Posted on 02/12/2021 9:18:49 PM PST by dennisw
NORWICH, Conn. – American millennials with budget constraints are breaking out of their pandemic coops to find affordable dream homes in far-flung places.
For funeral home director Kate Reinhart, from Utah, that dream is an octagonal Victorian that recalls the macabre Addams Family mansion seen in cartoons, films and a TV series.
Her scientist husband Cameron found his first job near Norwich, Connecticut, a town with one of the largest concentrations of 18th- and early 19th-century houses in New England.
For just $85,000 couple bought the 1885 house replete with stained glass, artisanal light fixtures and winding banisters. They plan to put some $100,000 into a massive renovation.
“I do feel like we appreciate it more now during the pandemic to have more space to ourselves,” Kate said. “People are more self-conscious about being on top of each other in tiny apartment buildings. In New York City, people are fleeing to here.”
The trend is clear from visits to CheapOldHouses, a website founded by Elizabeth Finkelstein in 2016 to promote the purchase and preservation of historical houses.
Followers of the site’s Instagram account have steadily doubled every week since U.S. pandemic lockdowns began in March, to about 20,000, she said. About 42% are aged 25-34, and about 75% are women.
“The mantra of real estate has always been ‘location, location, location.’ For the first time that’s being flipped a little bit on its head,” Finkelstein said. “We are living in a time when people are willing to kind of take risks, maybe risks that they’ve been wanting to take their whole life.”
Homes on CheapOldHouses.com tend to be in the U.S. Midwest, South and Rust Belt, where many sell for less than $100,000. Houses that cost more in North America, Europe and elsewhere are also listed in Finkelstein’s monthly newsletter.
(Excerpt) Read more at nypost.com ...
My friends want to sell their house in small town TN. It’s a nice 3000ish sq.ft. 3 bedroom 2 bath with a pool on an acre. I’m trying to get them to not use a local realtor or at least find one who will market to people trying to escape their northern dictatorships.
A realtor friend related how she got a call from a Illinois person looking for land to get out. The realtor said the lady was almost frantic. My friends could get a better price, and the northerners, if conservative, could get away.
CheapOldHouses = money pits
don’t ask me how I know.
Presuming you are older. Don't wear yourself out. Get a young relative to come in and manage the place. They have the energy to do the renovations too. Of course if he is married all the better. You supply the capital, he supplies the drive with an equity share to help motivate. Americans love the carbs and meat combo- hamburgers. We love the cheese-carbs combo--pizza. Carbs are addictive. Your pizza place can make out in rural Tennessee as long as there are not Dominos around. Even then you can succeed if you can get word out about your place. Pizza and submarine sandwiches!
Your Tennessee friend should advertise her house for sale ...But in the Chicago Craig’s List. Other big cities too, that people want to escape from. Tennessee has no income tax which is important to big city refugees who saved money and want to live mostly off interest/dividends. Also stock market appreciation.
good for them... at least they’re doing something productive and not belittling people on the internet all day...
Your words to the wise must be factored in if you have school age children. And want to move to the sticks and earn your living on a remote internet connection.
Rd later.
Especially Sandpoint.
Haha...yes, but having clients in those houses it is always confusing to see an Imprimus or Epoch Times laying on the coffee table! LOL.
Notice the sign in the 1st photo.
They will be the first home to be burned down by those they support. Why are they wearing a mask? They live together.
AMEN! My son lives in Niantic.
And their property taxes are about $1600 a year. Chicago is an interesting idea. I grew up on LI where I know my parents neighborhood is over 1950’s $450,000 for 1200 sq ft on a quarter acre. Taxes there are $9600. This house is so much nicer. I will tell them.
No income tax Tennessee is very hot these days -— Try Los Angeles Craigs list too. Other cities too.
Ben Shapiro moved LA to Nashville
Arthur Laffer, Ronald Reagan’s economist, moved California to Nashville
Rich people also want second homes in Tennessee. House can be in rural Tennessee. Then they finagle to make them primary residences to avoid California and NY taxes.
Do you need want it done
1) well
2) fast
3) cheap
You get to pick only 2
Pretty much a home becomes a money pit as soon as it is built. I got out of the game two years ago and now own a condo. Of course, a condo can be a money pit of its own with HOA fees and whatnot, but at least I get to watch other people doing all the work.
They will learn in liberal hell holes there are permits, inspections and codes. The old house wiring, plumbing, paint, .... will all have to be updated to meet code. In the end they will get 80 percent done before they go bankrupt With ever moving requirements so a politically connected buddy can buy the foreclosed house for 75k after these idiots put 250k into it and it’s condemned.
Lol.
Contractor plus a lobbyist salary in Washington? More like 400,000.00 annually between the two of them.
Fortunately, experienced and entry-level labor there is not too expensive, and they tend to get a LOT done in a short period of time.
I want an old phone, to escape the Covid monitoring cage.
Good for them until they the sky high property tax hike their hard work has wrought.
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