6 Questions Every Buyer Should Ask The
Seller Before Buying A Rehab In [market_city]
Snagging a
rehab house for very little money, refurbishing it, and then selling it or
renting it out for a tidy return on a small investment – now that’s a nearly
irresistible proposition. But there’s probably nothing worse than finding
yourself irretrievably committed to a rehab project and then discovering that
it will ultimately be a money-sink. That’s why you first need to keep in mind
these questions every buyer should ask the seller before buying a rehab in
[market_city].
1. Is there any lead-based paint?
Whether you’re buying a
property to flip or to rent, the presence of lead-based paint will make things
many times more difficult. Many states now mandate taking some kind of
protective measures to deal with the lead-based paint. These measures, which generally
require the services of trained and certified professionals, can be both costly
and time-consuming.
2. Does the house contain any asbestos?
Pretty much the same
thing goes for asbestos – except it’s a problem that is way more expensive to
rectify. In older homes, you can find asbestos in insulation and siding and
even in some flooring. In a few cases it can be encapsulated, but most often
will have to be removed and disposed of properly by a certified abatement crew.
And this is, of course, another costly procedure.
3. Are the window frames sound?
Windows and window
frames may not seem like a major concern, but they can be. And that’s why this
is one of the questions every buyer should ask the seller before buying a rehab
in [market_city].
If the window sills and
frames are rotted from improperly functioning guttering, they will have to be
replaced. And often, you can’t tell whether the rot is present until you begin
to tear into it. Once you do, you’ll generally have to replace the windows as
well.
4. What kind of shape is the wiring in?
In older houses
especially, the wiring can be a grave concern. It may not even meet the code
requirements for [market_city].
For example, there
won’t be any of the now-required ground-fault outlets or even junction boxes
where needed. What this all means is that if the wiring is outdated, you’re
looking at a major investment to re-wire the house.
5. How old (and in what shape) is the plumbing?
Old plumbing – now
there’s another huge issue. A lot of older houses still have very outdated
plumbing like cast iron drain fittings and galvanized water lines. And some of
them even still have the old Orangeburg sewer lines – which will definitely
have to be replaced. And if you’re aware of what plumbers charge per hour these
days, you also know that replacing and updating old plumbing will be a very
expensive proposition.
6. Is the foundation in good shape?
Of all the questions
every buyer should ask the seller before buying a rehab in [market_city], this
one may be the most important. It is, of course, easy to see what kind of shape
the roof is in, but that’s not always the case with the foundation. While the
foundation may look fine from the outside, there still may be problems.
It may be the case that
water seeps into the basement and crawl space under the house – a sure recipe
for odors and mildew. A sinking foundation shows up in floors that aren’t
level. And foundation repairs are anything but cheap or easy. A bad foundation
can even be an obstacle to getting financing.
Buying a house,
especially a rehab, always carries a certain amount of risk. If, however, you
use these questions every buyer should ask the seller before buying a rehab in
[market_city], it will go along way toward mitigating that risk.
Comments
Post a Comment