What are my options concerning a property that was left to me by my parents?

Question

I've inherited my family home after my parents passed. The 5000 sqft bldg is in serious disrepair and may contain asbestos. It's in a severely depressed area and has already been partially stripped. What am I looking at cost-wise for demolition and/or abatement? Any formulas out there?

Answer 1

Best I can suggest is that you speak to a local realtor.

My heart goes out to you and good luck getting this settled.

The Muse

Answer 2

Okay,

Real Estate....goody...KEEP IT!  Will Rogers said, "Don't wait to buy real estate; buy real estate and wait."

About the asbestos.  It's not the huge issue everyone says it is.  Encapsulation is the best of all possible remedial activities.  A single individual in Level A protective gear with a high-pressure epoxy paint sprayer can fully encapsulate an entire building in a day or two.  The cost?  Well, there is no law that prevents an owner from remediating his/her own property...and there are plenty of ready-made remedial plans that are 100% viable.

As for the building bein stripped and in disrepair...GREAT!  You don't have much of a tear down to do to renovate!  Just don't pull the whole thing down.  Find a creative architect to come up with a creative way to renovate without demolishing the existing structure.  The cost for building permits are much cheaper too, if any are needed at all!!  It shouldn't cost much for a structural engineering evaluation of the structural soundness, of the existing building, and with that in hand, a good architect can come up with a winning renovation that will make you a ton of money.

Oh, and being in a depressed area, there are plenty of grant monies available for renovations in depressed areas, and if it gets renovated as a multi-family unit, you could qualify it for low-income rentals and get subsidized by the government not only for the rent, but for the renovation and the upkeep!

Good luck...I think you are one lucky person to get a property for free...only a loser would look at this glass as half empty...your cup runeth over!