Before you get caught up in the romance and excitement of buying a house there are things you should consider before signing on the dotted line. Wouldn’t you want to know what potential pitfalls you could be faced with before you commit yourself and end up having to pay out thousands of dollars before you even take possession? We all would. See the list below to name a few:
In order for you to be eligible for a mortgage you need to insure the property in case of fire, etc. In this case insurance companies will only insure the home if you pay to upgrade the service once you take possession. The cost for this service upgrade as soon as you move in.
Like the 60 amp service, insurance companies refuse to insure a house with knob and tube. Although the ESA does not deem knob & tube unsafe, insurance companies do. Again if you can’t get insurance, you can’t get a mortgage and you can’t buy the house.
If it is an oil burning furnace the insurance company may want to inspect the location of the furnace and its proximity to any heat sources, leakage and surrounding contamination and the biggest danger to owning an oil furnace, carbon monoxide leakage.
Sometimes you can see evidence of a leaky roof just by looking up at the ceilings and looking for water marks. Other times it is not so noticeable and you may need to do some further investigation.
Before hiring a home inspector, you can often tell the condition of the roof simply by standing back and looking at it. Are the shingles broken or missing? Are there multiple layers of shingles already? You will need to determine if the roof requires a simple patch fix, or if you can suffice with a rollover (another layer of shingles) or if you need to rip and replace.
Basements can be a potential source of mold because they are dark and if they are moist they become a prime breeding area. There are some tell tale signs that indicate water penetration and if you are seriously considering purchasing a home that has a leaky basement you would do yourself a favour and be a prudent buyer because it can save you 10’s of thousands of dollars to repair after the fact.
If you’ve hired a plumber lately then you’ll know a plumber is not cheap. Before you end up committing yourself to thousands of dollars to have a plumber come and replace the the pipes in your home in addition to any additional repairs when s/he is done, you may want to check if you have galvanized steel pipes before buying a house.
At the Trading Post Property Solutions we get exciting buying houses in this exact condition. If you are selling your house and think you have a lemon, we love making lemons into lemonade. Contact us to buy your house.
The Trading Post Property Solutions Ltd
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