Possible Repairs
When encountering tips for buying a new home, it is always a surprise how little is covered about possible repairs. There should always be a clause in the contract about repair contingency. This clause states that if a repair is discovered by the buyer during inspection, then the seller is held liable for the repair. It’s very important to understand this, because once this document is signed and sealed, it’s legally binding.
Simply put, if the buyer discovers that some repairs need to be made, the seller can opt to repair them or not. If the seller repairs them, then all is clear. However, if the seller refuses to repair them, then the buyer can terminate the contract. Repairs, if not discovered early, can cost a lot. Chimney repairs, for example, may lead to some serious expenses. This is why it is important to always inspect the house you are buying thoroughly, and to always read the fine print.
Possible Renovations
A simple way to find out if the house you are buying would need possible renovations is to simply see when it was built. If it was built as far back as 20 years ago, then it may even contain asbestos, and you’ll need to have that removed as quickly as possible.
You also have to look at the building plans of the house and check the plumbing system to see if everything is in order. There may be rust that needs to be removed before it damages your property. You also need to check the walls, the roof, and the floors. Is everything sturdy? Is everything as it should be?
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Tags: new home, new home buyer, real estate
