August 25, 2016 I closed on a 480 square foot garden-level or basement level 1 bedroom condo in foreclosure in a Class B neighborhood in New Haven. I did loads of research beforehand and had done calculations, however, I believe I jumped before I had thought it out entirely. That said, I didn't want to get stuck in analysis paralysis either.

Purchase price was $74,812 plus $2,938 closing costs and 30 year financing at 3.75%. $591.14 + $82.09 HOA dues ($673.23). We purchased as owner-occupant per Fannie Mae rules as we purchased during the owner-occupant preference window before having to compete with other investors with agreement to live in unit at least one year, which will be up at the end of this month.

Apparent water damage around windows and behind the shower area in the walk-in closet. Wood floors were warped in a few areas, mostly in bedroom.

Bathroom needed to have a pretty good reno in the shower area. All baseboard heating needed to be replaced. At first I was going to replace about 40% of the drywall in the unit (the lower half of the walls), but as drywall was removed I saw termite damage varying from moderate to complete damage (sawdust with nails on the floor where a stud once was). This necessitated excavating more drywall to see how much damage there was, and, it turned out, the termites had been throughout the entire unit, even into the ceiling. None of this was uncovered by the inspection. I decided at this point that a gut renovation was happening, and removed all material from the condo.

I treated all walls halfway up with a crystalline concrete waterproofing solution, sealed up cracks and holes with hydraulic cement, and decided on metal studs throughout the unit with rock wool insulation in walls and ceiling to resist moisture and insects. Old copper plumbing and cast iron drains were replaced with PVC and PEX. Ceiling was wired for low-voltage recessed lighting throughout unit. RG-6 was home run from outside cable box to structured media panel in utility closet. Cat6 and RG-6 was run to three locations in main living area, two locations in bedroom, and one location in bedroom closet (smart-mirror?) totaling 8 data ports and 4 coax ports. Old wood windows were replaced with new PVC insert windows. Old front door and storm door were replaced with new Fiberglass door and full-glass storm door. There was a standard tank water heater in the unit, but we tried to go with a tankless water heater. We are working with a plumber today and in the next week the situation should be resolved whether we go with a tank again or do something to increase efficiency and efficacy of the tankless unit.

Crack in the wall

Pending renovations:

1. Drywall (Happening this week) - yes, we lived in this unit with no drywall for the past year. no, it is not recommended.

2. Interior Painting

3. Flooring

4. Kitchen Cabinets

5. New Through-Wall Air Conditioning Unit

6. Walk-In Closet Cabinets

7. Built-In Furniture

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Gut Renovation Diaries - New Haven, CT

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