Should I Have An Inspection Done?
We are in the process of looking at fixer-uppers to rehab. Should we have an inspection done after we find a property that we want to rehab ? What do inspectors usually catch that an investor that walks through might miss? Do you normally have one done on every property that you are going to make an offer on?
Thanks.
I agree with Kujay,
even though I didnt use an inspector myself for most of the properties that I purchased. I trusted myself to inspect them but I admit I never really checked the foundation or tested for termites, etc...I guess I was "lucky".
Always use an inpector to avoid any major surprise.
I would concur with the previous posts to always have an inspection. As a Realtor, I have also found an inspection to be a useful tool to get the seller to make some repairs. If you draft your purchase agreement with a correctly worded inspection contingency you can bring any unexpected issues the inspector finds back for negotiation. (for example, If the inspector finds some dry rot in the crawl space under a bathroom, I would ask the seller to repair that as a condition of completing the sale)
if you a general contactor or very knowledgble, you can catch things youtself.
But for 300-500 do you want a 2nd set of eyes?
Is the roof in bad shape, with leaks or broken/missing slates?
If it is not in bad shape, then you may have a roof that will be there for a very long time.
You will need to answer the same generic questions you would on an asphalt shingle roof:
Is the roof steep?
Is it a two or three story building?
Is there good access to the roof for labor and materials?
What is under the slte roof? Is it skip sheathing? Is it solid boards, with minimal gaps?
If you need to tear slate off, and plywood the roof to put asphalt shingles on, the cost goes up.
Is it a simple "up-and-over" roof, or is it cut up with many gables and valleys? Simple is cheaper.
Find a local roofer, and pay for an assessment, including quote for repairs or replacement.
Be sure the roofer is experienced in slate work, as it is its own specialty.
[addsig]
i would think if anything that a slate roof would bring up the value of the house. if its cheaper to fix the slate then leave it. there are a limited amount of old victorians in my area with slate roofs that never hit the market but when they do they have something other houses do not.
These roofs can last for over a hundred years or more.....however like everything else, they must be cared for as warranted.
Unless the roof is in really bad shape, I would think that it is going to be cheaper to fix it then trying to tear off and then find another product..........no doubt of inferior quality.
Find out where and how many leaks there are and get estimates from those that work with these types of roofs.
Based upon those estimates you can make your decision as to go for it.
NC
I have had the same problem myself. You have to adjust the strike plates and not the doors themselves.[ Edited by capitolinvestor on Date 06/16/2005 ]
Sometimes a sagging door will cause the latchbolt to miss the strike plate. Sag is usually caused by a loose top hinge which can be adjusted by using bigger screws. You can always grind or file the bottom of the hole on the strike plate until it latches. This will look better than moving the plate down.
Just look at the gap at the top of the door between the door itself and the door casing. If it is sagging, then the gap will be bigger (wider) on the strike side. Just remove the top screw of the top hinge and insert a screw that is at least 3" long and tighten it good and tight. That should pull the door over enough to even things out.
longer screws solved the problem on the front door of my house.
you can also find a realtor that may be willing to help you out.....
Free..........
http://www.domania.com/homepricecheck/index.jsp
Never try and figure out FMV by assessed value. They are almost always way off. A realtor or appraiser is the best source. but both will probably want some buisness from you before they start giving you info.
in certain states, the assessed value has nothing to do w/ FMV.
e.g. in CA, the assessed value is based on the last sales price. In MI they use "state equalized values", which also muck things up.
i beg to differ, sitexdata is a very widely used site buy mortgage lenders as a "pre-appraisal" value for figuring a loan resolution for refinances. NOTHING can replace a full URAR. But you have to have some basis. By the way, fahtco is a title companies site and they will list last sale price as well which can be a good benchmark. Investigate for yourself to see what works for you. There will always be a naysayer.
Im no expert at rehab or anything but if I were you, I would spend the time and money to get a local contractor to look at it and give you an estimate.
will the local utility provide them, or give you a pointer to a surplus yard?
I visited a salvage store in Yipsilanti (sp?) but it was more antiques, this or another home salvage place that might have it.
