Help! Actually have 2 opportunities to get properties well below market value because of septic issues. Has anyone ever dealt with septics when rehabbing a property? How much can a new one bring the property value up? Thanks.
There are certain things during rehab that will increase the value of a house. These are usually kitchen, bathroom and landscaping. The necessities like wiring, plumbing, HVAC, etc really don’t increase value, because they’re seen as being necessary and not a luxury. But if the house only needs a new septic system, it might turn out to be a good deal. Hope this helped.
Thanks! That will help me negotiate a price.
Like many other house systems, have it checked out by that type of system experts. All septic system installers will check out the present system and advise you on the present condition and give an approximate cost of repairs. As normal, ask at least 3 installers to give you a system check. In my area, Ohio, septic systems are designed to work properly for an average of 15 years before major repairs are needed (under average conditions and every 2 year pumping and inspection). Can you ask the present owners when the last time the septic was pumped? If they have lived there over 3 years or don’t know, then you have some idea of the maintenance of the system. Some county health departments maintain records of all septic systems in the county. Call them and ask about any info. Also, you might call the local Septic system Pumping Company and ask if they have serviced that specific property, as they maintain their own records in some manner. Check with the neighbors, if there is a major problem, they will know it and will be very happy to tell you.
Good luck and Regards, Longshot.