Easily fixed pipes or a few outdated electrical outlets are no reason to back out of a deal. However, other issues that come up during a home inspection should give you pause to think about whether or not to proceed.
Here are some red flags that warrant closer attention.
Water in the basement, condensation on the walls and mold in the air indicate moisture and drainage problems that could cost a lot of money to fix. These issues often suggest improper grading.
Cracks in walls, ill-fitting windows and doors, and visibly shifted bricks on the exterior are all signs of structural damage. Your cost to fix these types of problems? Anywhere from $20,000 to $200,000.
Old shingles, water stains on the ceiling or rotting rafters are all signs that the roof may need to be replaced. This is another extremely expensive undertaking, so pay close attention during the roof inspection.
Windows that don't work, fit the frame poorly or show condensation between the panes may need to be replaced. Depending on the number of windows, this could easily run between $5,000 and $8,000.
A general inspection should show you whether the home has a pest problem, which may prompt a need for a more detailed report from a specialist. This is a serious issue because some pests can cause structural damage.
RE/MAX Home Inspection Tip: Condo or co-op boards pay for many repairs, but remember that the costs will get passed on to you eventually – so it's good to know the building's overall condition from the start.
If your inspection uncovers major problems, it’s important not to panic. The first thing you need to do is to assess how much the cost of repairs is if it is still worth it. You can also negotiate this with the seller to ask them for repairs or just take it out of the assessed value of the house as a price reduction. Or, if any of these options are not feasible for you, then you can help them understand why you are walking away from the deal.
Other problems, such as pest infestation, will need the expertise of a pest specialist to assess the damage to the property. As for electrical concerns, plumbing issues, or septic tank problems, a home inspector can detect these problems but to further assess the severity, you will need the expertise of professionals to do the job. Their help will give you an exact estimate before you can proceed to finalizing the purchase.
You don’t need to be present in the home inspection process because the inspectors will need space or rather the entire area for themselves to properly work on. However, it is not also illegal or prohibited for you to be present in the home inspection process. Just as long as you don’t get in the way of their job.
You can bring a notepad with you or any note taking materials. You can also take pictures and even ask questions throughout the process. The things you need to keep a keen attention on would be the big-ticket systems such as the foundation, roof, HVAC, and plumbing.
Knowing the typical costs associated with major home repairs can help you assess inspection findings realistically:
These estimates vary based on location, property size, and extent of the problem, but they provide a helpful starting point for negotiation or budgeting