First time home buyers need to keep an eye out for potential costly home repairs before buying a home. Just one of the issues listed below can make a great deal turn into a loss. Most often potential home buyers decide very fast if they want to buy a house or not. This decision is more often than not decided due to a wow factor that the sellers worked on, it could be the exterior of the house, the kitchen or a huge closet. This wow factor can cause the home buyer to ignore or downplay the negatives of the house. This quick decision can cost the homeowner thousands upon thousands of dollars and many hours of stress. In this article, the We Buy Houses NJ, LLC team gives New Jersey home buyers the information they need to avoid the most costly home repairs.
Read on below to learn how to identify and avoid 5 costly home repairs.
This issue is usually found in older homes and has the potential to spread throughout the entire house. In worst case scenarios these issues can result in electrocution or even fire. Due to highly flammable insulation material when exposed these wires can be the reason a fire starts. This even happens with newer homes when electricians take shortcuts. These contractors are pressured to use cheap materials or work on a tight schedule to sell homes at a higher profit. Make sure to look out for flickering lights, poorly placed outlets or outlets that are hot to touch. Re-wiring a whole house can cost upwards of $10,000 and can break the bank for anyone. Make sure to check the house thoroughly. Checking the circuit box is a good place to start and look at the condition of the wires coming out of the box. This is usually a good indicator of the condition of the wires throughout the whole house. Another location to look at is the garage, there are usually open panels and the wires are exposed. Again this is just an indicator of the condition and can give you warning signs of what you can’t see. There is also the attic where wires are exposed since they usually don’t have sheet rocked walls. Seeing all three can give you a pretty good indicator of how the electrical work was done and how old the wiring is as well as the condition.
HVAC issues occur because of poor venting, outdated or broken equipment, and/or corrosion which can spawn mold, cause fire, and lead to high energy bills. HVAC units are very expensive and if there are ever any issues it can become very costly to repair. Replacing ductwork can also be required which often leads to drywall demolition and subsequent replacement. Mold removal and cleanup is also costly and inconvenient – often leading to parts of your home being sectioned off during the extraction process. Look for signs of water leaks, outdated equipment, and inconsistent temperatures across different rooms in the house. Repairs and new HVAC units start at $2,500 and can reach upwards of $8,000.
Replacing a roof is a very expensive home repair but many homebuyers do not check for roofing issues. The issues that a bad roof can cause are water damage, mold, mildew, electrical issues, insulation problems and more. Make sure to look out for these issues:
- Water stains or leaks
- broken or missing shingles
- mold growth
- roof dips
Completely replacing a roof can cost more than $5,000 but smaller repairs may cost under $1,000.
The house’s foundation is one of its most important structural elements. Foundation shifts or cracks can lead to a whole home separating. Often, walls in homes with foundation issues will crack or different rooms of the house will be out of level. All these issues pose safety risks for all the occupants. Although foundation issues can be daunting, they are definitely fixable. Additionally, reputable companies can guarantee lasting repairs. However, it will cost you; be prepared to spend $10,000 to $30,000 on a major foundation repair job. Here are things to look for:
- Cracks in the house’s concrete slab
- Rooms not in level
- Exterior foundation for crumbling
- Doors not closing easily
This is another potential costly home repair. Plumbing issues include leaks, corrosion and clogs. These issues can increase your water bills and lead to more serious foundation and/or mold issues. Fixing these issues is often best left to professionals because one mistake can lead to other hidden leaks or flooding problems. Look for leaky pipes, dripping faucets, running toilets and water stains. If you detect plumbing issues, be prepared to pay $2000 and up for the most serious plumbing issues.
Make sure to keep a lookout for all of these issues when you are qualifying houses for your next purchase. Although each home purchase is required to have a home inspection they may not be the best in general or they could have a bad day or just unlikely. Even though some of these issues may seem alarming, they can all be fixed. In some cases a home with some of these issues could still be a good deal. The We Buy Houses NJ, LLC team has first-hand experience with all of these issues and has successfully found ways to fix and flip them. We Buy Houses NJ, LLC has bought ugly houses and houses in disrepair and repaired them to safety and functionality. However, you definitely need to consider all the costs and the time it will take you to bring the home back to a functional condition before purchasing a home with any of these issues. We Buy Houses NJ, LLC offers investors a list of pre-qualified investment properties with great potential. Learn more about our approach to identifying great values and contact us for more information about these wholesale real estate investing opportunities!
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