Dreaming and Reviving Bricks

My horoscope for July 10, 2014

Dreams of a new career, particularly one that pays well, could fill your mind today – perhaps because of too many stresses in your current one. You might even be thinking in terms of becoming a movie star! Go for your dreams if you feel that this is what you want, but remember that any moneymaking enterprise, no matter how creative, is still a business. Make use of your natural business head to find out what you need to know.

Reviving Bricks

You just inherited a dilapidated, crumbling-down grand mansion in the countryside. Assuming money is no issue, what do you do with it?

My Take on Dreaming about Renovation

Logo for This Old House (PBS)
Logo for This Old House (PBS)

Sure, this is one of my ongoing dreams, being a long-time fan of “This Old House” from the 80s. Although sometimes having a lot of money to throw at a project can actually hamper your creative visioning and not focus on either making it one’s own or flipping. Either way, you should consider the budget, more in terms that eventually the house will need to appraise out and there’s nothing worse…in my book…of over-improving a house.

Let’s assume for a moment that this is about maximizing the return on investment and I found the perfect run-down Victorian beauty that needed a face lift…and…the plan is to make this a profitable business venture by improving and reselling. With all that in mind, I would set about finding local, under-used and under-appreciated talent to provide a scope of work and approve the budget with an eye on the bottom-line: resale value in the marketplace.

Depending on just how bad the property was to begin with and all that would be entailed in fixing any underlying problems with foundation, rot, wiring, HVAC and framing, the amount available for actual improvements to interior layout and design would need to be balanced with curb appeal. Having a local real estate professional do an assessment of potential market value would tell me exactly the budget that would be needed to both maximize profit and a quick sale. The longer a property is held, the less profit would be available since, even if it was purchased outright, there are still holding costs like property taxes.

You can tell that I’ve thought about this a lot and would find it a fascinating venture…and a dream come true!

 

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