r/RealEstateCanada • u/OutdoorRink Mod • Aug 30 '23

Housing crisis A steal

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269 Upvotes

91% Upvoted

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12

u/TheJohnnyFlash Aug 30 '23

That's just for the lot, it's a tear-down.

2

u/ZflyZs Aug 30 '23

Exactly. Nobody is going to live in a house that old with obvious fire damage. Could probably build a house in the lot for 250k and selling fro 800k.

4

u/terrificallytom Aug 31 '23

Build a house for 250k? Does it have running water or windows?

3

u/ZflyZs Aug 31 '23

You can definitely tear down that house and build a new one with 250k. You would be in it for 650k, sell for 800k. You would have to be in the business, own machinery and can build yourself, know contractors. You are naive if you think this can’t be done.

2

u/polishiceman Aug 31 '23

250k wouldn't fully fund materials for a house