Get those Inspectors, Vendors and Contractors Scheduled ASAP
You now have the next 10 Business Days to get as much information about the Home and Rehab Project figured out. You should get your Contractor to come in and do some preliminary Quotes. If you recall, you had the Contractor in prior to making the offer, so Now the Contractor has to put it in writing for you to get a more solid idea how much it will cost to get this home Fixed Up. Also, you have to get your Home Inspection done asap, so if anything is found you have time to get a counter offer going back to the Seller prior to the Due Diligence period running out. You want to get a CL100 Inspection done as well. It is not a bad idea to get an HVAC vendor in to check out the furnace and AC unit. Will it need a new HVAC System or not.? So here is what you find:
- Contractor – arrives and measures rooms, walls and looks over Support Structure. The contractor is probably looking to verify the house is in Good Shape, as it would be his/her job to make things right if he/she found something wrong, which means more cost for you. Projects you are thinking of for this Rehab:
- So you want the kitchen to be redone – Tear out old cabinets and counters and get new cabinets and counters.
- You may want to add a bathroom or bedroom.
- You may want to tear out a wall to open up things in the Living Room and/or family room.
- You may want new lighting and/or ceiling fans.
- Do you want to get rid of the Popcorn ceiling..?
- Will you be painting or do you want someone to paint the interior and/or exterior.
- Do you want to add on a screened in porch.?
- Are you going to replace the carpet with wood or laminate flooring.?
- Home Inspector – This person will check your everyday living systems. Things like:
- Water systems – Sinks, drains, toilets, tubs, water heater, water runoff, etc.
- Electric system – check for updated electric box, plugs, etc. Are the outlets grounded (as mentioned a month or so back, it is common to have old 2 prong outlets)? Are the outlets in bath/kitchen GFCI.? Is your Electric Box old and is it Full, which means big expense to update that.? You won’t be able to add that garbage disposal or dishwasher if there is no room in the box.
- Structure System – This is the basic foundation, framing, roofing, etc. Do not expect to get an architectural or engineering report from the inspector. They are only looking for things that are broke, leaking, rot, etc.
- Appliances – do they work or not (Fridge, Stove, Dishwasher, Microwave, etc).
- Heating and Cooling System – how old are they and are they working well or not.
- Gas piping – They should be able to detect any gas leaks.
- Moisture issues – They look for leaks on ceilings from roof or upstairs bathrooms, under home drainage issues, etch.
- Safety systems – They should verify Smoke, CO detectors are operational. They see if backflow preventers are installed or expansion tanks. They should look for lead, polybutylene pipes and recommend removing. They would try to verify if the home has asbestos (just sight review, then recommend pro asbestos team to come in).
- They will recommend you get a fireplace cleaned and inspected by an expert.
- That is just a few of the areas…..
- CL100 Inspector – They look for
- Bugs (termites primarily, but any type of infestation)
- Excessive moisture/wetness
- HVAC Vendor – They can verify your AC, Heater, Blower is work at its best or not.
So now you wait to get the reports and quotes……..Oh…..and Yes it will be more than you Expected.
Next week let’s talk about all the findings and costs. Remember we are still under the Due Diligence Period, so you have to make sure you really want this place and have Not found anything major to have to bring up for a Counter Offer.