Purchasing a new property is an exciting time in your life. However, the real estate market can be a cut-throat place and, if you’re not experienced in this domain, you could encounter some expensive mistakes.
More often than not, the homes we purchase have previous owners. However, there are even some new builds that don’t pass the quality test when it comes to home inspections. Nevertheless, it’s vital that you review every detail of your potential property before you decide to sign your name at the bottom of the contract.
To help you feel more confident when closing the deal, we’ve curated a list of seven home inspection horrors you should look out for. Keep reading to find out what they are…
#1: Cracked Chimney
Chimneys can be very costly to repair, so if you see any cracks, they may be worth passing on to the property. Look for signs of corrosion around the chimney and don’t forget to inspect the inside to see if there is any damage to the lining.
#2: Signs of Mold
If you can smell a musty odor when you walk into the room, this may be a sign of mold and water damage. Although mold remediation is easily achieved, it’s also heavily dependent on the extent of the damage.
#3: Faulty Electrical Panels
The electrical system of a home can cost a lot of money to repair. Not only this, but it can also take months to finish the entire rewiring process. Plus, this is an essential part of any home that must be working correctly before you can move in.
#4: Eroding Decks
Contrary to popular belief, most outdoor decks and porches only have a 12 to 15-year life span. You should keep a close eye on the fasteners and the state of the wood holding up a home. As repairs can cost up to $15,000.
#5: Foundational Issues
Another expensive house inspection horror that should be avoided at all costs is signs of foundational issues. Unless you’re planning on knocking down the property and rebuilding everything from scratch, homes with structural issues are a hard pass.
#6: Termite Infestation
Nobody likes to think about creepy crawlies in their living space. However, termite infestations are incredibly dangerous because they eat away at the wooden structures of a home. Even if you do get someone to remove them, the damage may already be done.
#7: Lead Paint
Although this is increasingly uncommon, some old homes have traces of lead in their paint. This was a popular ingredient back in the 70s, however, it’s now ruled as a toxic hazard.
It’s worth noting that some potential horrors have a quick and easy fix. If you have the budget to restore these damages, then close the deal. However, there are some defects, such as structural issues, that are simply too costly to repair. Before you get your sights set on a place, you should think about your budget, your vision for the home, and your ability to rectify these home inspection horrors.