5 Red Flags a House for Sale Will Need Expensive Repairs — Should You Still Make an Offer?
Are you considering purchasing a home? The homebuying process can be new and exciting, especially if it’s your first home. However, before you submit your offer, it’s important to be aware of red flags that can indicate expensive repairs in the near future.
Here are some of the top red flags to look for when purchasing a home and details on whether you should still make an offer on a home with these concerning items.
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Drafty Windows
Drafty windows can indicate a variety of problems, from poor insulation to siding issues and broken seals. Depending on the size of your home, replacing your windows could cost a lot of money. According to This Old House, homeowners spend $1,171 on average replacing windows.
Before putting an offer on a home, check the window seals and feel for airflow.
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Old Roof
Like windows, roofs can be extremely expensive to replace. If you have a home inspection, be sure your inspector verifies the age of the roof. In addition, the attic should be checked for signs of leaks.
Missing gutters, water spots and discoloration on your roof can all indicate that a roof replacement is needed soon.
Leaky Plumbing
Plumbing is an essential component of your home. A pipe leak or burst could result in a full gut job. Have an inspector check under each sink and in the basement or crawl space where the plumbing runs through for any signs of decay or water drips.
Similarly, check the material of your plumbing. If you are looking at an old house with cast iron pipes, be prepared for an expensive repair. Per Angi, the cost to replace cast iron pipes can vary, but homeowners can expect to pay between $200 and $800 to replace bathroom sink pipes and between $650 and $2,800 to replace pipes in the main water line.
Uneven Flooring
House settling is normal; however, if you notice that the flooring is very uneven, you might be looking at a foundation repair. Especially in older homes, floor joists and support beams can move over time. Verify the integrity of your foundation before purchasing a home.
A foundation repair is one of the most expensive repairs you can come across, making it important to understand what’s in store. The typical cost of a foundation repair ranges between $2,000 and $7,500, per This Old House.
Outdated Electric Systems
Outdated electrical systems are not only a fire hazard but also expensive to repair. If you plan on upgrading lighting, replacing appliances or adding new outlets, be sure your panel can support the extra power requirements.
Upgrading your panel and house wiring is expensive and can lead to other repairs, such as drywall.
Should You Still Make an Offer?
If the home you’re looking at has any of these red flags, it’s important to gather more information. How much will the repair cost? When will it be needed? This information can give you negotiation leverage.
For example, if the home needs new windows next year, you can request a seller credit to pay for a portion of the expenses. Getting some money back upfront might make the home purchase worthwhile.
If the seller isn’t willing to negotiate, you may want to reconsider your purchase or start setting aside funds for repairs.
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This article originally appeared on GOBankingRates.com: 5 Red Flags a House for Sale Will Need Expensive Repairs — Should You Still Make an Offer?
