Most of us are out looking to ‘bag a bargain’ in the current property market, but for the handyman looking at the renovator’s delight to do up and sell on for a good profit, be careful that the bargain doesn’t turn into a very expensive nightmare.
Outdated Electrical Systems
Rewiring a property is a significant job. These days with all the technology and appliances that the average family takes for granted, many older homes may not have what it takes to handle the power load. One telltale sign is numerous electrical cords, often a clue that the electrical system is outdated and can’t handle the typical power needs of a modern family.
Low Water Pressure
Be sure to turn on a tap or two to check the water pressure. Low water pressure is be annoying, but can also be an indicator of a much bigger and more expensive problem. Your building inspector should be able to make the necessary checks.
Horizontal Foundation Cracking
Don’t ignore this one! Repairs here can be very costly as well as time-consuming.
Vertical cracks are, for the most part, within normal tolerances, while horizontal cracks are not. A horizontal crack generally results from hydrostatic pressure against the home’s foundation. Correction will often involve excavation and drainage provisions, as well as repairs to the wall itself.
If you spot horizontal cracking, have a structural engineer inspect the property before you go any further.
Water, Water, Everywhere
If water is getting into a house, rest assured you’ll have bigger problems such as water damage and mould, which can be difficult and costly to repair, so check out that water stain on the ceiling and be sure any leaks have already been repaired, or get an understanding of the expected cost to do the work yourself.
Even waterlogged areas in the yard can be a sign of drainage problems.
The Bottom Line
When considering buying a renovator, a building inspection is just as important as on what would appear to be a well maintained property, – perhaps even more so. A maintenance issue may not automatically be a deal breaker, but it warrants serious thought, when you consider that a major repair project can stressful and time-consuming. However, if that doesn’t discourage you, your timing couldn’t be better.
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