You could try to call P&F supply in Grand Rapids, They are a resale store for Electrical Equipment. If they have it they may be able to ship it to you. 616-454-3586
Have you tried a local sheet metal / duct work shop ?
Give them a drawing. They would charge $75 - $100 each I supposedas this is a small job. Dont call just go there.
Place gasket / cellular weatherstripping material around the edge of the cover to seal it when installed. The same around the meter opening so it extends inside the opening, slide it over the meter for a friction fit. Screw / hinge the cover on. Even use silicone caulk around the meter opening. Paint everything again.[ Edited by happyhome on Date 06/27/2005 ]
The slope is pretty severe, and it is definitely the floor. What brand is top quality for a leveler?
Quote:
On 2005-05-02 20:16, pushcart wrote:
The slope is pretty severe, and it is definitely the floor. What brand is top quality for a leveler?
http://www.maxxon.com/choose_self_leveling.asp
Jif-Set and Ardex are both good
I have not had real good luck with self levelers. I generally jack the floor up and post and shim it .
[addsig]
Hi Stock Pro,
What are the risks in jacking the floor..minor to major? Thanks
AWESOME WORK!!!
Congratulations!
Good for you.
SWEEEEEEEET!
[addsig]
Do it again......!!!!!!!!!!!
Congrads....
NC
did you pay someone to do all the work or did you do some of it yourself?
im wondering if there was one particular thing that i could learn that would be worth the time and effort to do - such as learning to do hardwood floors. no way im going to paint, hang sheetrock, but i thought maybe some kind of finishing work might be worth the effort to learn and that provides a nice bang for the buck...
Booyah!
Well actually my brother did most of the work with the exception of paint, acoustic removal and carpeting. I however did all of the tileing, floors, shower surround and FP.. I shopped for and hauled most things home. I also caulked the floor boards and did some finishing work because the painter did not show back up to do this! I also staged the condo very nicely with candles, fresh flowers, beautiful towels, drapes and outside patio complete with lounge chairs, table barwar, lighting and plants.
The things I learned were:
1.Its always better to hire a professional to do the work even if you make less. It gets done in 1/2 the time leaving you free to pursue more deals.
2.Working with family sucks.
3.Do not pay off any worker until every bit of the work is completed.
4.Something, usually lots of things do not go as plan. Build in a good 10% spread for unforseen work. Example, I converted the single sink to a double in the master bath and did not account for having to put in a roof vent or whatever. After my floors were layed the DW leaked and 1/3 of the floors needed to be replaced. 5.Order the carpets at the beginning of the job because it can take several weeks to get an installation date. 6.Do not buy granite from an auction but only through the company that will install. Hardly anyone will ever install granite that they do not supply.7.Lowes suck, great prices/selection dumb salesstaff.8. Visit every open house nearby to gage what your compition is doing. My next job I will hire someone to do all repairs and just tell them where to find the things I want! Good luck to all!
Quote:
On 2005-05-26 22:27, ceedee wrote:
Well actually my brother did most of the work with the exception of paint, acoustic removal and carpeting. I however did all of the tileing, floors, shower surround and FP.. I shopped for and hauled most things home. I also caulked the floor boards and did some finishing work because the painter did not show back up to do this! I also staged the condo very nicely with candles, fresh flowers, beautiful towels, drapes and outside patio complete with lounge chairs, table barwar, lighting and plants.
The things I learned were:
1.Its always better to hire a professional to do the work even if you make less. It gets done in 1/2 the time leaving you free to pursue more deals.
2.Working with family sucks.
3.Do not pay off any worker until every bit of the work is completed.
4.Something, usually lots of things do not go as plan. Build in a good 10% spread for unforseen work. Example, I converted the single sink to a double in the master bath and did not account for having to put in a roof vent or whatever. After my floors were layed the DW leaked and 1/3 of the floors needed to be replaced. 5.Order the carpets at the beginning of the job because it can take several weeks to get an installation date. 6.Do not buy granite from an auction but only through the company that will install. Hardly anyone will ever install granite that they do not supply.7.Lowes suck, great prices/selection dumb salesstaff.8. Visit every open house nearby to gage what your compition is doing. My next job I will hire someone to do all repairs and just tell them where to find the things I want! Good luck to all!
