Updated over 4 years ago on . Most recent reply
First Investment Property - Inspection Period
I'm under contract on a my first property. It's in Tampa, FL and I'm planning on using as a AirBnB short term rental. Very excited!
However, preliminary inspection feedback is just coming in (full reports working). There are quite a few issues, but as a 81 year old house, that's to be expected. I'm still in the inspection period. How would you handle a price negotiation based on the following issues? I've never done a negotiation on a home purchase before.
- Roof and some inside remodeling was not permitted
- Some cracks in drywall and flooring/wall joints
- Lead based paint on front of home
- Electrical wiring hookup outside of home is fire hazard and should be moved (so lengthen metal pole) - Not sure what the metal pole note means, but I was told moving electrical hookup is pricey.
- Some termite damage in main house (will need tenting and underground treatment) and shed will eventually need to be replaced due to damage.
- Electrical panel not attached to home, so failed 4-point inspection
As I will be sprucing this place up for Airbnb, it will also need cosmetic work like landscaping and some painting.
Should I wait to get the full inspection reports, and then get quotes for all essential fixes (electrical, termite, drywall repairs) and then negotiate the price down based on that total? I.e. $10K of essential work, bring price down by $10K? Any advice is appreciated!