A shortage of homes for sale across America can lead to some buyers making rash decisions to win a property against other interested parties.
This is dangerous – by all means fall in love with the home of your dreams, but you must know exactly what you are buying.
Whether you've targeted an apartment, condo or detached home, it's critical you know the true state of the building. And believe me, you cannot tell just by looking at it.
When buying an apartment, check Homeowners Association (HOA) paperwork to ensure you're not about to make a purchase in a building that needs major structural work.
An independent property inspection is essential regardless of the style of property.
Sometimes, a seller will commission their own report to give you confidence. However, do not take it at face value.
You must commission your own inspection for both your own peace of mind and to satisfy your lender that the property is in satisfactory condition.
To emphasize my point, I've listed the most common reasons why a property fails an inspection. I hope you find the information helpful.
- Wall Cracks: The concrete slab foundation could have big problems if you can see exterior cracks in the wall. Often, drainage issues or soil subsidence are to blame. Fixing the problem with specialized reinforcement requires a lot of cash.
- Structure Questions: Uneven walls, bowed walls, stuck windows and a sagging roofline all spell big trouble. A property inspector would alert you immediately to the potential problems you would face as an owner.
- Roof Problems: Broken roof trusses can cost up to $20,000 to fix. Replacing an aging shingles roof can give you a $40,000 headache, depending on the size of your home. Roof leaks have to be fixed as they cause secondary problems such as wood rot, mold and stained ceilings.
- Ant Story: As part of the inspection process, you should call in a pest inspector. They will watch out for wood-destroying insects such as carpenter ants, termites and powder post beetles. Left alone, they'll destroy structural supports like joists, timbers, sills and wall frames.
- Water Worries: Outside the home, see if the ground is sloping away from your home or towards it. If it's sloping towards it, that's a red flag. Where do you think the water is going to go? You'll likely face mold and mildew issues inside the home. And if there's a basement, the troubles could be much bigger. Re-grading the ground will fix the issue but not undo the damage that's already been done. Broken sewer drains or clogged pipes will also cost thousands to fix.
- Sparks Fly: Electrical issues are dangerous and expensive to fix. It's definitely worth asking an electrician to give their assessment of the wiring. Perhaps bad electrics will not prevent you from making the purchase, but it should influence your price negotiation.
- Damp Blues: Health problems are never far away in a home that suffers mold issues. Lack of airflow can cause moisture to gather in drywall, wood, ceiling tiles, insulation and carpet. Remediating this issue will cost thousands of dollars.
