: Look for outdated panels (like Federal Pacific or Zinsco), which are fire hazards and can make a home uninsurable. 2. Estimate Your "Quick and Dirty" Rehab Budget
: Be wary of rooms or ceiling patches with fresh paint. Sellers often use it to mask active water leaks, mold, or foundation cracks. buying a house with deferred maintenance
To decide if an offer is viable, categorize the level of repair needed to estimate costs based on square footage: : Look for outdated panels (like Federal Pacific
: Always ask for the age of the Roof , HVAC , Water Heater , and Electrical Panel . Systems at the end of their life cycle are immediate "deferred" costs you must budget for. Sellers often use it to mask active water
Before paying for a professional inspection, use your own eyes (and a few tools) to spot major neglect that could cost tens of thousands:
: Always add a 20% contingency fund to your total estimate to cover "hidden" issues found once walls are opened. 3. Strategic Financing for Fixer-Uppers