Keep in mind even if you find an inspection issue that is big, there are ways to remedy the issue without backing out of the deal. Between you and the sellers you can come to an agreement on how to remedy the issue so you can still buy the home and they can still sell the home.
Here are some red flags that you may need to pay closer attention too.
1. Water in the basement, condensation on the walls and mold in the air indicate moisture and drainage problems that could cost a lot of money to fix. These issues often suggest improper grading.
2. Cracks in Walls, ill-fitting windows and doors, and visibly shifted bricks on the exterior are all signs of structural damage. Your cost to fix these types of problems? Anywhere from $20,000 to $200,000.
3. Old Shingles, water stains on the ceiling or rotting rafters are all signs that the roof may need to be replaced. This is another extremely expensive undertaking, so pay close attention during the roof inspection.
4. Replacement of Windows, windows that just don’t work, fit the frame poorly or show condensation between the panes may need to be replaced. Depending on the number of windows, this could easily run between $5,000 and $8,000.
5. Insect Problem? A general inspection should show you whether the home has a pest problem, which may prompt a need for a more detailed report from a specialist. This is a serious issue because some pests can cause structural damage.
Home Inspection Tip: It’s good to know the building’s overall condition from the start so contact your condo or co-op boards to find out what repairs they pay for and remember that the costs will get passed onto you eventually.
