Fliperati

Cheese-Free Real Estate Investing Blog Focused on Flipping Property in the NY/NJ Area


A Surprising Home Inspection

I spent just over an hour on Saturday afternoon with a very thorough home inspector, poking and prodding around every nook and cranny in my first project house.  The results were surprisingly good.  He said the roof was in better shape than I had previously thought (not great, mind you, but more than adequate for several more years by his estimate) and all the passed the home inspection, ready to flipmajor systems (heating, plumbing, electrical) seemed to be in great shape.  Most importantly, there was not a trace of excess moisture or past water damage anywhere in the basement.  In fact, I would say it’s one of the driest basements I’ve ever been in – without a hint of mustiness or dampness even after a week of heavy rain.  This has put to rest the concerns previously raised by the flood zone revelation.  It would of course be better if the house were nowhere near a flood zone, but I don’t think it’s enough of an issue to stop me from moving forward with this deal.

Of course, there were also a few negative surprises during the inspection.  The oven, which looked to be fairly new and in good condition, did not work (I think it’s an easily repairable issue with the igniter) and there was a leak in one of the radiator pipes in the kitchen.  Also, while the MLS data had a 1960 construction date for this property, the inspector was quite certain that it dated back at least to the 1920’s or 1930’s.  This made a lot of sense to me because, even from my novice perspective, everything about the construction suggested that it was much more than 46 years old.  Given its probable age, I’m quite pleased with the condition of the home and looking forward to getting started with the renovations.



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