Buying a home is always an exciting process; you’re not just buying a piece of property, but you’re buying into a lifestyle, a neighborhood and a home. When it comes time for your home inspection, however, it’s important to emotionally detach yourself a bit from the house and look at the numbers. Expensive repairs can turn even a dream home into a nightmare, so make sure you’re evaluating your investment accordingly.
Here are some of the most costly repairs you could be facing with a new home:
Roof – Many times a leaky or older roof can be a deal killer in real estate. No new homeowner wants to undertake a major renovation as soon as they move in. Some sellers will offer a credit for the repairs, or lower their asking price, but a roof can cost anywhere from $ 5,000 to $ 15,000 or more on a large house. As a buyer, you should look for homes with a roof of five years or less. As a seller, if your roof needs repair, it’s best to do it yourself before moving. It is an added and sometimes unexpected expense, but will move your property sell much more quickly with it fixed.
Electrical Issues – Electrical issues are not only costly, but can be extremely dangerous. What may seem like a little issue to you could cost you thousands. In fact, the ESFI, Electrical Safety Foundation International, found that electrical problems cause almost 55,000 fires a year and over $ 1.4 billion in property damage. Unless you are buying the home “as-is,” you should try to have the owner cover the cost of the repairs, to ensure your family’s safety from day one.
Hot Water Heater – Replacing a hot water heater can get expensive fast, if you aren’t much of a handy man. While the water heater themselves range from about $ 300-$ 400, a plumber will add in labor costs and hauling. If your heater breaks on a night or weekend, they can easily charge extra for their time.
Appliances – One of the most costly expenses in a new home is the appliances. Many new homes will provide only the washer and dryer connections, so that’s already one large expense to consider. With older homes, you need to watch the age and condition of the appliances. This is where your inspector should come in; they can tell you the estimated age and condition of each appliance and how much life you can expect from them.
For more home buying tips or to check out Denver real estate for sale, please visit us at PorchLight.