5 Telltale Signs a House Is Not Worth Buying
Browsing houses for your next home is exciting. You get to see different ones until you determine which one you like best. Buying a house is a significant investment and a lifestyle choice, so you better make sure that you are 100 percent satisfied with your purchase.
However, a house may have more to it than what meets the eye, especially to the untrained. Buyers are typically happy and excited about buying a new home until the home inspector sends their report and finds more significant problems than expected.
Inspectors may report a problem with the plumbing, the foundation, or the roof that could cause the potential new homeowners a tremendous amount of money to fix. In this stage of the process, the best option may be to back out. And reasonably so. Nobody would want inconvenience, especially if you paid good money for it.
Here are five telltale signs you should not proceed with a purchase after a home inspection:
Problem with the foundation
If your home inspection report states that there’s a problem with the foundation, it might be a good reason to back out. The foundation is the house’s core, so future issues are bound to happen if there’s a problem inside.
Foundational repairs could cost up to tens of thousands, depending on the issue. The potential new homeowners would need to consult with a structural engineer for a quote to determine the cost of repair. However, if the problem is bad or the repair cost is out of your budget, it’s better to back out.
A termite infestation can be a huge problem, depending on the extent of the damage. It is typically challenging to get rid of, and an infestation could cause massive damage to the house’s foundation.
An inspector will tell you whether there is an active or a previous infestation in the report. If it is ongoing, the cost of treatments ranges from $200 to $2500. Homes in southern states commonly have evidence of termites–this is something a buyer should also know.
Faulty wiring system
A faulty or damaged electrical system can be a problem that may lead to more significant issues. Faulty wiring could cause inconveniences, an electric shock, or even a house fire.
It’s a bigger problem if the house is a few decades old and uses an electrical panel like GTE Sylvania Zinsco, which has a history of causing electrical issues. Replacement for this panel type could go up to two thousand dollars.
Molds cause health problems like allergies or release poisonous substances that make you sick. Water damage is typically a telltale sign of molding, and while the former can be easily fixed, the latter isn’t.
To get rid of molds, homeowners may need to hire professionals to collect spores and determine their type. Cost ranges from $500 to $6,000. In addition, water damage may also cause damage to the floors and walls.
Issues with the title
If you’re lucky, the home inspection report may not indicate any major issues like the four stated above. However, you found out that there are complications with the property’s title.
A title company may show you the title to the house where it indicates overdue HOA fees or a lien on the home. If the seller or the previous owner didn’t settle this issue beforehand, it’s a good reason to walk away.
It may be hard to let go of a house you love after finding out major problems about it. But if you are investing your time and money, you should at least get what it’s worth.
Home inspections are an essential part of house buying since this is when buyers uncover issues about the house they didn’t have prior knowledge of. It’s a wise choice to hire a professional to check if the house has problems, or else you’d be spending more than you initially intended.
Home inspection services are essential for homeowners and potential buyers to determine issues about a property. We at Let’s Do It Home Inspections will ensure that you buy your dream house and not a problem house. Give us a call today and tell us how we can help!