Can Someone Estimate the Cost of Repairs based on an Inspection Report?

[nico08]

Hi there:

I was just wondering if you could look at the attached home inspection report and give an general estimate as to the cost to bring this house up to selling condition. I got an estimate to upgrade the electrical from 60 amp to 200 amp for $2,700 and I got an estimate to cut down certain trees and branches for $2,200.

I was told that a termite treatment could cost anywhere between $700 and $1,000.

I would also like you to tell me what on the inspection report report has to be addressed for a sale, and what things might be considered optional.

I live in central New Jersey. I know you can't give me an exact quote, I am just looking for a rough estimate.

Thank you for your advice.

 

[samclem]

I don't know what you >>must<< fix, but the things that look costliest to me would be:
- The cracked/bulging foundation wall.
- Based on the observed foundation drainage issues, I'd be concerned about possible mold behind the finished walls in the basement. The buyers will be doing their own inspection, you can bet they'll look for this and it'll be costly to fix if there's a problem.
- Any possible damage from the termites in areas he couldn't see. Treating for termites (to get rid of them) is one thing, but fixing the damage they've done is another thing.
- The unknown problem with the furnace
- Once the electrician and plumber show up, expect other things to be found.

 

[braumeister]

I would agree with samclem's comments.
Further, the estimates you received would be considered extremely reasonable where I live, so they're certainly not trying to take advantage.

Based on skimming the report, I would say this looks like a very expensive project.

 

[Amethyst]

I'd not waste money on cutting trees and branches when there appears to be a good deal structurally wrong with the house.

I guess you could pay the money up front, or reduce the price of the house in response to buyers' concerns.

Structural damage to a foundation sounds very expensive to fix. As the inspector advised, you should consult a structural engineer.

Good luck,

Amethyst

 

[nico08]

Thanks for taking the time to look at the inspection report. This is actually going to be an internal family sale, where I will be the potential purchaser. I just want to know what I am getting myself into before I make the purchase, and I want the price of the house to reflect all of the problems that I am going to need to fix to make it safe for the long term.

Do you think $20,000 would cover the necessary repairs?

 

[braumeister]

Do you think $20,000 would cover the necessary repairs?

No.
You really won't have any idea until you get a report from a structural engineer and written estimates (preferably several) from all the various craftsmen who will be needed. My guess is that a total of $20K is far too low.

 

[Fermion]

If this were a $150,000 house I would suggest just selling as is

 

[MichaelB]

A structural engineer might not be able to commit to a fixed price contract until the cause of the bulge is discovered. The inspection report shows leaks and water damage all around. Extensive wood damage and mold will be very costly to repair.

 

[samclem]

This is actually going to be an internal family sale, where I will be the potential purchaser.

In situations like this (that is where the universe of potential buyers is artificially restricted and there are significant "nonstandard" issues that make it difficult to get a good "comp" or appraisal), it' will be hard for anyone (you, other family members, the seller) to know the true value of the home--what it "should" have sold for. Selling it on the open market clears up these issues. Good luck!

 

[pb4uski]

When we sold our home the inspection by the buyers found the back foundation wall (which was a 3/4 below grade concrete wall) was out of plumb. I was aware that it was out of plumb, but it had been roughly the same for the entire 25 years that we owned the house and had never caused a problem.

The buyers brought in a structural engineer who determined that the wall was was out of plumb and slightly bowed as well, but not to the extent that it was structurally unsound and that the situation was not uncommon for 40 year old house of that age in our area. He explained why it occurred and recommended to the buyers that they just monitor it to make sure it didn't get any worse.

 

[nico08]

When we sold our home the inspection by the buyers found the back foundation wall (which was a 3/4 below grade concrete wall) was out of plumb. I was aware that it was out of plumb, but it had been roughly the same for the entire 25 years that we owned the house and had never caused a problem.

The buyers brought in a structural engineer who determined that the wall was was out of plumb and slightly bowed as well, but not to the extent that it was structurally unsound and that the situation was not uncommon for 40 year old house of that age in our area. He explained why it occurred and recommended to the buyers that they just monitor it to make sure it didn't get any worse.

I think that the foundation crack/bulge may be a situation similar to the one you described. I think I will need a structural engineer to make an assessment. Thanks.

 

[ziggy29]

Wish I could help, but from my experience, when you get an estimate for what the cost of repairs would be... double it.

 

[deserat]

Wish I could help, but from my experience, when you get an estimate for what the cost of repairs would be... double it.

Ahh, the old engineering safety factor of 2!