Lead Paint Issue

[Michael Wu]

Good afternoon all BP Users:

I currently have a contract that I can sign tonight for a house built in 1930. The exterior is wood and the wood seems to be chipping. Has anyone had any issues with lead paint? Is it worth purchasing this investment property?

Thanks,

Michael

[Jenna Stonecipher]

I bought a 1920's home with LBP. I hired an inspector (which was mandatory for the FHA203k) and he scanned the whole house. I was surprised at how little LBP was present. Because it was so expensive, they really only used in in high humidity areas (like trim in the kitchen/bath or windows). Also, because the LBP had been painted over so many times, it was very deep. The inspector said it wasn't a hazard, even though there was peeling paint.

Because I hired an inspector though, I now am legally obligated to disclose the presence of LBP to every tenant I rent to. If I were you, I would use the LBP issue as a bargaining chip to get the price down, but I would totally still buy it. Once you own it, make sure the repair all the wood and put a fresh coat of primer/paint on it. you'll be required the disclose to all tenants to potentiality of LBP because of the age of the house. Use that moment to tell them the basics: don't eat paint chips, don't do any renovations and if you see some, vacuum it.

FYI, many LBP inspectors are also licensed to paint over/abate know LBP areas. Just a thought...

With a home that old, there are bigger issues to worry about than LBP, like 80 year old plumbing :/