drywall

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  #1  
Old 01-01-01, 09:54 AM
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Hello, my wife and I just bought a 50 year old ranch style house, around 1700 sqft 3/2/2..We have a lot of remodel ideas to do in the house so our question is would it be better to replace most of the drywall(except for ceiling,its in good shape)in the house? There is no insulation in the walls(except for the exterior blk wall board) and there are lots of cracks and nail heads poping through. Also after 50 years of paint(most likely LEAD-based) trying to do some patching of the walls, the paint just flakes off. Also the walls are smooth so we are wanting to texture them, some im wondering how well the texture will stick to all this paint... Anyone have any suggestions????Thanks...
 
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  #2  
Old 01-01-01, 11:20 AM
Join Date: Dec 1999
Location: Northeastern NC On The Albemarle Sound
Posts: 10,952
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Paul,
I'm not a contractor, but a 50-year-old home probably needs new electrical, plumbing, insulation, etc., in addition to the new drywall over it all. Of course, the first two will need permits and inspections.
I would not do the new drywall without the other.
I would do it all in a major remodel, or room-by-room, if you choose. You should be able to finance up to 80% or more, but that may require turn-key quotes by licensed contractor(s) for the lender.
IF your lender is o.k. with it, you CAN serve as your own general contractor, if you have the skills and experience, and you can convince them of it.
My only concern would be the total cost, and whether or not I was "over-building" the neighborhood in case of a 5-7 year short-term re-sale. If the total $$ (price + improvements) of the remodeled home would still be under the most expensive homes in the neighborhood, you should be o.k.
I would start with the kitchen, then the baths, then bedrooms, then the rest of the house. I believe that you would recover more of your money that way, if you were to sell before you finished.
I'm sure that the pro contractors in here can give you their thoughts. That's just mine.
Good Luck!
Mike
 
  #3  
Old 01-01-01, 11:26 AM
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Thanks Mike, our plumbing was redone about 3 yrs ago(all new copper pipes)..As for the electrical, w had the service updated to a new 200 amp box,etc...We asked the electrical contractor about the condition of the wire ,he said they all looked fine, but if we decide to redo each room I will replace all electrical wires...For what we paid for the house we have about 160k to come close to the mose expensive house next to us...Thanks
 
  #4  
Old 01-01-01, 04:11 PM
Join Date: Dec 1999
Location: Northeastern NC On The Albemarle Sound
Posts: 10,952
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Paul,
$160k difference in upper end of neighborhood properties, and 1,700 sf? That's more than $94 per sf in recoverable investment leeway!
You can BUILD a brand new frame (vinyl siding)ranch home for $65/psf and a brand new brick ranch for $75/psf here.
Sounds like you made a VERY good investment, and remodeling it at your will should substantially improve your investment. All you have to do is bring everything up to code, and redecorate as you choose.
If you live in it at least two full years as your primary residence within 5 years of the eventual sale, you and your wife can pocket, TAX FREE under the 1997 capital gain laws, up to $500,000 in PROFIT from this home.
Go for it!
Good Luck!
 
  #5  
Old 01-01-01, 06:01 PM
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Thanks, one of the major reason we bought it as is(no updating what so ever,((even had the original Tapan stove,wall heaters))) was it came w/ 3 acres right in the heart of downtown BrokenArrow OK. Thanks for the kind words.....Paul
 
  #6  
Old 01-03-01, 01:06 AM
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For your insulation I would use blown in cellulose which is most often blown in from the outside but if the exterior of your home is in good repair and your texturing the walls anyway you may consider blowing it in from inside.Although it is a little messy you wont have to drill holes in your homes exterior and the texture should cover the plugs placed in the holes if you set them down in the plater a little bit.as far as the texture sticking as long as the surface your applying it to is not shiny and slick it will stick.If there is a glossy paint on the walls you should sand the walls until there dull looking and texture away.hope this helps.Good luck and keep in touch.

THE HILLBILLY HANDYMAN!
 
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