Need an advice on my inspection report!!Sorry Im panicking but this is my rental purc

[Amer Swid]

Hello,

So the inspection report came back with these red flags, the offer for the house was 300k, then i asked for 25k reduction and they take care of all the hazardous stuff but they said ok for 25k but you take care of everything.

Anyone know how would approximate be to:

1) put chimney flue

2)do knob and tube rewireing (i heard it will be costly around 30k)

3) change furnace

4)pluming and asbestos (not sure if I should do anything for the asbestor)

any help will be much

[KC Pake]

Quote from @Amer Swid:

Hello,

So the inspection report came back with these red flags, the offer for the house was 300k, then i asked for 25k reduction and they take care of all the hazardous stuff but they said ok for 25k but you take care of everything.

Anyone know how would approximate be to:

1) put chimney flue

2)do knob and tube rewireing (i heard it will be costly around 30k)

3) change furnace

4)pluming and asbestos (not sure if I should do anything for the asbestor)

any help will be much

Hi Amer,

Dealing with an inspection report's findings can indeed be daunting, but let's address your concerns with a bit more specificity, considering the details you've provided. Costs can vary significantly based on your location, the specific conditions of your home, and the contractor rates. Here's an updated guide for the items you've listed:

Installing a Chimney Flue: The cost for this can vary depending on the type of flue (e.g., stainless steel, clay), the height of the chimney, and whether it's a new installation or a replacement. You might expect to spend between $2,500 and $7,000 on average. Structural (brick) changes/repairs could increase these costs.

Knob and Tube Rewiring: Rewiring a house to replace knob and tube wiring is indeed costly, particularly for a complete job. For a medium-sized house, the cost can range from $15,000 to $25,000. This extensive work not only is labor-intensive but also involves subsequent wall repairs and repainting. It's crucial for electrical safety and modern compliance.

Replacing a Gas Furnace: Since you're dealing with a gas furnace, the replacement cost will depend on the unit's efficiency and your home's size. For a mid-efficiency gas furnace, expect costs between $2,500 and $6,000, while high-efficiency models can range from $3,500 to $10,000.

Plumbing and Asbestos: Plumbing costs can vary widely, from minor repairs in the hundreds to extensive replacements running into thousands. Asbestos, given its health risks, requires professional assessment and potential removal or encapsulation, with costs ranging from $1,500 to over $30,000, based on the extent and abatement method.  That is a large range but it all depends on the extent of asbestos and how much remediation is required.

Considering these estimates, the $25,000 deduction you've negotiated might not cover all necessary repairs, especially if extensive work is needed for rewiring and potential asbestos abatement. It's crucial to:

Obtain detailed quotes from licensed professionals for each task, offering a more accurate cost overview.
Address the importance of negotiating further with the seller if repair costs significantly exceed the agreed deduction, particularly for undisclosed issues.
Prioritize hazardous repairs, like electrical issues and asbestos, which may need to be resolved and reinspected before closing. This is not only for safety but also often a requirement in the buying process.
Addressing asbestos should be a top concern due to its severe health risks; always engage a certified abatement contractor for this.

Best of luck,
KC