I am currently seeking a duplex in the New Orleans (mid-city) area. This being my first investment property, I was overjoyed to discover a promising prospect fitting my criteria perfectly. Finding this early in my search I knew something had to be wrong. I was right Mold. My gut tells me this is a deal breaker, and I have abandoned all thought of purchasing this property. However I cant help but wonder, what are others opinions on this?
The key to most is how much, where etc? Have you talked to any remediation specialists? The key is just how extensive if it is the size of your hand, might not be that bad. If it had "eaten" your house than run :)
Chance, there are 2 things I can guarantee you will grow accustomed to dealing with if you are going to invest here in New Orleans. Mold and termites. Mold is rarely a deal breaker, termites on the other hand....little tiny weapons of mass destruction.
Where is the mold?What is the source?If you can give a better description, I can probably tell you what you might have to do to remediate. It may not be nearly as bad as you think.
Mold is handled if 2 things are true 1. Source of moisture is identified and eliminated. 2. All mold bearing surfaces are tossed and replaced...then you dont have a mold problem anymore....how much that will cost is a separate.question
It's on the side of a new window seal that I suspect was not installed properly. All the windows are new and don't appear to be flashed correctly.
Ah ha. So the problem isn't really a little bit of mold around one window (that could be easily fixed by the way.) Your problem is actually whether the windows all have to be pulled and redone, or not. Do you have anyone knowledgeable that can go inspect the property for you?
Mold is not necessarily the end of the world. Removing the mold is usually not that expensive. The key is to stop it from coming back and thereby you need to figure out where the water is coming from. Sometimes, the cause might be a deal breaker, but usually it isn't.
I kinda like mold, because it scares off other buyers when it's often quite a manageable problem.
No, I don't know anyone knowledgeable enough to advise me on such decisions.
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