I’m planning to buy an investment property. A 1940 SF 5bd 2ba 1,900 sqft. Old roof/siding, old furnace. What’s the average rehab cost? What other major things to look for in older house? I greatly appreciate your feedback. Thank you.
Get a contractor! Oh and don’t forget the infrared see through walls goggles! $9.99 on Amazon.
@Kevin Martin thanks!
The problem with older houses is that there can be a lot of surprises. The problem with "average rehab" is that no two houses that old are going to be the same. Similar maybe but not the same because over the years people fix and change issues differently. What you need is a great contractor to look it over.
You should look at foundation. Look for any major settling or bowing of the foundation. Minor settling is acceptable and can be corrected in some spots.
Termite damage, fire damage, absetos all things that can be hidden behind a wall where they aren't seen until it's open.
As far as plumbing goes there's can be tons of surprises. Old lead bends, rotted galvanized steel, cast iron jam packed with scale build up, valves that don't seat anymore, lead water mains.
@Account Closed You're right about the possibility of everything is on the table for rehab. Good point.
@George W. Very helpful tips. Will all these major areas be identified (normally?) by a house inspector?
A good home inspector will pick up alot of things the average person would miss. But there will always be things in rehabs that remain hidden until you open walls
@George W. That would be the scary part I assume when rehabbing old houses. Thanks a lot for your input.