Take nothing for granted no matter what the previous owner or realtor says. “Hire an inspector, but also a licensed contractor accustomed to remodeling old homes to give you a realistic estimate on repairs,” advises Tom Green, a restorer in Brookfield, Massachusetts, whose company specializes in foundation and frame repair. Green states that even a functioning older house will likely have multiple ailments, you will need to start with the most urgent project. If the roof is leaking or you’re told the furnace or electrical wiring is dangerous, have those repaired first.
Green also states that the foundation is also important to address in the beginning. Green begins with the sills of the foundation (8″ x 8″ timbers that sit on the foundation). Any deterioration with the structure should be evident here, particularly on the lower edge.
Approximate cost of repairs:
- Foundation – $30,000
- Complete electrical – $8,000 to $20,000
- Replacing pipes – $2000 and up.
Contact the appraisers at www.socalappraisalserv.com for your cost to value issues.
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Thanks to Mikey Goodman of “Holmes Magazine” and Tom Green for content
Green Real Estate Appraiser 