There are many decisions to be made when buying any home and especially one that needs some repairs. One of the biggest deciding factors will be whether the renovation costs are worth it. A low price for the home itself may not offset expensive renovation. Some minor problems with a home can be remedied easily and inexpensively, whereas larger issues cost large sums. In some cases, it is better to settle for a home that costs a bit more but requires less renovation. Here are tips about costly damages versus minor damage requiring easy repair.
Plumbing Problems
Plumbing problems get expensive very quickly. One malfunctioning toilet is not a big deal, for it can be replaced; however, if the home’s plumbing is damaged or malfunctioning, you will have to replace all of it. This requires hiring licensed plumbing contractors and can mean extensive renovation. Consider plumbing carefully before buying a new home.
Mold
Small amounts of mold in bathrooms or kitchens are common and may not pose a large problem. Large mold issues from flooding may be more costly and pose a serious health issue. Hard surfaces can usually be treated and cleaned of mold, but drywall and similar soft, porous materials will need to be replaced. If you believe the home has mold, you should contact a mold inspector to assess the extent of the mold problem. He or she should be able to tell you what kinds of renovation will need to be done in order to make the house habitable. This will help you decide whether the home is worth the time, effort and cost.
Electrical
Electrical issues are rarely a problem in newer homes but are worth investigating if you are considering an older home. Wiring problems can be costly if the entire home needs to have wiring replaced – only a licensed electrician should do this.
Paint and other Cosmetic Issues
Peeling paint and other cosmetic issues are easy to take care of and do not need to play a big part of your decision. You can easily hire a company to give the home a professional paint makeover. Likewise, ugly flooring or carpet can easily be replaced as long as there are no structural issues with the sub-flooring. Wood structures, such as staircase banisters are easy to sand and re-varnish. Landscaping rarely poses a significant issue and you may enjoy turning your yard into your own personal paradise over time.
Reference: 10 Important things to Consider When Buying a House
