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How much up to code does a house have to be to place it on the market?
I inherited a large (2500 sq ft) 110 year old Victorian house that I’d like to sell. A real estate agent said before I can sell the house I have to 1) strip all the paint and re-paint with non-lead paint, 2) get the asbestos insulation out and 3) get a circuit breaker installed in place of the fuse box. Also several other things that were not up to current code standards. Is he kidding? To do that would cost as much as I could sell it for on today’s depressed market. I already asked about the painting job. One contractor said he could do it for $20,000. When I asked why so much, he said because they have to take extra special precaution in stripping the old paint off, virtually wrapping the house in a giant plastic bag. Then the disposal is very expensive. The asbestos would probably be the same story. How much do I really have to invest in a house that I want to sell? Shouldn’t these renovations be up to the new owner?
It’s in Saratoga County in upstate New York.
Published in: Victorian Articles and QA
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Unfortunately for you, and many others forced to sell their homes right now, it’s a buyers market. The market is flooded now and home buyers can demand almost anything while offering a fraction of a home’s value. Depending on how anxious you are to sell will depend on how cooperative you are willing to be.
He is kidding. Or an idiot.
You do not need to strip the paint, but if it has not been painted in 60 years you will need to repaint.
You do not need to remove the asbestos, which is harmless when undisturbed, but you have to disclose it is there. Verify it is asbestos, most people have no clue.
You will need to replace the fuse box though, I am surprised it works.
The contractor likely gave a fair bid, if you are going to make him strip it. There is no reason to strip it though. Once you paint over the lead it is sealed up, harmless.
And, last but not least, yes, you can sell “as is”. You should have no problem finding a buyer. Where I am (CA) a house like that would have a dozen offers on day one, even in this market, if you price it right. Very desirable houses like this remain desirable and are not effected by the present housing situation.
You did not state what state the house is in, I would contact the Victorian Home Society in that area. They would have inside contacts for dealing with all areas of restoring an old house.
You don’t say where your property is located and your local regulations may differ.
I suggest you contact at least one other real estate agent. You should look for agents who specialize in historic houses. They may have insight into the best, fastest, most efficient way to sell your house.
What the first agent proposed may not be the best way to market your house. I am not sure that you must actually do the upgrades to the property in order to sell it. But, you must disclose that you have lead based paint, and if it is in poor condition, then it will be a costly item to correct. You must also disclose if there is asbestos insulation. Again the disposal of this material can be very costly. The electrical upgrade needed will be discovered by an inspection and may also be required on the Seller’s Disclosure statement. This also will be a costly item to address.
So, these items as well as others will probably impact the eventual sales price you will get, but whether they MUST be done to sell the house is another matter.
Again, interview a few agents who specialize in historic homes, they will probably give you the best information.
Good luck.
Do not put ANY money into selling an old house unless you’re sure you have a buyer who actually WANTS those things fixed. Price it “as is”, people who invest in such things will see the potential and want to spend that same $20,000 (or more) on their own priorities.
Many people don’t mind having lead paint or asbestos, as long as they are not unsafe. Untouched asbestos is not usually a hazard. Lead paint can stay untouched, unless there are children in the house. YOu have no idea what the buyers may want to do with the house. Perhaps they want to “gut” it themselves and redo it, and they would object to paying YOU your $20,000 for stuff they didn’t need done.
Asbestos removal and lead paint are federally regulated HAZARDOUS MATERIALS occupations and are expensive and often not necessary. You can often “encapsulate” lead or asbestos for a tiny fraction of the cost to remove it. Still, it is not a home DIY project.
I have examined hundreds of old houses, some with fuses, some with breakers, some safe, some not. If the fuses were put in “according to code” at the time, and properly maintained over the years, there is no reason to remove them immediately. They are probably still “up to code,” under the “grandfather” clause, unless your local jurisdiction has restricted these old systems for some reason.
Local guy did his own “asbestos” removal and ended up with a $40,000 fine and 90 days in county jail.