Buying a Home? Check for These 5 Expensive Problems First
Written by
Nicole Spector
Edited by
Amber Barkley
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Congrats, you’ve secured a financial situation that enables you to buy a home — something you may have been dreaming about for years. This is an incredible accomplishment and one that should be celebrated.
But before you crack open the champagne and commit to buying a particular home, make sure you know exactly what you’re buying. It’s not just about, say, how many bedrooms it has or which school district it’s in. Pay attention to the safety, strength and integrity of the property itself. There could be many hidden issues that you can’t see.
“When buying a home, it’s important to look beyond the aesthetics and carefully seek out which areas might carry higher costs,” said Anna DeSimone, an expert in mortgage compliance, predatory lending, discrimination and fraud.
Getting an inspection before you sign off on purchasing a home is crucial, and any real estate agent worth their salt will insist on this. You want them to discover if the home has any of these five expensive problems.
Foundational Issues
Your inspector will need to study all the foundational and structural components of the home.
“If you see drywall cracks above windows and doors, doors are hard to open and close or the home has a fireplace that may be pulling away from the structure, these are all signs of structural issues,” said Lindsey Harn, an agent at Christie’s International Real Estate. “Investigate these very closely, and also ensure there is no water pooling under the house. Ventilation is key.”
Poor Roof Quality
Have your inspector thoroughly check out the roof. Additionally, walk around the home and examine the ceilings.
“Check the upper corners of the home,” said Phil Green, CEO at I Buy SD. “This would give you a visual indication of any sitting water damage that has ever happened to the home.”
But don’t rely on your eyes alone. It’s imperative that a qualified inspector go up on the roof to get a full perspective.
Poor Property Drainage
You’ll also want to spot indicators of poor rain water drainage.
“This one is always hard, because you may not be purchasing the home during rainy weather,” Green said. “Paying attention to property land level and checking for any sinking patches around the property would be indicators of poor property drainage.”
Plumbing Issues
Green always encourages homebuyers to get a full plumbing system analysis.
“This can be one of the most expensive parts of a home to revamp, especially when you are not expecting it,” Green said. “Sometimes, a home will be in good condition and have plumbing set up that is so flawed that the costs to have it reconstructed could be very off putting to someone looking to buy a home for the first time.”
Termites
Another serious problem that can be completely hidden to the eye? Termites, which literally eat away at your home. A termite inspection is usually not included in a general inspection, so you’ll need to retain a termite inspector. If there are termites, you may be able to negotiate a lower price.
“Knocking this out early can really help someone in the negotiation phase of buying a home,” Green said.
Know All the Costs and Fees You’re Signing Up For
This one isn’t a problem so much as something to be mindful about, and it should be done in advance of putting an offer in on a home.
“Do some research to confirm the actual cost of real estate taxes, condominium dues and the type of fuel for both heating and cooking,” said DeSimone. “Find out upfront whether or not the property is located in a flood zone. If you’re out shopping for a home, ask an insurance agent to provide you with a ‘ballpark figure’ quote for the cost of homeowners insurance on a typical home you might purchase.”
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