YOU may have heard that that Asheville is HOT in terms of appreciation../.some say 10% annually. For buyers who want to explore investment opportunities as a result, that could be a very good thing. But caution is also in order. Before you jump into tha cute little bungalow that may appear to be updated...think about other potential issues and real costs.
Ina 1900s the Home Inspector discovered “issues””(as in the following paragraph. )
“Big Ticket Items” found in many older buildings: Materials and contaminants such as lead paint, asbestos, mold, pesticides, and coal dust, insulation wiring foundation work, moisture control, holes in basement dirt floor, musty smell and odor of oil permeating the house, an old 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 …
Seller’s Cosmetic Fix: The Sellers chose to invest less than $3,000 in a cosmetic update. They had been told that buyers, seeing granite countertops, and stainless steel appliances, and a new coat of paint might “fall in love” and be swayed to move right in.
Buyer’s Real Costs: Would the potential Buyers realize the serious expenses, time, and energy involved in Up-Fitting this older bungalow? Would they figure into their spending plan another $ 50,000. to 100,000 in addition to a “very reasonable” listing price? Would they sit down to talk with local experts rather relying on data from an online source? Asheville bungalows and multigenerational homes with cosmetic (only) updates do sell for “reasonable prices”… but what are the “real costs” and what are the caveats ?
Boomers interested in "aging in place" in their "for Ever home" may consider these caveats...along with the little booklet full of good advice (see below)