Your 8 facts should be tatooed on this website with a link for all newbies to read and memorize. They touch on just about every pitfall that there is.
Curious how your asking price had a $20,000 swing in it?
Quote:
On 2005-05-26 22:27, ceedee wrote:
Well actually my brother did most of the work with the exception of paint, acoustic removal and carpeting. I however did all of the tileing, floors, shower surround and FP.. I shopped for and hauled most things home. I also caulked the floor boards and did some finishing work because the painter did not show back up to do this! I also staged the condo very nicely with candles, fresh flowers, beautiful towels, drapes and outside patio complete with lounge chairs, table barwar, lighting and plants.
The things I learned were:
1.Its always better to hire a professional to do the work even if you make less. It gets done in 1/2 the time leaving you free to pursue more deals.
2.Working with family sucks.
3.Do not pay off any worker until every bit of the work is completed.
4.Something, usually lots of things do not go as plan. Build in a good 10% spread for unforseen work. Example, I converted the single sink to a double in the master bath and did not account for having to put in a roof vent or whatever. After my floors were layed the DW leaked and 1/3 of the floors needed to be replaced. 5.Order the carpets at the beginning of the job because it can take several weeks to get an installation date. 6.Do not buy granite from an auction but only through the company that will install. Hardly anyone will ever install granite that they do not supply.7.Lowes suck, great prices/selection dumb salesstaff.8. Visit every open house nearby to gage what your compition is doing. My next job I will hire someone to do all repairs and just tell them where to find the things I want! Good luck to all!
Your 8 facts should be tatooed on this website with a link for all newbies to read and memorize. They touch on just about every pitfall that there is.
Curious how your asking price had a $20,000 swing in it?
Quote:
On 2005-05-26 22:27, ceedee wrote:
Well actually my brother did most of the work with the exception of paint, acoustic removal and carpeting. I however did all of the tileing, floors, shower surround and FP.. I shopped for and hauled most things home. I also caulked the floor boards and did some finishing work because the painter did not show back up to do this! I also staged the condo very nicely with candles, fresh flowers, beautiful towels, drapes and outside patio complete with lounge chairs, table barwar, lighting and plants.
The things I learned were:
1.Its always better to hire a professional to do the work even if you make less. It gets done in 1/2 the time leaving you free to pursue more deals.
2.Working with family sucks.
3.Do not pay off any worker until every bit of the work is completed.
4.Something, usually lots of things do not go as plan. Build in a good 10% spread for unforseen work. Example, I converted the single sink to a double in the master bath and did not account for having to put in a roof vent or whatever. After my floors were layed the DW leaked and 1/3 of the floors needed to be replaced. 5.Order the carpets at the beginning of the job because it can take several weeks to get an installation date. 6.Do not buy granite from an auction but only through the company that will install. Hardly anyone will ever install granite that they do not supply.7.Lowes suck, great prices/selection dumb salesstaff.8. Visit every open house nearby to gage what your compition is doing. My next job I will hire someone to do all repairs and just tell them where to find the things I want! Good luck to all!
Your 8 facts should be tatooed on this website with a link for all newbies to read and memorize. They touch on just about every pitfall that there is.
Curious how your asking price had a $20,000 swing in it?
Well believe it or not thats how its done here in SD. We call it a value range. Listings will say, "seller will entertain offers between $549,000-$579,000." Or some will have a closer spread 549k-559k. It probably relates to the hot market and bidding wars. I know just another weird CA thing!
I am wondering why you posted the same message 3X?
Congrats!!!
Great Job and Great Tips! Thanks for sharing.
good job, thats the key increase an area that you invest in, keep up the good work
Zippity Do Da!!!!!
Making money rehabbing in this CA market. I love it.
Great news, congrats. Great list of 8 things. I have one question for you? Did the escrow account hold 3%+ until you file your taxes next year to cover possible capital gains tax? I just heard about this from a co-worker of mine. I have enjoyed reading you posts, especially since you are local to SD.
Thanx, Don
... oops!
I forgot to say congratulations; job well done!
T~
... oops!
I forgot to say congratulations; job well done!
T~