If I purchase a fixer upper with some code violations, how much time would I get to fix the problem(s)?

Question

I'm looking for a fixer upper property in the Cleveland or Columbus Ohio area. If something's not up to the local building code (wiring or plumbing, for example), does anyone know how much time would I have to bring the faults up to code? I don't have much money, and I'm trying to budget for major repairs if something went bad right away. Thanks for any help!

Answer 1

This is a bit of a loaded question but let me break it down for you.

First, it depends upon if you're paying cash or getting a mortgage. If you're getting a mortgage, the mortgage company will require that all the mechanicals (water, electricity, A/C, heat & drainage) are in working order BEFORE the mortgage is finalized. Otherwise, you might have to take out an interim loan (construction loan) to fix the house, which would then be rolled into a regular mortgage.

As for code violations in the wiring or plumbing: Your local utility company will not turn on your service if there is a major problem with it. So, if you will have to fix the problem -- while bringing it up to code -- before they flip the switch.

If you are looking for a fixer upper, but don't have much money, you MUST make sure the mechanicals are in good shape. Major repairs to these systems usually cost thousands of dollars to fix. Also, make sure the roof is in good shape and that the framing has no wood rot or termite damage. A good home inspector can do this for you for $300-$400 in most areas.

I assume that if you're looking for a fixer upper with little money, your idea is to put your "sweat equity" into the property. This can best be accomplished by buying a place that needs cosmetic repairs -- paint, small drywall patches, landscaping, doorknobs, outlet plates -- instead of the major repairs mentioned before. These cosmetic repairs have fairly minimal costs (depending upon the quality level of materials you choose), are labor intensive and require a minimal amount of tools or skill level.

Hope this helps.

Answer 2

first element to do is, in case you have a intense activity interior the valuables, is get a development inspection (Architect inspection) achieved. this could value a splash some hundred, yet thinking the investment, its worth it. you ought to then acquire a written rfile, to the situation of the homestead and any artwork/upkeep that desires to be achieved. that supplies you with a lifelike concept of what you're able to be able to properly be up against. If the certainty Agent says no to an inspection - RUN. no count if fixer-uppers are rather well worth the effort relies upon on some aspects. a million/ How plenty artwork desires to be achieved, and might you detect the money for the better it is going to value? Get rates, utilising the development inspection as a instruction manual. 2/ Are you waiting to stay with the mess/inconvenience at the same time as the artwork is being comprehensive? are you able to stay there in any respect at the same time as the artwork is being achieved? some issues could require the homestead to be vacated. are you able to/ have you ever someplace else to stay close by, in case you won't be able to? you desire to stay close so which you will supervise. 3/ are you able to shrink some expenses by doing lots of the works your self? Be lifelike approximately what you could and might't do. and don't underestimate the time it is going to take to get issues achieved. 4/ Are you keen to stay interior the era variety of the homestead? in any different case there are important changes to Kitchen, bathing room, and laundry fittings which will upload noticeably to the standard value. 5/ in case you desire to make larger get an estimate as to how plenty that could value, for what you desire, and ingredient that for the time of. yet once you're keen to place the attempt and time in, are keen to stay with the mess, can locate the money for the renovations, and are keen to put in various elbow grease, you have your self a actual attractiveness at lots value. (and that i doubt that she have been given away with $500 for beginning restore artwork, except it replaced into fairly minor.)

Answer 3

As long as you do not occupy the property, you can probably take as long as you desire. If you intend to occupy at the time of closing, you may not even get an occupancy permit OR financing, if the code violations are sufficiently serious.

Answer 4

Not to much money. Great- you need to get information! Information (consultations) cost money, unless you get it from the gov't county or city agencies. Your best bet is to ask a civil engineer or architect (don't know which one will have the correct answer) but go to this site:
http://www.giler.net/surveyors-engineers-architects/forum/index.php

and ask them.