Before Buying a House. Picture this: After a week of looking at houses, you finally find the one you are looking for. You tell your real estate agent to immediately make an offer. The asking price is a little out of your budget, but the seller agrees to your counter negotiations if you let go of the home inspection. You readily agree and inspect the house yourself. You find out a plumbing problem in the basement and a few electrical repairs in the lounge that need immediate attention. Nothing seems too big of a deal, so you decide to buy the house. After a few weeks, a pipe bursts in the basement and as a result of the electrical lines short circuit. After calling a plumber and an electrician, you get to know that the total repairs will cost $1,500.
This is the reason why you should never put down a deposit on a house or buy it without a home inspection. If you find the following problems in a house, then don’t buy it:
Your Winter Garden Realtor showed you a house that has some roof problems. The shingles seem a little out of place and a few of them are chipped. The gutters are clogged and the mess can be seen from below.
Cost: Roof repairs or replacement can cost you anywhere between $10,000 and $30,000.
What to Do: Get the roof inspected and find out the life and cost of repairs. If you do get the roof repaired, will the same problem arise in the future? If not, then negotiate with the seller.
The Flood Zone
House Near a Beach
Is the house you are buying near a river or beach? The unpredictability of floods makes this house a liability.
Cost: Depending on how much insurance you have and whether you have taken flood precautions or not, you can go bankrupt.
What to Do: Check the status of your house by putting its location in FEMA’s database. If the house is in the red zone, then withdraw your offer.
Sagging Floors and Stained Ceilings
Stained ceilings are a sign of mold, and this green mess spreads fast. Sagging floors are a sight of faulty sewer lines and a dozen of other disasters.
Cost: Depending on the severity of the repairs, expect to pay anywhere between $25,000 and $50,000.
What to Do: Check the water pressure in the taps, flush the toilets, inspect the laundry room and look for any signs of stains on the ceiling and floors. If the floorboards are warped, then that’s a dead giveaway of a leak. It is better to leave this house immediately!
The Allure of Renovations
The backyard seems pretty bare and there’s room for a fancy porch in front of the house. The question is — are you allowed to make any upgrades? Maybe the neighborhood has a homeowners association that handles these matters. Don’t believe the sellers if he says that you can make whatever changes you want to the house.
Cost: You will be charged a penalty if you make any renovations without the approval of the homeowners association. The penalty can range from a mere $25 to $100 or more. Moreover, you will also be forced to tear down any renovations you have made.
What to Do: Don’t believe the seller if he says that you can make whatever changes you want to the house. If the house has no other problems, then find out the extent of the renovations you can make.