Are you interested in paying less per month on your mortgage? Or perhaps you would prefer if your mortgage was paid off a couple of months – or years – faster? If you are a homeowner with a
5 Features Of A House You Should Not Ignore
Although, we spoke about the 5 features You Should Ignore When Buying a Home there are certainly some that you should absolutely NOT BUY because of their excruciating repairs costs. These fixes can be a major headache and sometimes you'll pass up a house because of these issues.
Think about it, who in their right minds wants to live in a home with mold or previous fire damage? Definitely look out for these when you're out there house hunting. Thanks to Simple Dollar for jotting these down:
Mold or soot: Never overlook mold or soot, says Alexander Ruggie of home restoration firm 911 Restoration. “Mold is not only bad to inhale on a regular basis, but it is also a remarkable indicator of water damage,” he says. “And if there is soot anywhere in the home besides right above the fireplace, then there has been a fire in the house at some point.”
Issues with a main sewage line: “In older homes, the main sewage line should be inspected,” says Malmberg. “If the line has to be replaced, it can be very expensive and, for homes built on a slab, may also require digging up portions of the house’s foundation.”
Outdated electrical wiring: “A lot of older homes still have knob-and-tube electrical wiring,” notes Malmberg. “It’s a fire hazard and normally means that the house has to be completely rewired.” Not only is this a very expensive repair, but it’s one that many insurers will require you to make before they’ll issue a new insurance policy on the home. “This is also true for houses that have a fuse box instead of an electric panel with circuit breakers,” he adds.
Structure and layout: According to Los Angeles-based agent Brandon Assanti, the quality of a home structure outweighs almost anything else. And if you feel you might need to move walls or do some major updates, you should figure out what your costs might be before you dive in. “In some cases it may be easy to move walls or expand/adjoin rooms to make the home feel more open, modern, and livable,” says Assanti. “But you never know the full extent of work necessary until you physically begin that process.” Along those lines, large massive cracks on floors or on walls don’t necessarily spell disaster — but they do reinforce the buyer’s need to investigate the property during their inspection period.
Evidence of water damage: While water damage may be old and can sometimes be remedied fairly easily, you may not know the extent of any damage until you open up walls and check. Because of this, buying a home with water damage can be a real gamble.
Foundation issues: “Stay away from a home that has any strong traces of foundation and structural issues,” says Garrett. “These homes can possibly lead to very large, out of pocket expenses.” And even if you plan to remedy the problem, you should also consider resale value. “Will a home with past foundation and structural issues scare away new potential buyers in the future?”