The elephant in the room…
On a recent home inspection I spent about 6 hours going through the home and recording observations. The home checked out very well – a beautiful, well maintained home that any family could enjoy. Near the end, I began to investigate the retaining walls around the property – these are big, expensive things to repair or replace. All the retaining walls were covered with ivy, so they were not visible.
Looking closely, the retaining wall along the entire back of the property was leaning in toward the back yard – it ranged from 6 to 8 feet tall. Turns out, all the retaining walls around the entire back and side yards were leaning. Removing some ivy revealed some significant cracks. Investigation over top of the back wall revealed a neighbor’s driveway right up to the top of the wall.
Long story short, this retaining wall was failing and would need replacing sometime within the coming decade. Do you know the cost of replacing a 6 to 8 foot tall retaining wall? This would include removal and replacement of the neighbor’s driveway. Hmm. A liability just waiting for money.
Your due diligence on a property you want to buy is very important. For every story of a home flipping millionaire, there are many stories of purchases made that don’t work out so well.