If you plan to purchase real estate, home inspections can indicate the value of a house and help you establish a reasonable offer. A few different types of inspections can take place throughout the buying process. Pre-offer and pre move in home inspections allow you to make a knowledgeable offer and ensure that a seller meets the agreed terms. According to the American Society of Home Inspectors, 88 percent of surveyed homeowners felt more confident regarding real estate decisions after a home inspection.
Before making an offer on a home and hiring a home inspection company, familiarize yourself with common issues seen in listed homes and know which snags can easily be remedied and which may cost a great deal.
Many recognizable patters emerge during standard home inspections. The National Association of Realtors indicated several structural, internal and external issues many houses may possess. Some issues are relatively affordable or simple to fix while others may cost quite a bit of time and money. Know the extent of obstacles present in a home purchase and determine whether you can afford the associated expenses of both time and money. The Improvement Center also outlined issues often seen in houses and determined both the worst- and best-case scenarios if you chose to move forward with a house that possesses specific complications. Knowing this information can help you reach a decision you feel confident about.
Some of the top issues found during a home inspection include:
- Roofing issues
- Insufficient doors and windows
- Poor drainage, bad gutters and damp basements
- Electrical wiring issues
- Inadequate plumbing
- Weak foundation or basement
- Termites, wood rot or other issues weakening the structure of the home
- Heating system issues
- General updates
Depending on your budget and situation, some repairs may not be worthwhile. Structural repairs, heating updates and drainage remedies make up some of the more expensive repairs.
Termite infestation, sinking foundations and wood rot commonly affect the structural integrity of a home. Due to its fundamental role in home's overall merit, a home's structure will be a more expensive expense. A sinking foundation could cost as much as $50,000, according to the Improvement Center. This type of job requires a professional opinion from a contractor or structural engineer. Getting a quote may help you estimate the actual cost if you choose to purchase a house with this project.
Updating the heating system of a home is another task that may cost a pretty penny. Final costs depend on what upgrades will best improve the heating of the home. Completely replacing the heating system with a new energy-efficient one can cost up to $15,000.
Drainage issues may cost more than any other obstacle if flooding occurs. In addition to the potential costs of flood damage, further insurance may be necessary to accommodate the risk of flooding. The cost of grading depends on how much design work is needed and could be $10,000 or more.
Some concerns may be more affordable and simpler than others. General updates include a wide range of possible issues that may possess simple solutions, many of which you can perform yourself for more savings.The obstacle of poor upkeep might indicate the need for a new paint job or carpet replacement in one or two rooms. If a kitchen has outdated cabinets, sometimes simply painting them will instantly give the room a facelift. You can even replace dated light fixtures with ease and not too much strain on your wallet.
The severity of issues also may determine affordability. You may be able to perform projects on your own. For example, you can solve minor air leaks through windows and doors on your own for the price of a tube of caulk.