Buying a Fixer Upper? 4 Overlooked Repairs You’ll Need to Account For
Thursday, September 5, 2019, 6:00 AM | Leave Comment
Buying a fixer-upper is a great way to get a good deal on a home. It will also allow you to put your stamp on a place and make sure that it’s up to your standards.
However, when it comes to foreclosures and other homes found at rock bottom prices, it seems there is always a long list of major repairs.
Many people budget for cosmetic items but don’t include things that may or may not be a problem when they start tearing out walls.
Here are four things that you need to budget for before you grab that hammer and start the demo.
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Plumbing
While plumbing systems are hardy and last for decades, you may need to upgrade or replace parts or the entire system. Older galvanized pipes are subject to rust. They can easily corrode, making water quality poor. Rather than fixing spots, it may be more useful to rerun the entire home. It’s a significant expense to redo the plumbing, but it only helps to increase the resale value.
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Electrical
One of the worst things a homeowner can find is knob and tube wiring. First, it’s not safe, and second, it’s outdated and will cause significant issues. Your electrical system may not have been through the proper channels for approval, or it may have fallen outside the limits of today’s standards. An electrical upgrade will set you back a few thousand dollars.
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Concrete/Foundational Issues
You may not notice cracks or other foundational issues until you tear out that old carpeting. Foundation difficulties can be a huge problem, and if it’s not fixed, then it can ruin the integrity of the home. You may also need to raise the concrete floors or sidewalks to ensure they are level throughout. Over time a house settles and can cause all sorts of issues. Just ask the experts at Summit Pro Concrete Solutions. You don’t always need to tear it all out, sometimes concrete leveling it is all that needs to be done.
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Termite Damage Past and Present
Termites are a nightmare. You can’t always see the damage, but that doesn’t mean that it’s not there. It can lurk behind your walls, in cabinets, and around your porch areas. Termite colonies may have long gone, but they can leave behind a trail of damage that is crippling to your budget. If the colonies are still active, the home may need to be tented and treated.
Tackling a fixer-upper is a venture that many people want to take at least once in their life. However, make sure there is plenty of room in the budget to handle any unexpected issues.
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