Buyer-Seller Issues, Home Inspectors, Real Costs and Caveats (2)
The Scenario:Older home. Rental property.
Inspector discovers a number of “issues” in this 1900s attractive home.
In this case, will theSellers chose to leave the rehab of the rental property in the University District here in Asheville to Buyers who would deal with“Big Ticket Items” found in many older buildings?
“Issues”-as per the list below- depend on the objectives of Sellers and Buyers.
(We advise our clients that it’s always a good idea to give the “issues” situation thoughtful consideration before buying or selling a property.)
Buyers: What about materials and contaminants such as lead paint, asbestos, mold, pesticides, and coal dust.
Sellers: Do the math and ball-park the cost for major improvements including:
insulation
wiring
foundation work
moisture control
holes in basement
dirt floor
musty smell and odor of oil permeating the house
an ancient oil tank
drainage issues
a new roof
hazardous materials abatement
new windows
insulated exterior walls
a new HVAC system
big updates on the plumbing, and electrical systems …
Asheville bungalows and multigenerational homes with cosmetic (only) updates do sell for “reasonable prices”… accompanied by the “real costs” and caveats .
THE AGING P A L A C E FURTHER READING
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