The Most Costly Issues Found During a Home InspectionNovember 26, 2018
While you may feel confident that everything in your home is in safe, working condition, you should think again. Home inspectors can find issues with aspects of your home that you could have easily overlooked, which is why they are hired in the first place. The good news is that most of these issues can be resolved with money. Depending on the issue, however, it could be a lot of money. To prepare you for the worst, here are seven of the most costly problems found during a home inspection:
1. Electrical Panels Needing Replacement
Some fuse/breaker boxes found in homes are from brands that have ceased manufacturing—Federal Pacific, Zinsco, and Bulldog Pushmatic, just to name a few. They are no longer in production due to problems with tripping properly when there is an overabundance of electrical current going through them. This is a huge fire hazard. You will likely have to pay around $5,000 to replace the electrical panels.
2. Aging Decks
Old, creaking decks are not only unappealing, but also a safety hazard. Decks that are more than 15 years old or are just corroded are especially at risk of collapsing. To rebuild a deck, it will cost between $10,000 and $15,000 dollars.
3. Damaged Chimneys
A chimney will be considered damaged if it has separated from the house or even if it has a small crack. As a result, a homeowner would have to completely tear down the chimney and rebuild it. This will run homeowners close to $20,000.
4. Polybutylene Pipe
This is a type of water pipe that was widely used in homes built in the 1980s. However, there was much controversy surrounding it because the joints were prone to failure. This caused numerous homes to flood. When a home inspector sees this type of water pipe, they will recommend replacing it. This replacement will cost roughly $10,000.
5. Broken Roof Trusses
Fixing roof trusses will call for a structural engineer, in addition to thousands of dollars. Sometimes, the damages to roof trusses are caused by renovations. For example, someone may alter the trusses in order to install an air conditioner or add more attic space. This is a bad idea because it can have a negative impact on the structural integrity of the roof.
6. Foundation Cracks
One of the worst issues that a home inspector can uncover lies within the foundation. A damaged or cracked foundation is a big deal because it is both expensive and risky to repair. To illustrate, if the foundation is not repaired properly, it could cause a home’s structure to collapse.
7. Environmental Hazards
Any environmental hazards such as asbestos in the home, termites, mold, or lead paint, are all substantial problems. Fixing these health hazards will require a professional service, which won’t be cheap. One could end up dropping a large amount of cash to resolve such issues.
Lakeside Title Is Here to Serve You!
Lakeside Title provides title insurance and numerous title-related services, all while making sure your transactions and funds are protected and secure. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers, and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!
- These are the Best 12 Housing Markets for Buyers in 2019
- The Top Loan Officers in the Nation Dish on the Industry and How to Run a Business
- Why You Need Title Insurance for a Newly Constructed Home
- The Percentage of Home Sellers Who Cried During the Process May Surprise You
- The Chrome Extensions Real Estate Agents Can’t Live Without