In 2020, during the height of the global pandemic, an American woman made a purchase by acquiring a severely unlivable house for just $18,000.
What followed was a remarkable transformation that turned this property into a comfortable and attractive home, with a current market value of $375,000 (equivalent to ₹ 3,12,13143).
Betsy Sweeney, a 30-year-old expert in architectural history, invested $18,000 to purchase a 120-year-old house in Wheeling, which was in a deteriorated condition. Despite the house’s state of disrepair, Ms Sweeney recognized its potential and made the decision to restore it.
To finance the required renovations while preserving the house’s original characteristics, like the pocket doors, Victorian fireplaces, and vintage bathtub, she secured a $100,000 construction loan.
To oversee the renovation project, she decided to lease her loft apartment in the same neighborhood for $900 per month. She hired professionals for some aspects of the renovation, and Ms Sweeney also actively participated in the restoration process, aided by her partner.
As reported by The Business Insider, Ms Sweeney invested a total of $160,000 in loans towards this project. She also shared this renovation journey on social media platforms for people to understand her approach to real estate.
“I’ve shared my journey with this house on Instagram and was overwhelmed with press attention. I kept sharing because I want to show people this approach to real estate and small-town living is accessible,” she told the news outlet.
“Reinvesting in these historic neighborhoods provides you with an asset that, in some cases, far exceeds what you could buy new,” she added.
Talking about the current market value of the house, she told The Business Insider that “if I had to put my house on the market tomorrow, I would probably list it at $240,000.
But that’s in my urban neighborhood. In Wheeling neighborhoods that are considered more upscale, you could see a house of my size at $375,000.”