When you buy a home one of the common things you do is a home inspection. After a home inspection you will get a report listing all items that have to be fixed. As a buyer you have to weigh the cost of taking the home with all those repair issues. Here are 3 items that will give me pause and even cause me to walk away.
1. Damaged Foundation
Before you purchase, you need to make sure that the foundation is stable and that there aren’t any cracks. Get a construction expert to help you with the decision. If you know there is an issue with the foundation then get your trusted expert to assess the foundation. The bottom line is foundations are very expensive, and it might be difficult to determine the full scope of the issues or the cost. If foundation is one of the issues on your home inspection; pay close attention.
2. Major Plumbing and Electrical Issues
The next red flag from home inspection is major plumbing and electrical issues. This is because these items tend to be expensive, and it’s not easy finding licensed good plumbers and electricians. Additionally, once the work is done, you’ll have to get the city to inspect and approve it. Many properties have some plumbing and electrical issues and they are easily fixed but this not the same as a major electric or plumbing issue. So again pay attention.
3. A New Roof
Roofs are pretty straightforward and simple to fix, but they tend to cost quite a bit of money. When you buy a property make sure the roof has at least a 10-year life left on it. Now, there is nothing wrong with any piece of real estate as long as the price is right. So if you love the property and it needs a new roof, then make sure to get a discount on that price based on what the roof will cost.