More than 40% of previously owned homes on the market will have at least 1 serious defect. It is to be expected that the home will not be perfect however with the high prices today you want to make sure you know what it will take to fix the problem.
Below is a compiled list from more than one million home inspections that are the most serious home defects:
- Cracked Heater Exchange
- Failing Air-Conditioning Compressor
- Environmental Hazards (Radon, Water Contamination, Asbestos, Lead Paint, Underground Storage Tanks)
- Moisture in the Basement
- Defective Roofing and Flashings
- Insect Infestation-termites or carpenter ants
- Mixed Plumbing
- Aluminum Wiring
- Horizontal Foundation Cracks
- Major House Settlement
- Undersized Electrical System
- Chimney Settling or Separation
According to Kuhn, an inspector, most of these problems can in fact be repaired. However, depending on the problem it can be very costly. For example, a new air conditioning compressor could cost up to $1,200.00. A web basement could up to $5,000.
If these repairs are needed there are several ways to still buy the home.
- Sellers can leave money in escrow to cover cost of repairs.
- Lender can withhold part of the loan amount in savings until the work has been done.
- Sellers may give a credit to buyer for the work.
A home inspection usually costs between $250 and $400. Spending the time and money to get a proper investor will save you a lot of headache and money in the long run. It is important to know what you are getting yourself into when purchasing a new home before it is too late.
Information brought to you by: realtor.com
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