How one flipper’s dream home turned into a $240K headache

Cassandra London thought she had landed a bargain when she bought a rundown property in the US. However, the purchase could become a financial headache.

It was late October this year when the real estate agent, who specialises in restoring historic houses, settled on the 150-year-old property in Ruxton, Baltimore for US$450,000 ($676,183).

It had always been London’s plan to inject “several hundred thousand dollars” in restoration costs into the Ruxton place, The Baltimore Banner reported.

However, an act by her neighbour might add US$160,000 ($240,000) to her costs.

The news outlet names Joseph Coale, a local historian and founder of the Greater Ruxton Area Foundation, as nominating London’s new three-storey house to be heritage listed.

Coale put the property, known locally as Maroney House, forward for possible heritage selection before London’s purchase.

Maroney House is named after the home’s original owner, Dennis F Maroney who was a railroad executive. Other pioneering locals also lived at the residence.

If the property is deemed to be a historical landmark, it would mean London would need to restore the house’s historic windows.

The windows required to meet the landmark list’s standard cost around US$4000 ($6000) each, according to The Baltimore Banner. 

London’s home has 40 windows. This would add the US$160,000 to her budget for the windows alone. 

The property listing made no mention of any possible heritage inclusion, according to Realtor.com.

In September this year, London and her lawyer lodged objections with the Baltimore County Landmarks Preservation Commission to the home being included on the heritage list.

Realtor.com quotes London informing the commission that the costs of the renovations were already higher than she budgeted for because the property was in poorer condition than the listing photos showed. 

She asked for more time before a decision was made.

Instead, the commission voted unanimously to add Maroney House to the preliminary landmarks list. 

It is now up to the Baltimore County Council to decide the fate of London’s house.

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