https://www.propertyware.com/blog/taking-the-stress-out-of-distressed-properties/ Propertyware Tue, 09 Jun 2020 19:22:56 +0000 hourly 1 https://wordpress.org/?v=6.0.6 https://www.propertyware.com/blog/taking-the-stress-out-of-distressed-properties/#comment-5058 Wed, 30 Sep 2015 19:47:06 +0000 https://propertyware1.wpengine.com/?p=2973#comment-5058 One of the biggest thing I see with distressed propreties is that most investors only care about aestheticrepairs. They want to make the property look appealilng, which is fine. But most of them forget about the most important safety features of the home – the roof, the electrical system, the plumbing, and the cooling system. Ih Florida we go by the Florida Building Code and all properties, especially the older ones, have to meet certain insurance requirements. Investors do not like to pay for inspections, which is a big mistake, becuase when they go to sell the home, guess what, the buyer is going to have the home inspected. As an inspector that has inspected many of these homes, I can tell you that the seller is never happy when they find out that the the buyer cannot get insurance because the roof has only two years of life left, or there is an outdated electrical panel that will need to be replaced. This can add up to thousands of dollars of repairs that were not budgeted. Had they paid for an inspection they would have known what is really needed to create a save enviornment and avoid costly repairs when they go to sell. Its like the old Fram commercial. You can either pay now or pay later.

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