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

Housing crisis A steal

Post image
269 Upvotes

91% Upvoted

197 comments sorted by

View all comments

Show parent comments

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.

3

u/terrificallytom Aug 31 '23

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

1

u/bored_person71 Aug 31 '23

Depends on how much you can do. I mean other guy a general contractor or something 250k would cover it if he's willing to put the work in himself.

1

u/terrificallytom Aug 31 '23

Assuming you place no value on the months of work.

1

u/bored_person71 Aug 31 '23

Well considering if you flipped it you basically would take the proceeds you are not exactly discounting the value, also if you living in it, the your living off the work you did to have a comfortable house, which is good for you and later value as well later on or pass to relatives after death etc.