Yesterday was an inspection day for me.
It was a triplex, one down and 2 up, with a basement garage.
Unfortunately there were over a dozen significant issues, ranging from foundation cracks, oil tank replacement, deck structure, aluminum wiring, mold and to leaking skylights.
But nobody’s panicking. It’s a seventy two year old building and fundamentally it is a sound building.
Some of the items are deferred maintenance. (Repairs not done or left for the new owners.) Ideally this should be reflected in the asking price. This is where the agent’s knowledge of the area and comparables is essential.
Other things are just the way the buildings were made then. Codes and practices have changed and improved since and while implementing the new standard is recommended, thinking of them as faults, or defects, is wrong.
A common good example of this is a bathroom that does not have an exhaust fan. They just weren’t built with them back then. It is desirable to have them for several reasons but their absence is not a fault like it would be on new construction.
What is left after these considerations are aging systems (old oil tank), ineffective repairs (leaking skylights) or installation errors (weak deck framing).
Buyers do need to know to know about the maintenance that is required as they are going to have to pay for it or spend time doing it. So my report will show this.
They will also get recommendations to bring things up to current expectations and standards so they know what is lacking and why it matters.
These things don’t have to be done at once but should all be planed for, as the safety, utility and future value of the property will be affected. (Safety features should be the first and immediate upgrades.)
The remainnder, the actual defects or problems are never as numerous and simply need to be fairly priced for remediation.
As an inspector it is my service to reveal these issues or potential costs so nobody is surprised later.
With this knowledge willing sellers, buyers and agents can now arrive at the right price and complete the sale.
Original blog post on ActiveRain: Link to Blog Post