Buying a new home is an exciting time, but it can be a frustrating one as well. You might find what you believe is your dream home only to discover that it needs a lot of work, which can lead to delays or costly repairs on your end. That’s why it’s so important to be as educated as possible about your new home and about the buying process, so you’ll be prepared for anything that comes your way and the types of repairs and updates you might expect, and whether you should do them yourself or ensure that the sellers take care of them.
Evaluate the plumbing
Not all plumbing issues are equal, so it’s essential to have these areas inspected to suss out any problems and then hire a contractor to give you an estimate for any repairs. Some are simple, relatively inexpensive fixes that can be handled by a local Cincinnati handyman, but others–such as those which involve replacing pipes–are more invasive and costly. A seller who is motivated to close the sale may agree to cover the cost, but you’ll want to make sure you have an estimate from a trusted pro. Whether you’re hiring a handyman or plumber, check to see if any of them are offering deals or credits for their services.
Have the electrical system checked
Like the plumbing, the wiring in your new home should be thoroughly checked out, especially if it’s an older property. Because this is something that needs to be done by a pro for safety reasons, it’s important to make sure you get an estimate for any repairs or updates. Keep in mind that while the seller is not legally obligated to fix any problems that show up during the inspection, your lender may not approve the final sale if there are major issues with the home that could contribute to safety hazards. This could play a role in whether or not you choose to back out of the sale or ask the seller for a credit.
Roofing, foundation, and mold
Three more potential safety hazards come in the form of a damaged roof, cracked foundation, and mold growth. These can also be pretty costly and/or time-consuming to fix, so the terms of the sale will play a big role in your decision. If the seller is eager to unload the property and move on, they may offer to sell “as-is” and lower the asking price, which means you’ll get a great deal on the house but will ultimately have to pay for repairs yourself. Sometimes a seller will already have an idea that these areas need work, however, and will be willing to fix the problems themselves.
Consider asking for a home warranty
Sometimes a home inspection will come back with mostly good news, but in older homes, there is always the possibility that older HVAC systems or plumbing will have issues sooner rather than later. In this instance, a home warranty will give both you and the seller peace of mind about various repairs for the first year, and it will only cost them an average of a few hundred dollars. It never hurts to ask, especially if the home is older than ten years.
Buying a new home means you have to make a lot of decisions, and having a plan is crucial. Do some research on the home you’re interested in to find out how old it is and whether it’s had any major repairs in recent years so you can go into the deal as prepared as possible.
When you’re ready to purchase a Cincinnati-area property, be sure to work with the experienced and dedicated real estate professionals at Team Herr. Call 513.708.7770 today!
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