First buy and hold, Possible insulation, heat, mold issues??

4 Replies

Good Morning BP!

Yesterday my fiance and i found ourselves in Lynchburg looking at a 4bd 1.5ba home that has a lot of recent updates and "looks" like it could be the best house in the neighborhood. We met the man that lived there for the past 5 years while he fixed it up for his brother who owns it. 

Apon leaving the property, the man living there walks up to our car and lays some serious news on us. He told us that he believes there may be a Black mold problem first of all. Secondly, he went on to mention it cost him $300 to heat 2 rooms for one month over this winter, his concern was the insulation. He also told us earlier while we were looking around, that the heat pumps were 10-15 years old which leads me to believe they could actually be the reason for the high electric expense. Which around here would cost somewhere near 7000 lets say to replace. Then factoring in potential mold and insulation... you know where this is going $$$$.

On the upside however, we have updated plumbing, electric (supposedly, without inspection yet), all new windows, and overall a practically turn key house besides the things mentioned above. I would like to insert a link here to the property if anyone feels the urge to look at more, hopefully I'm not breaking any BP rules here by doing so. 

I can hit my numbers with a 47k purchase price assuming around 8-10k in repairs if any of the above mentioned are issues. Of course 10k would not nearly cover all of them, which we would back out if that were the case. 

We are willing to put in the offer, but just reaching out for any advice for or against dong so, and also what do you think overall, is it worth getting involved with that inside knowledge from the current resident? Any suggestions, advice or criticism is all welcomed. All of it will help us learn.

Thanks everyone!

Remember the current resident may be telling the truth, or may have other motives.

Make the offer you want but be sure to include inspection clauses. Have your inspector look for these issues specifically and see what happens.

Black mold could be a huge issue, or may be a little corner in the bathroom that needs to be bleached and painted. Etc.

Don’t let one person with potentially questionable motives dissuade you.
Good luck!

Just an FYI Lynchburg set records this winter for being so cold in January. Our tenants mentioned the high electric bill but so was my primary and everyone else we talked to. Coworkers, friends, ECT.

Both great input, thank you Mike and Grace! we did notice our electric bills were quite high as well this winter. we just live a few towns over in Goodview. we will be sure to then make any offers contingent on inspections.

Am I correct to assume that mold, heat/cooling system, and insulation inspections would all require specialists in those fields or should a general home inspector be able to asses all of these areas.

Thats an older house .  i am sure the insulation isnt the best , thats to be expected . Now for the heat pump . Back when that house was built it was probably heating oil . The duct work was sized at the time for an oil fired furnace . When you change to a heat pump and you use the original duct work  it doesnt work as well .  I doubt they redid all the duct work .  It will work but not as good . 

As far as the mold goes  get an inspection .

it doesnt matter what the electric bill will be , that can change  drastically depending on the tenants usage and the weather , both you have no control over . 

How would someone determine it cost $3oo to heat 2 rooms ?  There is one meter . That makes no sense . Sounds like a tenant jerking your chain 

A 15 year old heat pump is near the end of its life cycle , maybe 5 years left .

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