– Even if you and/or your clients are wizard DIYers, watch out for these complications
Are you and/or your clients looking to buy a fixer upper as a means to developing an additional revenue stream? If yes, check out these ten cautionary reminders about fixer uppers even if you or your clients are master do-it-yourselfers:
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- Houses that are listed “As-Is”
- “As-Is” listings are not the kiss of death but they do indicate “buyer beware.”
- As-Is listings indicate that the seller is aware of necessary updates and/or repairs that need to be done to the listing in order for that house to be fully functional.
- As-Is listings also indicate that the seller has been either unable or unwilling to make those repairs or updates.
- The solution here? Get a thorough home inspection on the listing before making any decisions about the listing.
- If the home is bank-owned and listed “As-Is,” the bank is indicating that it is not in a position to speak about the condition of the home.
- The listing has a bad roof.
- A bad roof is a read flag.
- Bad roofs can cause major leaks in the house that threaten the structural integrity and underpinnings of the house and its interior ceilings.
- Bad roofs are not for DIYers to fix…they require experienced, professional roofers.
- Leaks caused by faulty roofs can lead to mold…and mold is quite costly to remediate.
- The listing has wall cracks.
- The wider the wall cracks, the more problematic.
- If there are cracks in concrete walls, there could be structural deficiencies.
- If there are long cracks between the interior walls and upstairs ceilings, there could be roof truss problems.
- Deferred maintenance issues
- If the housing has been left standing for a period of time, there could be repair issues.
- If the house has not been heated or cooled, repair issues could be expensive.
- The listing has an AC window unit.
- If a new HVAC system is added to the house, factor in the ductwork, the registers and other required system elements to the cost.
- Get an estimate or two from a reliable HVAC installer to get a feel for the projected costs.
- The listing has a moisture or mildew odor.
- There could either be water seeping in from the outside.
- Or, water could be leaking from the plumbing system.
- Either way, the fix is expensive.
- The listing has a bad floor plan.
- Bad floor plans are not fixable with a fresh coat of paint.
- Moving walls and changing access routes within the listing may uncover other unforeseen problems.
- The listing has outdated wiring and/or plumbing
- These fixes require a professional electrician and/or plumber.
- Ask the home inspector about pipe materials and the condition of the listing’s electrical system.
- These two items can easily be deal breakers.
- The listing has an ugly kitchen/bathroom.
- These two fixes are among the most expensive remodeling projects.
- The listing stands on a badly graded lot.
- Bad grading can lead to wet basements if/when there is extensive water intrusion into the listing.
- Bad grading can result in termites and other pests/critters moving in to the listing.
Thanks to Inman’s Christy Murdock Edgar for her source material.