In
light of the endless possibilities of home defects it is
in your best interest to use a home inspector before you
purchase a home. Large defects are very costly but small
defects can become costly, if not repaired in a timely manner.
Once you have closed escrow, the home belongs to you, and
the burden of the repairs is on you, so it is wise to minimize
the possilility of home defects before you buy.
1.HIRE YOUR OWN
Hire your own quality home repair service, not one recommended
by your realtor. The inspectors recommended by the realtor
will want repeat business from the realtor, so they will
have a strong tendency to rush the inspection and overlook
crucial defects. Find your own quality inspector by asking
others in the area or go to the American Society of Home
Inspectors website.
2. CRUCIAL AREAS
The most expensive repairs occur with structural damage,
buckling of uneven walls and uneven floors, inside or outside
the home. You may seriously rethink your decision to buy
a house with major structural defects, for this is a strong
sign the house may need to be rebuilt. Other major structural
defects include major plumbing problems, electrical, air
conditioning (new air conditioners can run an average of
$2500), and roofs ( to go from a leaky roof to a good roof
on a small house can cost $10,000 or more).
3. DON'T IGNORE THE ADVICE
Now that you've had an inspection, take it seriously; get
three contractors to estimate the repair job. Ask the homeowner
to pay for the repairs before you close escrow or leave money
in escrow to cover the repairs. If the repairs are in excess
of the value of the home, or horribly unreasonable compared
to the value of the home, ask the homeowner to reduce the
price of the home or you should strongly consider buying
a different home.
4. BUYING A NEW HOME
Some folks think new means perfect, good, great, or in the
best shape. This is not necessarily the case. Many new homes
have problems, because despite the required inspections,
subcontractors and contractors make minor and even major
mistakes that sometimes go unnoticed. Don't close escrow
until the home has been inspected AND the needed repairs
are made.
I have purchased both new homes and used homes that I had
inspected before purchase. One beautiful new home I purchased
was built by a quality builder and had more defects than
the used homes I have had inspected in the past. The contractor
blamed all of the defects on his subcontractors work when
he wasn't looking. In any event, I had the contractor fix
every single problem pointed out to me before closing escrow.
For a few years after closing escrow, I found a few other
problems, which the contractor fixed. Contractors usually
warranty most homes for at least five years. Be sure to contact
your builder as soon as you find a problem. Don't let minor
problems become major problems by putting off the repairs
for a later date.
Related Links:
Before You Buy a House
Lois Center-Shabazz is the founder of MsFinancialSavvy.com
and author of the 3-time award-winning personal finance book,
Let's Get Financial Savvy! ISBN #0971979502.
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