Many real estate investors have not heard of the new
EPA rule that will take effect on April 22, 2010. It will
affect any housing you own built prior to 1978 when doing
any repair and maintenance activities that disturb 6 sq. ft.
or more of paint per room inside, or 20 sq. ft. or more on
the exterior of a home or building.
Any work that disturbs more than these minimal areas will
be required to be done by a certified lead paint
contractor. And that will translate into much higher
costs. This can even affect electrical or plumbing work
done on the property. Think you can do it yourself or use
your own employees? Think again. The EPA considers rental
income as compensation for purposes of this rule and
therefore you will need to be certified!
So, how do we deal with this? The easy, but expensive,
answer is to hire only certified contractors for any work
on your pre-1978 buildings. In some cases, this may be
your only option. But there may be an alternative or two.
First, it appears simple painting where there is no
preparation work such as sanding, scraping or other
disturbance of the existing surfaces is not covered.
This may be fine for the interior, but often the exterior
needs prep.
A homeowner may also opt out by signing a waiver if there
are no children under age six frequently visiting the
property, no one in the home is pregnant, or the property
is not a child-occupied facility. It is not yet clear if
the owner of a rental property can use this same exemption.
Another exemption is if the house or components test lead
free by a Certified Risk Assessor, Lead Inspector, or
Certified Renovator.
More to come on this subject in the near future.
Welcome to the DovCar Real Estate & Investments Blogspot! We would like to become your source for Metro Atlanta real estate; and use this Blog as an opportunity to pass along current information concerning the metro Atlanta real estate and foreclosure market. We also welcome your comments, questions and experiences as either sellers, buyers or real estate investors.
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About Me
- PropBob
- Metro Atlanta, Georgia, United States
- Realtor and Real Estate Investor - Revitalizing metro Atlanta, One Property at a Time. www.dovcar.com
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2010
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February
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- FINALLY HERE!! INVESTOR FHA REO PURCHASES with FHA...
- Homebuyers Finding That Cash Really Is King
- Foreclosures drop in January - but don't get excited
- NEW LEAD BASED PAINT RULE
- Six ways to ensure a remodeling project pays off
- Mortgage rates edge up slightly
- The Next Wave - Vacant Lots Become Hot Property
- As of Feb 10, 2010 - 15 Best Retirement Cities
- When Is It Worth The $$$ To Remodel???
- You lost your house - but you still have to pay!
- New Wave of The Future: Container Home?
- FHA Relaxes Anti-Flipping Rule
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