I'm looking at purchasing an older home as a primary dwelling. On going through the house with an experienced Realtor and several experienced DIY people for reference (but not a home inspector or other professional), I've identified several possible problems:
- A very cold basement, some smells, and other signs – including the seller's agent mentioning possible water into the basement, points to the presence of at least mildew and maybe mold
- The metal pipes appear to be corroding in places
- Flickering lights when other electricity is run and very old switches and outlets indicate possible wiring issues
- The dryer is not vented to the outside, which is a fire code violation
- There is a recent crack in a wall due to (speculation at this point) a window being replaced with a new window that has too big of a header
- The flooring in the kitchen is an odd orange color from some sort of leak
- There are several settlement cracks in walls, ceilings, and what looks to be one in a floor
Perhaps some of these problems could be addressed via DIY, but many of them require professionals (I am no plumber or electrician, although I can handle things like fixing flooring and drywall).
Is there a way to get an informal estimate on some of the issues to figure out if the cost of the house plus the cost of the repairs is within my budget or not? I'd like to be able to do this prior to making an offer – if I decide the headache is worth it – so that I can offer what the house would be worth without the many repairs needed.
Best Answer
Take a walk through with the home inspector and see what he says. If you are still interested in the house, find a good general contractor (that you trust) and take him on a walk through. The contractor should be able to give you a good estimate on what it will cost to fix any issues, he may also give you some price breaks if you are willing to let him handle all the work.
Just make sure you are comfortable with the contractor before you ask them to go on the walk through, they might be upset if they take time to walk through with you and then you find a new contractor to do the work. Keep in mind, however, that if the contractor starts work and does a sub-par job, you can always fire him and find a new contractor.