haves.  I would say that I'm in the minority of buyers out there because I don't mind a remodeling project (from having gone through in the past and having the referrals to handle most everything).  A new home was my plan B option but deep down I was hoping to get a re-sale home with a decent sized lot for a good price.  I'm very fortunate that the short sale worked out as the larger yard and pool/spa were a nice bonus.

the challenge is that while your purchase price is lower than a new house, is it really less when you add in all the costs of repair and remodel?  how much would a las venetas with a decent sized lot cost compared to your total outlay?  obviously you would need to spend money on las venetas as well to upgrade to your liking but my math for many properties has put the difference at less that $50K. 

You need to factor in the prop tax costs over XX years between the lower/higher purchase price as well.......  The remodel will be a one time cost (unless you are a serial remodeller) without the additional tax assessment (usually) where the higher purchase price tax will hit your wallet every year as long as you own the property.

 

[usctrojancpa]

Given today's home home climate would you recommend buying new or get a better deal buying old and cosmetically change everything and still comes out ahead with a good yard, setbacks, front yard and driveway and possibly no HOA or master association?

You know, it really all depends on the buyer and different buyers have difference preferences and must-haves.  I would say that I'm in the minority of buyers out there because I don't mind a remodeling project (from having gone through in the past and having the referrals to handle most everything).  A new home was my plan B option but deep down I was hoping to get a re-sale home with a decent sized lot for a good price.  I'm very fortunate that the short sale worked out as the larger yard and pool/spa were a nice bonus.

the challenge is that while your purchase price is lower than a new house, is it really less when you add in all the costs of repair and remodel?  how much would a las venetas with a decent sized lot cost compared to your total outlay?  obviously you would need to spend money on las venetas as well to upgrade to your liking but my math for many properties has put the difference at less that $50K. 

Great questions.  Honestly, I think upgrading a new home and remodeling an older one (not a full scale remodel, more cosmetic) would probably pretty close in cost when you factor in the landscaping costs for the new home.  Also, it depends on the upgrades that are selected for both.  I could have done carpet throughout most of the home and saved $5k-$6k on my flooring costs but I decided to do mostly woood flooring because that is what appeals to me.  I'd have to go back and add up the total amount that I spent for my remodeling (I'm thinking around $25k) but when you add that cost plus what I paid for the home it still put me below the closed comps for standard sales (mind you those comps needed upgrading too).  I still have the kitchen and 2 full baths to remodel so that my cost may get to $40k-$50k when it's all said and done but at that point I'll have one of the best turnkey homes in the neighborhood.  I bought one of the worst houses in the neighborhood and will transform it into one of the best.

 

[rkp]

You need to factor in the prop tax costs over XX years between the lower/higher purchase price as well.......  The remodel will be a one time cost (unless you are a serial remodeller) without the additional tax assessment (usually) where the higher purchase price tax will hit your wallet every year as long as you own the property.

agreed but you also have to factor in more repair costs in an older home.  my inlaws house is 20 years old now and things are starting to show wear...its hard to model all these but i think a house thats 5 years old or less will have less annual repair costs than a house closer to 20 years. 

 

[usctrojancpa]

Given today's home home climate would you recommend buying new or get a better deal buying old and cosmetically change everything and still comes out ahead with a good yard, setbacks, front yard and driveway and possibly no HOA or master association?

You know, it really all depends on the buyer and different buyers have difference preferences and must-haves.  I would say that I'm in the minority of buyers out there because I don't mind a remodeling project (from having gone through in the past and having the referrals to handle most everything).  A new home was my plan B option but deep down I was hoping to get a re-sale home with a decent sized lot for a good price.  I'm very fortunate that the short sale worked out as the larger yard and pool/spa were a nice bonus.

the challenge is that while your purchase price is lower than a new house, is it really less when you add in all the costs of repair and remodel?  how much would a las venetas with a decent sized lot cost compared to your total outlay?  obviously you would need to spend money on las venetas as well to upgrade to your liking but my math for many properties has put the difference at less that $50K. 

You need to factor in the prop tax costs over XX years between the lower/higher purchase price as well.......  The remodel will be a one time cost (unless you are a serial remodeller) without the additional tax assessment (usually) where the higher purchase price tax will hit your wallet every year as long as you own the property.

+1  That's also the benefit of buying a bit of a fixer and getting it up to speed.  The good part is that I have no HOA but the sorta bad part is that the cost of the pool/spa basically becomes an monthly HOA fee for me (additional utility and service costs).  That being said, you can't beat the privacy of having your own private pool/spa. 

 

[davenlei]

You need to factor in the prop tax costs over XX years between the lower/higher purchase price as well.......  The remodel will be a one time cost (unless you are a serial remodeller) without the additional tax assessment (usually) where the higher purchase price tax will hit your wallet every year as long as you own the property.

agreed but you also have to factor in more repair costs in an older home.  my inlaws house is 20 years old now and things are starting to show wear...its hard to model all these but i think a house thats 5 years old or less will have less annual repair costs than a house closer to 20 years. 

True, true.  I agree.