Home inspections are a critical part of the home buying process. Every house typically has some maintenance concerns, but what happens if there are more concerns than you expected?
At what point do you need to walk away? Here are a few circumstances that you might want to think through before signing on the dotted line.
1. FOUNDATION
Your foundation holds up the house, so it's a very important for structural integrity. Depending on the severity, repairs could costs thousands to tens of thousands of dollars.
2. TERMITES
Termites can be difficult to get rid of, and they can cause a good bit of damage to any wooden areas of a home. Repairs can vary in pricing, but it can often be expensive.
3. WATER DAMAGE
You may not always see water damage - it could be in soft areas of walls, floors and other areas. And, it could harbor mold. Mold could be a health concern, so that is something to think about - especially for younger or older people.
4. ELECTRICAL ISSUES/DAMAGE
Faulty electrical or other internal wiring can be hazardous. This can lead to house fires or shorting of circuits. These are repairs that can end up costly, depending on the severity of the concern.
5. ROOF CONCERNS
Your roof will need to be replaced over time, and that's normal. But it can be a large expense, so you may want to decide how soon after purchasing a home that's feasible to make this repair.
