San Diego Housing Market News and Analysis
Buffet viz. Covid19?
User Forum Topic
Submitted by OnPoint on April 5, 2020 - 5:40pm
Been dithering about major home renovation for last couple years. Project would be to double the square footage of rental SFH, configure addition as a duplex rental. Would not fall under ADU rules.
Reminded of Buffet's words "Be fearful when others are greedy, and be greedy when others are fearful." Aaand lotta fearful folks about now...
Construction seems to be OK for now, continuing as usual. But if incomes are hit for a sizable chunk of renovation buyers, small-biz owners etc., that could change? Construction more available/responsive & cheaper?
Or am I too late already, given permit-process duration? E.g. permits take 6+ months, but this "crisis" will be over in 3.
Property is in central/desirable SFH neighborhood, currently bringing $3K+ rental from professional types, which is double the mortgage payment. The project would shut off rental income from unit #1 until unit #2 completed.
Part of my thinking is:
Pigg' thoughts appreciated...
PS: I've never done this before. But I've heard the horror stories*. But I'm building a rental, not "My Dream Home" so my standards are bit relaxed...
*PPS: A lot of "horror stories" I've heard are "The tiles arrived from Italy and they were CRACKED! AND THE WHOLE CREW HAD TO WAIT 6 WEEKS!" I'll be takin' the Home Depot route.
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