Should You Buy a Home with Significant Damage?
There are multiple reasons people choose to buy a home that has significant damage. They are often much more affordable to get into the housing market. You also have the opportunity to renovate it exactly how you would like it. There are many reasons why this may not be the best option for you though. It’s important to weigh the pros and cons before making a decision.
Cost
Although a home with significant damage might be more affordable, it often costs a lot more to get it into a liveable condition again. This can sometimes be on par with buying a home that is already in good condition.
Estimate the Damage
When looking at any home, it’s important to get a structural survey done so you know what to expect. If you are buying a damaged home, it is even more important that you bring in a professional. Although you may be able to see the surface damage yourself, a professional can ensure there are few surprises. They will take a deeper look and will let you know about any structural issues or problems with the foundation. Having a proper survey done will allow you to decide if it is worth the cost to fix it.
Have a Plan and Prepare for a Risk
When buying a significantly damaged home, it’s important to have a plan with a realistic timeline and budget. Any renovation will have unexpected costs and delays that you should include in your plan. It’s important to understand and be prepared for the risk of discovering even more damage as you open walls.
Negotiate the Price
If you decide that this is the home for you, use the survey you had done by a professional to negotiate the price. Once you are armed with the information of exactly what the damage is, you will be able to make informed arguments as to why the cost should be reduced. If the roof needs replacing or there is structural damage that wasn’t considered when pricing, then you can negotiate that cost into the price of the home.
Simon Levy Associates can handle the structural survey for you.
Contact us now to schedule your survey.
