It’s exciting to find the house of your dreams! You’ve looked at other homes, made a list with pros and cons but still can’t sleep at night. Are you experiencing buyers remorse?
When buying a house, there are many things that run through your mind. The next step is to have a home inspection done on your new house. You receive the report. How can you tell when it’s time to leave after a home inspector? It may not cost much to fix some issues or the seller may have agreed to pay for them. Other problems may cost a lot to fix and it may be better to walk away. Here’s a look.
Can You Walk Away From A Home After An Inspection?
Yes! When a contract is in place, it is common for people to walk away. The buyer may not know the contents of the house or what makes up the structure until the inspection has been completed. An inspection is therefore highly recommended. You may think the house is perfect, but you have no idea what lurks inside. Below are some of the major issues that will need to be repaired or replaced. You can use these issues to decide if you should walk away from your home after an inspection.
1. Foundation
Your home inspection report revealed major problems? One of the major issues is your foundation. This could be a serious problem if it is. It is important to keep the foundation intact as it holds the house up.
The inspection of this structural problem costs about $600, while the repairs could cost anywhere from low thousands up to tens or thousands of dollars depending on what is wrong. If you are interested in the home, it is worth consulting a structural engineer to get a quote and determine what the cost would be. After the home inspection in Fresno, TX, if it’s out of your price range, you may want to walk away.
2. Termites
Termites are a bad thing in any home. It may be difficult to remove them, depending on how bad the infestation is and what damage they’ve caused. A termite inspector must investigate the damage and provide an estimate for repairs. He will let you know whether termites are still active or have left any evidence. It is not uncommon for older homes, especially in southern states, to show signs of termites. The inspector will check to see if the property has any structural damage. If you have active termites in your home, the cost for termite treatment (about $750), and any repairs will depend on the severity. Repairs may cost between $200 and $2500, depending on what is needed.
3. Water Damage
Mold can grow in places you cannot see. If the buyer has fixed the water problem and the only stains left are the ones from the previous owner, did they check for mold? The mold that can cause health issues can cost anywhere from $500 up to $6,000, depending on its type. To determine the type of mold in your home, a professional must come and collect spores. They will then examine them under a magnifying glass.
It is also possible that water damage has caused soft spots in walls, floors and other parts of your home. Call a professional to inspect the issue.
4. Electrical Damage/ Issues
This is a serious problem if the inspection report shows that there are electrical problems or damage. Electrical sources can short out and cause fires in a home if the electrical system is faulty. A home built in 1970s with an electrical panel such as GTE Sylvania Zinsco, FPE Panels is even more concerning. The average cost of replacing this type of panel is $1500. Aluminum wiring is another example.
5. Roof issues can be a good reason to walk away after inspection
Roofs are an essential part of any home. They will need to be replaced over time, especially if they are older. Depending on the weather, it may be necessary to repair rather than replace the roof. It will not be expensive if the work is only minor, but a professional can let you know if there is more to it than simply replacing a few roof shingles.
It is important to ensure that the person you hire or the seller who does the work has a license and insurance. If it’s a serious issue, and you need to replace the entire roof, this can be expensive. If you’re willing to negotiate with the seller, there may be some room to lower the price. However, this is not guaranteed. You can also walk away from this type of problem after an inspection.
6. Unpermitted work found in the home
Many homeowners have a friend who can be a handyman or use a contractor with a low price to work on their home. A good example is adding an addition to your house.
If there is no permit, then you are putting the safety of the people in the house at risk and may be liable for any fines that the seller did not pay. Are you aware of what’s inside the walls? Do they have a proper attachment so that they won’t fall down? When major home improvements are made without a permit, it is a risk. Another good reason to leave after a home inspection is when major work has been done.
7. Financing and Insurance
It makes sense to get pre-approved before you start looking for a home. It is important to know how much you have been approved for, and what you can actually afford. Do not buy a car or furniture until you have closed on your home. You may lose your financing if you do this. Also, you want to avoid stretching yourself too thin. Have you got extra money in your finances or savings to cover any problems that may arise during the inspection? Are the problems too expensive? It may be best to give up if it doesn’t seem to work.
Insurance is also something you will need to consider. Some loan requirements include inspections, and certain states, such as Florida, require four-point inspections.
A Title with a lien on it will not allow you to buy or sell the home until it is taken care of.
8. Title Issues
You may be happy if your inspection shows minor problems. When the title company pulls the title, there may be a lien or unpaid HOA dues. It’s time to walk away if the seller won’t deal with any of these issues. These two issues prevent the seller from selling the home and the property cannot be yours or anyone else in the near term.
Conclusion
You may fall in love with the home you see, but make sure it is financially feasible. It may take some time to find the perfect home for you. Budgeting is essential if the home you are looking at has many issues. Professional inspections can cost hundreds of pounds. Don’t hesitate to discuss the issues raised in the report with your realtor.
It is important to know what issues are common during a inspection and which ones we cannot handle. A Realtor with experience can guide you through the process. Have a question regarding an issue that was raised in the inspection report? We can assist you if you send us a message below!
