When you’re in the midst of buying, you’ll need to be ready for potential home inspection problems. Once you’ve taken advantage of low mortgage interest rates and received your loan approval, you’ll need to finish the process with a home inspection, a routine examination of the house that is performed after an offer has been made and accepted on a house. Think of it as a thorough physical exam of the many systems and elements of your house.
An offer on a house is typically contingent based on the findings of the home inspection, which usually costs from $300 to $500, the inspector will check out the various elements and system of the house and write up a detailed report. If needed, the buyer can ask that specific repairs be made prior to the completion of the sale.
After the inspection, a report is written. If needed, a more specialized contractor can then handle any necessary repairs. The American Society of Home Inspectors says some of the most common problems that come up during a home inspection include:
- Structural irregularities. This would include differential settlement in the foundation. The biggest sign of this is having a crack up along the structure of the house. It is likely the crack will continue to grow and present some major structural problems that can lessen the integrity of the foundation and cost thousands of dollars to repair.
- Roofing issues. The roof is one of the most important elements of the house. If there are any leaks, water damage can lead to mold and deterioration, leaving the homeowner with a financial nightmare on their hands. The most common roof culprits include worn out or missing shingles and rusted gutters.
- Furnace/air conditioning challenges. If the HVAC unit has not been maintained and tuned up or if it’s near the end of its life, there is a potential for the unit not functioning properly or to its full potential. A new system will cost $5,000 to $10,000. Other A/C issues include a missing overflow pan as a prevention for leaks, and damaged fins on the outdoor unit.
- Plumbing headaches. Whenever leaking fixtures or drain pipes are involved, or maybe a water heater needs repairing, it’s not good news. If the piping needs replaced, you’ll need to shell out thousands of dollars. You’re in better shape if it’s just the water heater that needs replacing; that will run you less than $1,000.
- Bad electrical wiring. Many of the reasons this comes up frequently in home inspections is because many homeowners try to do wiring projects themselves. Some of the specific findings that come up include: insufficient electrical service for the house, not enough overload protection, and improper grounding.
If you’re the buyer and any of these home inspection problems come up, you’ll want to get a more qualified contractor to look at the problem and then renegotiate with the seller. If you’re the seller, you’ll need to prepare to fix the flawed items before completing the sale.
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