During the negotiation process, whether you’re dealing directly with the seller or their agent, inspections provide an area where you can potentially stand out. However, it’s imperative that you do not overlook the importance of inspections, at least not when it comes to areas like septic or mold, for example.
Let’s take the septic system, for example. In the worst scenario, the entire system may require replacement. If that’s the case, a new one can cost as much as $15,000 for a three-bedroom home. Hence, this is one area you want to pay close attention to as it could affect your budget and may not be the wisest investment financially.
When a home is sold, mold is generally a disclosure requirement. If a home does have mold, it can cost a pretty penny to remove, whether it’s fixing the damages insulation, replacing the drywall, or hiring a professional to do it. While the removal costs typically hover around $6,000, the costs can extend into tens of thousands for homes with severe mold issues.
This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders Miami or Orlando hard money lending, please call 954-816-0388 or fill out our application.