Fixer uppers are attractive to many homeowners. Purchasing a house that needs extensive renovations can allow homeowners to get into desirable neighborhoods that may otherwise be out of reach. They also make great income properties and can create a nice profit if sold or rented out. While many of these homes do have a lot of potential, they can also be money pits. The key is to purchase a home that will be more valuable after the renovations are finished. Home inspection services can help potential homeowners deduce whether or not a property will be worth remodeling. Here are three types of inspections that potential homeowners need to consider.
Overall Home Inspection
Before purchasing a home, many realtors suggest that the potential home buyers get a home inspection. A traditional home inspection will cover different areas throughout the home, often including the roof, attic, foundation, HVAC system, plumbing, appliances, and much more. The average cost of a home inspection is between $267 and $374. A home inspection is an additional cost, however it can save a lot of money in the long run. It can also help homeowners formulate a plan for renovations.
While home inspections are a great way to get a big picture look at the condition of a home, more detailed inspections may be needed for certain properties. Sewer lines can be a major and costly fix in older or poorly maintained homes. The average cost to repair a main sewer line is $2,401 while having to dig out and replace a main sewer line can cost up to $25,000. A sewer inspection will give potential home owners an idea of how much, if any, damage there is to the sewer line. A severely damaged sewer system can bust a renovation budget. The cost for a sewer inspection averages between $250 and $500.
If a home's floor plan or overall structure is complicated, it may be a good idea to hire a structural engineer to take a look at the property before purchasing. Structural engineers can determine which areas of the home may be expensive or difficult to change during a renovation. Most structural engineers charge between $320 and $698 for their services. It can be pricey, however the cost may be worth it. Structural engineers can help prevent homeowners from making costly changes during a home renovation.
Purchasing a fixer upper property can be a big gamble. Before purchasing one of these properties, it's important for the homeowners to know what they are getting themselves into. Home inspection services can help them decide whether or not a property is worth their investment. Getting a home inspection, a sewer inspection, and an inspection by a structural engineer can help determine whether or not a renovation is worth the money. Contact a company like AccuPro Inspection Services to learn more.Share
22 March 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.