You must have seen a number of shows about flipping homes. In some situations, the new houses bring significant hidden “surprises”, while others are quite predictable and require considerable investments to put the house on the market and sell it.
A key principle to consider while buying fixer-uppers is to understand two types of damages; damage that just looks terrible and damage that is actually terrible and costly.
Understanding and knowing how to treat the differences is a critical skill. In most circumstances, a fixer-upper is on the market because of either foreclosure or home maintenance has been neglected for a long period of time. Wise investors understand that they must negotiate and discount the offering price, so they can save the cost of repair.
Mold is a very common problem in such properties and often requires costly repairs. In some houses, it is easy to detect the presence of mold – you can smell strong musty odors and can sometimes even see the black mold on walls, in crawlspaces, basements, or kitchen. However, many properties do not have visible signs of mold growth and hence, it is difficult for a non-professional to detect is presence.
To make sure you don’t end up buying a house that is significantly damaged and needs costly repairs, ask the Service Team of Professionals to review the property and assess whether the apparent mold is a major or minor concern, before signing the purchase contract
Our team can advise you and the property owner on how serious the mold growth is, provide cost estimation for repair, and determine how the dangerous mold can be removed from the property.
While you may want to take on the task of mold removal yourself, you need to be make sure that you have the right equipment and training for it as breathing in mold spores is harmful to your health. Also, you must know the right containment protocol to make sure that you don’t end up spreading nasty mold spores throughout your home.
Keep in mind that when the home will be resold, you as the owner will need to sign disclosure statements indicating if mold was present and if that mold was eradicated. Failing to accurately make these disclosures can bring back substantial liability to the seller, particularly to a professional investor or home flipper.
Recently, a customer purchased a home in which the guesthouse had experienced significant water damage. Upon further inspection, the Service Team of Professionals detected and showed the customer the extensive damage that had been done to the wood supports; they were nearly rotten. What the customer originally thought of as a water mitigation job ultimately required substantial reconstruction to keep the guesthouse from falling down.
Often, it happens in renovation projects that the new owner spots evidence of past water damage, like stains. By calling our team, you can evaluate if the damage is old or recent and more importantly, if the damage is ongoing.
If you are a home flipper and are looking to buy a property without a full and accurate inspection report, call-in Service Team of Professionals to review the property and provide professional and expert advice to help you. Our renovation experts clearly understand the cost and time necessary to fix potential old water and mold problems in houses.
We can help you save significant money and/or avoid an unwise purchase. Don’t be like the homeowners on the Home and Garden channel that wish they hadn’t bought the house they had.