This report is about taking a house and restoring it to an aesthetically pleasing dwelling that has reclaimed it’s functional utility. In effect, it is the anti-aging medication for bricks and mortar.
This report assumes that you have already or will soon acquire the proper house. The one that is basically, ripe for rehab. Be selective and sure of the house’s potential to allow for a profit after all the work is done. I will help you find your property or houses.
In the proverbial nutshell, it helps in the event that you choose a house from the start with a sound plumbing, heating and electrical system.
These are things that are expensive to fix in relation to the value they come back to you upon resale. Usually, people cannot see the inner workings of these systems and so they take them for granted.
Very few buyers are going to provide you with an extra $15, 000-$20, 000 in your asking price since you have replaced things that they cannot see and already ignore as just a basic component that is buried in the structure. Also, they assume these components to be warranted against defects by you.
After all, it is mandatory in most, if not all states that you fill out a disclosure form that tells the buyer of every defect that exists or ever needs to your knowledge. So inspect the systems of your investment alternatives carefully, as they may be expensive to repair and replace, with minimum dollar reunite value being realized at the sale.
Along these same lines, you should also seriously consider the following cash vacuums:
o Structural Integrity
Here are a few approaches to quickly gage a home from its appearance:
Stand down the street from it. Now look at the bones of the structure. Does it look like a sway-backed horse, with the roof sagging in the middle? Does it have flat areas in its design that don’t allow water to be drained away quickly?
Water, dampness and rot are the equivalent of cancer to the human body when it concerns a structure. Shingles can be replaced. That wont necessarily stop me from buying. Usually I will use that old roof as a bargaining chip in negotiating the seller down to less price. However , if I crawl into the attic and observe that the plywood has become rotted and truss members will also be affected, it’s time to move on to my next potential deal. Life is too short and I will never rehab it in 10 days if I have to rip the roof off and rebuild it too.
Some other conditions, such as sagging eves, wavy roof surface, rotten fascia and trim pieces, and insect infestations can be deal killers too, if severe.
Solution: Get into the structural members with a long, sharp, sturdy, standard flat-tip screwdriver and attempt to penetrate structural components that are made of wood. You won’t hurt anything if there are no underlying deficiencies. However , if someone has freshly painted over or patched it, that screwdriver is one heck of a lie detector! Put it to use.
Now, I’m not saying people would do that. It might just be the termites have eaten everything but the exterior coating of the wood to conceal their activity whatever the case probe.
There are also tile roofs, metal roofs, cedar shake roofs, hot-rolled roofing, tar and gravel roofs and always a few new high-tech roof coatings. I’m my main concern is perhaps the decking or the roof support structure has been undermined by water, insects, rodents, poor materials, poor design or craftsmanship, deficiencies in fasteners, strapping, etc .
Shingles and coatings can be replaced. Just know what is underneath. That’s my criteria. Negotiate lower for needed replacement of roof coverings if you’re able to. I dwell on roofs because it protects everything else!