Tuesday, May 12, 2009

10 Potential Monster Problems

Before buying an investment property make sure you check into these 10 potential disasters waiting to bite you:
  1. Oil Tank - especially underground; if oil leaks into the water supply you've got problems; any leaking needs to be cleaned up via DEP/EPA guidelines, it is quite expensive
  2. Septic System - another pricey replacement if it is close to end of life; always have it checked by a professional before purchase
  3. Termites - don't skimp here, a cheap inspection and warranty beats paying for damage by these critters, remember they don't have to be active for there to be unidentified damages
  4. Lead Paint - if the house was built prior to 1979 you need to check this, remediation can be pricey, a lawsuit will be worse
  5. Water Damage - if the sump pump ever failed or the house is in a flood zone you may see water damage on the lower levels; this could invite mold, weakened beams and walls, and other hidden problems
  6. Sinkholes - more prevalent in some parts of the country; broken sewer lines, old mine shafts, shifting soil and underground water are some sources of this dangerous problem
  7. Streams/Rivers - nearby flowing water can cause problems during unprecedented rain or other weather-related issues
  8. Location - main roads, highway ramps, auto body or gas stations nearby, industrial areas near by, and other undesirable or hazardous locations can really eat away at potential value
  9. Unidentified containers - make sure all unidentified containers are removed prior to closing; it could be oil, paint, or a hazardous chemical which may be difficult or expensive to haul away later
  10. Roof - sagging beams, rotted underlayment, and other problems which could cause widespread damage during wet or windy weather

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