While there are many different steps in the home buying or selling process, one very important step is when you have an inspection done, and then have to evaluate it. This can often be a make-or-break time during any property search when you’re out to find the perfect Santa Fe home. While there is an option to waive a home inspection, or not conduct one at all, common practice recommends having a home inspection prior to diving into the nitty-gritty of the contract when buying a house. A home inspection can come back as expected with some small problems with a home or bigger ones that you knew existed. However, there are times that a home inspection will come back with some not-so-pleasant surprises that may make you say, “No deal!”
When a home inspection is returned, it is one of the last times that a buyer can walk away from a home buying contract without being heavily penalized. Sometimes you will lose money that was placed in escrow, but compared to sinking tens of thousands of dollars into a home with massive problems, escrow is a drop in the bucket. Consider some of these reasons that you might decide to walk away from what you thought was your dream home once you get the inspection report back.
Let’s face it; any problem that comes up with the foundation and indicates any form of stability tends to be a no deal. Any foundation fix can get exceptionally expensive, and quickly. On top of that, if you opt to buy the house anyway and fix the costly problem with the foundation, you have to have the property inspected by a certified engineer in order to certify what was done and that the building is once again structurally sound if you are looking to make any money on the home in a future sale.
At the first sight of termites, run, and run fast. While many companies can promise that they can not only eliminate termites but repair much of the damage caused by them, this simply isn’t true. It can take a substantial amount of time, effort, and money to rid a home of termites, and the damage they cause cannot be reversed without renovating any damaged structural components. The problem with termites is it is nearly impossible to tell how much damage they have caused without really digging into the structure of the home. Don’t take that risk.
Outdated Electrical Wiring
If an inspection report comes back with outdated wiring when you are looking at buying a house, this could easily be a coin toss as to whether you want to back out on the contract or not. Outdated electrical wiring doesn’t automatically mean a home is bad, however, there are many problems that can easily occur due to old wiring, from electrical fires to switches that simply won’t work. If you plan on doing any substantial home improvement, know that outdated electrical wiring will probably have to be completely redone throughout the entire house. One option in this case is to ask the seller to send out a certified electrician to evaluate the safety of the current wiring.
Water Damage and Black Mold
While we don’t get tons of lasting moisture here in Santa Fe, water damage can still be an issue in some homes. Often this water damage is due to an internal pipe leak or even a problem with an appliance like the dishwasher. If moisture is not resolved, this can lead to problems with black mold which is a health hazard you want to steer completely clear of.
Don’t go through your property search and buying process without the experience and expertise of a great real estate agent. Contact the agents at Berkshire Hathaway HomeSource Santa Fe today to find your dream home!