Dilapidated properties are properties that require major repairs. Major repairs are costly and inconvenient. Here are some examples of what can dilapidate a property:
Regular Wear and Tear. This happens after the property has not been receiving regular maintenance. Over time, any property will have an issue. Not maintaining the property can result in major structural damage or electrical wiring defects.
How to Avoid –
- Regularly inspect the property for issues.
- If issues are noticed, contact a contractor to inspect and/or give a price for the work on the property. You should always get a second opinion for more costly repairs.
- Our suggestion is to set aside money each month, or start a savings account, in the case of issues on the property. They are inevitable.
Bad Tenants. A home in great shape can easily be devalued by a bad tenant. Bad tenants don’t respect the property. What does a bad tenant do?:
- They don’t pay rent.
- They purposely damage the property.
- They don’t inform owners when repairs are required on the property.
How to avoid –
- Require background checks on any tenant.
- Regularly check the property to ensure that everyone living there is approved by you, in the lease.
- Ensure the lease mentions how late payments are handled.
Weather Damage. Every homeowner should plan their expenses for weather damage. Even with regular maintenance, weather damage can not be avoided. Examples of weather damage are:
- Heavy hail that shatters a window.
- Flooding that damages the drywall and carpet; this will result in mold.
- Harsh winds that knock a tree onto the house.
How to Avoid –
- Check your homeowner’s insurance! It may cover certain storm damage such as wind, hail, and lightning. However, damage caused by floods or earthquakes may not be covered.
- Contact a restoration company to get a price on the work for your property.
- Save money in preparation for weather damage.
All of these scenarios are harrowing to the homeowner and the property alike. In the case that you have experienced these property issues and don’t want to deal with the trouble of making repairs — -there is an option! Allow a real estate investor to buy your house.
Many real estate investors love dilapidated properties because they want to make the repairs. Google “Real Estate Investors” in your area. Investors, like Diamond Syndication, LLC will place a fair offer on your property and purchase it.