DIYbanter - View Single Post

In article .com,
says...
The NEW owner probably couldnt get homeowners insurance

That varies by state, there are parts of the country where getting
insurance for K&T isn't a problem; in other parts of the country it's
quite difficult. In Washington State, for example, I didn't have any
trouble insuring my home with K&T, but it did make the insurance more
expensive.

and ANYONE you
try selling too is going to have the same issues. Plus you now MUST
disclose this problem to all perspective buyers!

K&T isn't a defect per se, it's simply outdated. I wouldn't suggest
hiding it from buyers, but I wouldn't intentionally scare them with it,
either.

You would of MUCH better off discounting the home price by the cost of
rewiring and selling the home. This isnt just a problem for THIS BUYER
its now a problem for all buyers!

If I were selling, I'd at least get a quote for a rewire, to decide
whether to take care of it before selling or to sell the house as-is.
I'd also do a bit of insurance shopping, and if I found an insurance
company that would insure the house without rewiring, I'd invite them to
write a letter to that effect that could be shown to prospective buyers.

If you're in a location where the wiring really will prevent anyone from
insuring the house, that could greatly depress the selling price,
because without insurance they also won't be able to get a mortgage.

If you're in an area where K&T just means a few hundred dollars a year
in higher insurance premiums, I'd find a good insurer to refer buyers to
and sell as-is.

--
is Joshua Putnam
http://www.phred.org/~josh/
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