Yes. No. You don’t even know what those are. If you’re considering selling your home, meeting minimum property standards is an absolute must. The Federal Housing Authority insures 1 in every 5 loans, with that ratio being even higher in homes under $350,000. These government agencies, and even most public lenders, have standards of condition they require.
HUD’s primary concern is the health and safety of the home buyer who will actually live in the house. Therefore, most of their appraisal/inspection checkpoints have to do with the health and safety aspects of the property but more than anything, the home must be habitable and comfortable, without any potential hazards to the occupant.
So before you consider listing your house with a real estate agent, lets look a little closer at the issues or repairs you may need to address:
- The lot should be graded in a way that prevents moisture from entering the basement and/or foundation i.e. it needs the slope to drain away from the house and not towards it.
- As a fire safety precaution, all bedrooms should have egress to the exterior. A bedroom window will also suffice, as long as it’s large enough to allow egress.
- Many homes built before 1978 still contain lead-based paint, which is a potential health hazard. Peeling, chipping or cracked paint must be addressed.
- All steps and stairways must have the proper handrail for safety
- The heating & cooling systems must be sufficient to create a “healthful and comfortable living conditions” inside the home.
- The roof should be in a good state of repair and must keep moisture from entering the home. It should “provide reasonable future utility, durability and economy of maintenance”, meaning it cannot be near the end of its useful life.
- The foundation should be in good repair and able to withstand “all normal loads imposed” on it. Any existing cracks or settlement issues must be addressed.
So does your home meet HUD’s minimum property standards? Are there repairs you will need to complete before even offering your home for sale?
Not with The Investor Hub, we buy homes in AS-IS condition, alleviating the stress of repairs and maintenance. We buy homes with old roofs, settlement issues or missing flooring, we truly buy in ANY condition. Give us a call at (844) 684-3482 for a hassle free cash offer.