I often go to homes that have had what appear to be complete renovations and are marketed as such. I see beautiful flyers on the new granite countertops indicating 'everything new' or 'completely renovated', but I do not believe it.
When you do a complete renovation to a home, you are supposed to bring the house up to modern codes and building standards - especially if you are selling it as completely renovated.
Completely renovated does not mean you left 80% of the old, frayed wiring within the walls, yet I find wiring that looks like King Tut installed it because it is deteriorated and is a now fire hazard.
Completely renovated does not mean that you removed all the plaster and lath from the walls and ceilings and installed new sheetrock WITHOUT insulating with proper fiberglass insulation.
Completely renovated does not mean you hid all the antique cast iron and galvanized pipe within the walls that should have been replaced. When the sinks don't drain, and the water pressure is lower than a childs' water gun, you know the plumbing wasn't updated.
Luckily, most home buyers have done their due diligence, and hire a home inspector, but sometimes not. It can be quite upsetting when a couple has their hearts set on a particular house, only to find they were steps away from being duped.
When buying a remodeled home, find out just how remodeled it is. Ask for photos that were taken during the renovation (if they exist). Ask if the wiring was completely replaced, and if an Underwriters Certificate was issued for the electrical renovation. Ask if the house is completelty insulated. Ask if licensed contractors were employed, and ask for proof!
Many so called real estate 'investors' are crooks looking to cash in on your lack of buyer savvy. - Ray
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