Florida home buyers should keep the basics in mind, get an inspection and be aware of Chinese drywall to avoid purchasing a lemon. It is still a great market though, and with the U.S. government’s home buyer tax credit program expiring on April 30, many have been getting more serious about their search in order to make the deadline (you must be under contract on a home by April 30 to qualify.).  Below are a couple tips to invest wisely.

Inspections

Inspections are as good as the inspector. Research is important to vet out a reputable company, buyers should look for an inspector who has been in the business for a number of years. Inspections are not about cosmetic issues; ensuring the property is structurally sound is most important. Buyers should consider when the home was built and recent renovations when considering the value of the home.  If an inspection reveals foundation issues, Chinese drywall or mold, repairs will be desirable or even necessary, but there will be an additional cost involved. Buyers need not be completely turned off by a home in need of repairs, but being aware of them in advance can help them negotiate more informed purchase prices. The price of a property should be commensurate with its condition, and buyers bidding on a home in need of repair will need to consider both their financial and time budgets for renovating the property. Most sellers in today’s market are selling their properties “as is” which means that they are not willing to do any repairs, however, this is still negotiable.

Chinese Drywall

Chinese drywall is a large concern to buyers, even if they don’t know much about it. Businesses offering potential solutions are adding to the noise. Chinese imported drywall materials have been blamed for emitting corrosive gas that turns copper black and can damage wiring and appliances. Some people have reported health problems as well. Web sites, wiki pages, and news stories cropped up continuously throughout 2009 about the issue. Homes built between approximately 2001 and 2007 are considered most likely at risk.  Though corroded copper does not automatically indicate Chinese drywall, it is considered a symptom of the faulty material’s presence.  To safeguard themselves, buyers should get an inspection before purchasing any home where they are concerned Chinese drywall exists. The U.S. Consumer Product Safety Commission (CPSC) has advised people living in homes with Chinese drywall that there may be health risks, linking Chinese drywall to higher-than-normal levels of hydrogen sulfide gas present in the homes. Consumers have complained of symptoms including irritated eyes, skin and respiratory systems; asthma attacks; and headaches. Although the full ramifications of Chinese Drywall have not been determined, for most people, it is not worth the chance to buy a house with it.

At Carney Properties, it is a strict policy to not purchase any homes with Chinese drywall. Since we don’t trust anyone to remediate this to the point that we would move our families into a home previously contaminated with this product we will not sell it to our customers. It is our goal to prevent our customers from having to deal with this issue by knowing exactly who is selling to them. Remember, just because some of the panels in a home do not have Chinese drywall does not mean the home is 100 percent free of this issue. The second-hand home buyer market is full of unscrupulous investors that value a quick dollar above the safety and quality of a home. Many may even remodel and flip a home without disclosing its previous condition. Bank-owned properties, or REOs, have disclosures that indemnify everyone from everything as do, and “as is” contracts are the norm for the southwest Florida market. Ultimately, this is a buyer-beware issue, where the more a buyer knows, the better.  Knowing the seller and throughly inspecting any property before purchase is a great place to start.