First buy and hold, Possible insulation, heat, mold issues??
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!
https://www.realtor.com/realestateandhomes-detail/1211-Pierce-St_Lynchburg_VA_24501_M58393-70084