renovation specialist Mina Starshak Hawk On her Indianapolis renovation show, Good Bones, she’s usually optimistic. But in her new spin-off, Good Bones: Risky Business, her efforts to transform her Victorian giant house into a bed and breakfast seem to have made her successful.
“A big Victorian project has always been a big dream of mine. I finally got the chance to buy it,” she says in the first episode, “Mina’s Expensive Passion Project.” “This will be the biggest renovation for me and the biggest financial risk ever.”
Starsiak Hawk said: She is fully retired. There have been a lot of moves and reorganizations going on within the company and the decision to buy this is probably not the kind of thing that anyone would want me to do. “
Despite this, she is committed.
“I want this house to be a lasting legacy in the neighborhood, but it could cost me everything,” Starsiak Hawke says. It’s not a business choice, but I think it’s a good one.”
She proved to be in a precarious position from the start. She invested her $190,000 in her 23-room property, which includes her 3-story 5,500-square-foot main house and her 2-story, 2,500-square-foot brick carriage and shed. paid for.
It’s a good deal.
“I think the renovation will cost about $500,000,” she hopefully says. Maybe I was expecting too much.
Her architect has evaluated the property and estimates the renovation will cost $600,000. Then the contractor she hired stepped in and gave her her $727,155 estimate.
Starsiak Hawk will need to sell several properties to scrape together that sum, making the project increasingly risky before construction begins.
Still, she persists. “‘Dangerous Business’ is my middle name,” she asserts, adamantly forward.
As she does this, she reveals some key renovation and real estate investment tips that any of us can use.
Always check your property history
It is not known exactly when the main building was first built, but the first architects say it was likely built in the late 1800s.
But online listings reveal a history of real estate that says it has “move from investor to investor to investor” over the past five years, says Starsiak Hawk.
This provides her with useful information, including the fact that the investor thought the property could be easily fixed, but exceeded expectations and eventually gave up. , sellers are likely to be flexible with their prices and collect what they want to get even if they are off the books.
get creative in the basement
A basement doesn’t have to be a storage space, playroom, or additional apartment. Starsiak Hutch realizes this, and the main house’s large basement is fully plumbed and has walls that need to be demolished, so he can do whatever he wants.
“It’s my favorite basement ever,” she says. “I could make… [it] A cool space where you can come and have a glass of wine, like a speakeasy bar. “
And with a lot of HVAC equipment in a house of this size, she still has space for all of them.
Check the support on the second floor
Starsiak Hawk is surprised when her architect says the carriage house’s second floor was built without enough support beams or columns.
“This floor was obviously added much later, and it wasn’t very good,” he says. “This floor has no structural capacity to accommodate people here.”
Starsiak Hawk wasn’t surprised, but said the news was “upsetting because it’s a huge amount of money.”
On the other hand, the forecourt built on top of the carriage house had to be parted, albeit at the expense of a considerable amount of space.
“Usually we don’t want to shrink the square footage. We’re probably using 800 square feet with this additional shed, but we want to have more space in the backyard for when we host events.” explains Starsiak Hawk. “This is completely improperly constructed and takes up an entire backyard. It has to be removed.”
Gone are the sticky huts, so the front of the carriage house is much more impressive.
Consider time to obtain permits
Starsiak Hawk decided to work on the carriage house first, transforming it into two apartments and an event center. There is potential for income while she completes her main building.
“Unfortunately, starting construction is easier said than done,” says Starsiak Hawk. “Work at the carriage house has been suspended for several weeks due to a permit issue.”
Luckily, you can do other projects while waiting for the carriage permit, so no time is wasted. This includes demolition of the main house, work on the premises, etc.
Will Starsiak Hutch be able to complete his dream project, or will he become another investor and sell the property to someone else? It becomes clear.