I am a first time buyer and I am considering at a duplex. I just had an inspection and there are many issues with the property such as water damage in the basement, roof in bad shape, mold in attic, old furnaces. There are current tenants in the property. Are there any opinions on whether or not to hire a general contractor to make repairs if seller provides necessary money or would this be too much work for a first time home buyer? Any other thoughts?
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
5y
@Max Axelrod you need to get a cost estimate and you can ask for a seller concession. You can ask for anything but I usually would ask for things that are health and safety issues that I could not have known. Anything disclosed you should have considered in the initial offer such as old furnaces but again you can ask for anything. Or if you feel too overwhelmed already you can walk away.
It is not clear to me how bad the issues are. In an older home there are some issues always. You can get a contractor to estimate or you can get individual trades to come in. Some of what you say would be better handled buy the trades themselves, a bad roof with mold in the attic is likely one issue needing roof replacement, get a roofing estimate including wood decking because if it is deteriorated it needs replacement (inspector report should make this clear).
Is the basement living space, if not does it have a sump pump? that could be a whole range of fixes from simple to significant. You can consult someone who deals with basement install of sump pump, french drain ect. If its not living space how much of an issue are you dealing with, what kind of foundation. If it is living space it is a bigger issue.
In any event it really depends on how extensive the repairs are. If you get a concession and the repairs aren't extensive then consider it a learning experience, otherwise wait for something in your comfort zone.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
5y
@Max Axelrod you need to get a cost estimate and you can ask for a seller concession. You can ask for anything but I usually would ask for things that are health and safety issues that I could not have known. Anything disclosed you should have considered in the initial offer such as old furnaces but again you can ask for anything. Or if you feel too overwhelmed already you can walk away.
It is not clear to me how bad the issues are. In an older home there are some issues always. You can get a contractor to estimate or you can get individual trades to come in. Some of what you say would be better handled buy the trades themselves, a bad roof with mold in the attic is likely one issue needing roof replacement, get a roofing estimate including wood decking because if it is deteriorated it needs replacement (inspector report should make this clear).
Is the basement living space, if not does it have a sump pump? that could be a whole range of fixes from simple to significant. You can consult someone who deals with basement install of sump pump, french drain ect. If its not living space how much of an issue are you dealing with, what kind of foundation. If it is living space it is a bigger issue.
In any event it really depends on how extensive the repairs are. If you get a concession and the repairs aren't extensive then consider it a learning experience, otherwise wait for something in your comfort zone.
Real Estate Agent · Wadsworth, OH · Member since 2017 · 234 posts · 168 votes
5y
Where's your agent in all of this? How competitive is the market? Some seller's will just move on and sell the next hungry buyer. Need to know about what you were expecting, etc.
What type of water damage? Was it fixed and this is old or is it ongoing?
All of these are things you can use to get a lower price. The roof and furnaces are easy as you hire someone to replace those. Mold-how much, what type? Again, get a specialist in for a quote and pass that onto the seller.