Top Problems Buyers Face When Looking For Rehab Properties
Many home buyers are there in Hudson County who continually look for New Jersey houses for sale across different cities – from Jersey City and Jersey City Heights to Union City and Greenville Jersey City. These days, a significant number of rehab properties are being bought in these cities as Hudson County boasts the densest population in the entire state of New Jersey. No wonder many adverts can be found online that say houses for sale in New Jersey. Since many home buyers these days don’t have smooth access to financing, they’ve to purchase rehab properties with hard money loans or hard-earned cash. Despite the financing hassles, many buyers think they can make good returns by investing in rehab properties. But there’re many home sellers who simply paint a house, add some new fixtures and place it under New Jersey houses for sale. If you belong to the buyers’ league who is looking for rehab properties in Jersey City, Jersey City Heights, Union City or Greenville Jersey City in Hudson County, here’re some top problems that you may face.
Repairing of a property’s foundation may cost you thousands of dollars. So, overlooking the structural issues can make you land up simply nowhere. It’s always advisable to engage a structural engineer who’ll do the job for you. Alternatively, you’ve to meticulously check for cracking, shoddy finish work, uneven floors etc which might reveal other structural problems.
Not checking the renovator’s credentials
When a property is placed under rehab houses for sale in New Jersey, it most likely won’t reveal the name or credential of the renovator. And this is where many buyers lack the interest of finding it out. Think of it like this: if you were planning to buy from a builder, won’t you check out the credential of that builder? It’s exactly the same in the case of rehab properties too. To ensure that you’ve invested your hard-earned money in the right property, you need to find out the company or person who did the rehab job and their credentials. Ideally, the renovation work should be carried out by someone who holds a good reputation and has been doing business in the same field for quite some time.
Not checking the permits
First of all, when you’re going to buy a rehab property, it means that some renovation works have been carried out like kitchens or bathrooms were moved or re-arranged or interior walls were removed etc. Paying a visit to the local building department and checking the permits may save you from paying a significant amount in the future.
Finally, before jumping into the Jersey City real estate advert category and finalizing any rehab property in Jersey City, Jersey City Heights, Union City or in Greenville Jersey City, you should keep in mind the above tips to avoid future hazards.