Posted On: Jun 20, 2016
Buying a house is not easy. With rising home costs, shrinking inventory, and the increase of cash offers, home buyers are often ready to make an offer right away. Consider these crucial home-buying deal-breakers that may come back to haunt you after you sign the deed of sale.
Deal Breaker #1: The Roof
Replacing shingles typically costs several thousand dollars. It’s a fairly straightforward and common job, but improper installation or poor-quality shingles and tiles can mean a replacement roof much sooner than the standard 30 years. If the problem is bigger than the roofing material, the solutions will come at a much higher cost. For example, if the roof sags or the roof line isn’t straight, you will need to replace or reinforce rafters.
Deal Breaker #2: The Plumbing
One of the more difficult problems to identify, faulty plumbing is one of the most expensive repairs. Major repairs associated with sewer lines, outdated septic tanks, or misplaced drain fields can cost well in excess of $30,000.
Deal Breaker #3: The Flood Zone
Just because your dream house does not boast water views does not mean that it is not at risk of flooding. With climate change and unpredictable storms, being aware of flood zones has become increasingly important. Buying a home in a high-risk flood zone can result in a dramatic increase in insurance costs, as well as difficulty selling the home in the future.
Deal Breaker #4: The Electrical System
When dealing with an older home, it is not uncommon for electrical work to be outdated. Repairing older systems to meet local building codes and to power newer appliances can be costly, ranging anywhere from $3,000 to $20,000. Electrical problems aren’t just inconvenient and expensive, they are dangerous. Ignoring an outdated system puts you in a much more precarious position.
Of course, the best way to avoid these issues and ensure a successful future home for your family is to hire a licensed, professional home inspector. He or she should be able to identify these and other potential money-pits and make sure you are well informed before you make your decisions.