Eye sores have plagued the city of Richmond for decades. However, the eyes sores of yesterday are transforming in to the eye candy of today. A renovated house can be very costly to complete depending on the size and extent of the renovation. As a matter of fact, some contractors WILL cut corners and do it every chance that they get. In a city like Richmond where land is scarce, there is a 90% chance that you will have to search through an inventory of renovated house(s) because there is simply not enough land to build a lot of new construction. Do NOT assume that because a house has been “completely renovated” that it is a good buy. Some renovated homes could still be an eye sore, with a band aid.
Buyers’ remorse is much more difficult to handle when you’ve just signed a 30 year mortgage. That’s why it is important for potential buyers to be aware of the level of workmanship quality home before making an offer. We’ve put together the minimum qualifications for purchasing a quality renovation so that you can slim down your chances of buying band aid. Check the following before making an offer:
Don’t Buy a Band Aid – CHECK THE Permits
- Contractors should pull permits for all work. Permits are needed for electrical, plumbing, mechanical and structural work. City inspectors inspect for accordance with the code. Conduct a permit search here.
Know the difference between a Historic home and a Renovated home
- In order to preserve the historical integrity, homes must meet the standards of the National Register of Historic Places and the Department of Historic Resources. Some people will advertise a “historic home”, but have not followed the guidelines set forth. Therefore they are not selling a historic home, they are selling a renovated home. One way to tell the difference is to look at the windows. All street facing windows in historic properties will likely be the original windows or an exact replica of the original windows, this is a requirement of the historic places guidelines.
- Does the home have a basement or crawl space? If the home has a basement, whether it has been finished or not, the first thing that you should want to know about is the drainage. Any portion of the home that is below grade is subject to flooding and could cause major moisture issues, therefore it is of the utmost importance to find out about the drainage system in the basement. Moisture or vapor barriers should be installed as a part of the renovation.
- Roofing is another major component of the renovation and should not just be glanced at from the street. If the roof is shingled, find out what type shingles were used on the roof and how long are they supposed to last. Most roofing companies offer a warranty for repairs, therefore you should always ask about the warranty. Sometimes, instead of replacing a roof, a contractor will add another layer of shingles, which is WRONG!
- The best service for yourself is to use a top quality home inspector. Find out questions to ask when choosing a home inspector here. After deciding on your new home, a thoroughly inspected home will allow to have one last set of trained eyes to look at the home for you. A home inspector is sometimes the most disliked person in the transaction because their findings can make or break a deal. Some inspectors are more tedious than others. You should be very cautious about proceeding with a transaction after the inspection reveals a significant amount of repairs. A renovated home is seen as like new, and a new home will not have a long list of repairs. Take a closer look at what home inspectors are looking for here.
DO YOUR DUE DILIGENCE AS A BUYER TO HAVE A PEACE OF MIND!