Some previously owned homes that are on the real estate market have at least one major defect. It’s obvious that the longer a home has been occupied, the higher the chance of disrepair. Almost all homes that have been lived in for over ten years require at least some repair, improvement or upgrades.
Search Realty advises that for those looking to purchase a home, it is vital that they understand exactly what they are getting into. Buying a home for sale is a major investment, and measures should be taken to ensure that that investment is sound and secure.
Here are the seven most common serious home defects.
1. Defective roofing
2. Undersized electrical system
3. Mixed plumbing
4. Environmental hazards
5. Horizontal foundation cracks
6. Insect infestation
The good thing is that all of the above listed defects can be repaired. The bad thing is that depending on the specific problem, the cost of repair could be substantial. Sometimes, substantial enough so that the cost of repair could lead the home buyer into looking at other options for homes to buy.
A key for the home buyer is that if they enter into negotiations to purchase a particular house, their agent should provide a provision for renegotiating or backing out of the contract if a home inspector finds any major issues.
A home inspection can cost anywhere from $200 to $400. More important than cost, is finding a qualified home inspector. The home buyer should get referrals from friends, and/or speak with their realtor, to ensure that the home inspector is qualified to do the inspection.
Another important thing to remember for home buyers is that once an inspection date is set, the home buyer should be there throughout the inspection. The purpose for this is that as the home inspector examines various systems and components of the home, the home buyer can ask clear questions and ask for the home inspector to explain what problems may be encountered down the road, what signs to look for, and how to prevent them.
The bottom line for home buyers is that a pre-purchase inspection is their best protection against buying a potentially bad investment. Previously owned homes are more prone to having serious defects, and if the home buyer is aware of these defects, they are also aware of what to look out for when thinking about purchasing a home.