A home is a major investment. As a property buyer, you want to make sure that whatever you purchase is in perfect condition. Alternatively, if a repair is required, you want to ensure that you can handle the fix yourself—or can afford the cost of hiring a pro to do it. Let’s take a deeper dive into identifying property problems that might arise when buying a home.
The Shannon Holmes Team is dedicated to helping buyers make smart real estate decisions. This resource guide provides tips and tools you can use to identify and tackle property problems.
Follow Best Practices for Identifying Property Problems That Might Exist
A house might look like it’s in perfect condition but still have damage that you can’t see. Do your due diligence to look below the superficial surface.
- Ask the right questions, such as whether the property is located in a flood zone.
- Schedule a home inspection to check elements like plumbing and electrical systems.
- Learn about your state’s disclosure laws and have the seller fill out a disclosure form.
- Work with a local realtor with in-depth knowledge of the area’s property market.
Be Realistic About What Types of Home Problems You Can Fix
Some repairs like plumbing, cabinetry, and countertops are best left in expert hands. Other renovations like a damaged fence or air filtration issues you can handle yourself.
- Interior painting is a simple job that you can do yourself.
- Flooring is another job that you can might be able to handle solo, especially if you opt for low-maintenance types like vinyl.
- Window replacement and installation can also be a do-it-yourself job, if you have some basic handyman skills.
- If the home needs new appliances, like a fridge, this is likewise a DIY task.
Be Clear About What Your Deal-Breakers Are in Advance
Some problems are so costly and time-consuming to fix, you may want to walk away from the property instead of buying it.
- Understand what constitutes a major defect, like structural problems, Chinese drywall, pest infestations, non-functioning systems, and asbestos.
- Mold damage is another major issue that can cause serious health problems.
- Understand the costs of fixing such issues. For instance, a roof costs $8,000 to replace on average. Once you add this to the sale price, you may want to walk away.
You don’t necessarily need to pass on a property just because it requires a few renovations or repairs. The key is to understand the severity of common property issues. This will allow you to make smart home-buying decisions.
Image via Pexels