4 Red Flags To Look Out For When Buying a House, According to Chip Gaines
Written by
Angela Mae
Edited by
Jenna Klaverweiden
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Buying a home is more expensive than ever these days. The average home sales price is $514,800, as per U.S. Census Bureau data. And when you factor in repairs, maintenance, property taxes and homeowners insurance, you’ve got a lot of costs to consider.
So the last thing you need is to end up with a house that’s going to cost you even more in repairs or renovations. That’s why you’ll want to be careful when purchasing a home — and you’ll probably want to get an impartial home inspector to come in and assess the property before signing onto anything.
In a recent article, Chip Gaines — a contractor and co-star of the TV show “Fixer Upper” — talked about the biggest red flags to watch out for when buying a house. Below are four red flags that could end up costing you a lot of money.
Electrical System Issues
Faulty electrical wiring can be a major expense. According to Angi, a 1,000-square-foot home can cost anywhere from $2,000 to $4,000 to completely rewire. Considering most homes today are bigger than that, costs can be much higher.
It’s not just the expense that’s the problem. If your electrical system isn’t up to code, it could pose a fire risk. When doing a walkthrough of any property you’re considering buying, keep an eye out for issues like flickering lights or nonfunctional outlets, as these could be a sign of underlying issues. Also, get a professional inspection done to make sure the wiring is up to code.
Plumbing Problems
The average cost of plumbing repairs is $315, per Angi, but it can cost anywhere from $1,500 to $15,000 to completely redo the piping of a house. That’s why it’s crucial to look for any signs of faulty plumbing before making any big decisions.
Some of the more obvious signs of plumbing problems include water damage on the ceiling or walls. If you detect a moldy or musty odor anywhere, especially near rooms with more moisture — like the laundry room, kitchen and bathroom — or around the air-conditioning unit, proceed with caution. There could be leaks or mold that you can’t see.
If you’re buying a multistory house, see if you can do a full walkthrough of the place as well. You’ll want to especially look at the lower levels — including the cellar or basement — to make sure they’re not prone to flooding or leaks from above.
Again, having a third-party inspector can help you make a wise decision here.
Foundational Issues
Whether you’ve got a slab or something else, you’re going to want to make sure the home’s foundation is in good condition before signing any loan agreements or real estate contracts. A home’s structural integrity is heavily reliant on its foundation, so everything starts there.
“If the foundation is screwed up, that is a complicated, costly scenario that can lead to a hundred different things, and you don’t want to mess with that,” Gaines explained.
Issues in the foundation can lead to minor problems, like drywall cracks. But they can also lead to bigger ones, like drainage problems, sinking ground or even bowing walls.
Foundation repairs can be expensive. Fixing a sinking foundation, for example, could cost anywhere from $1,000 to $25,000, per Architectural Digest.
At a certain point, it might make more sense to just buy a different home. At the very least, get a professional in there to check out the foundation. If you still want to purchase a home despite its foundational issues, you’ll also want a pro to do the repairs for you.
Roof Problems
As per Angi estimates, a typical new roof can cost $5,857 to $13,129. A large or high-end roof could cost closer to $47,000. So if you’ve found a home you’re interested in purchasing, check the roof first. Depending on what you find, you might want to move on to the next property.
There are a few signs of roofing problems — leaks being one of the big ones. If there’s only a minor leak, you might be able to fix it pretty easily once you move in — or else get the seller to do it before closing. If there’s a major leak, it could lead to mold or significant water damage.
Get the roof inspected and find out when it was last replaced. Most roofs can last about 20 years with general maintenance. This does depend on the material used and where you live, however.
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