If you’ve ever purchased a home, or any kind of real estate, you know that the buying process is one that includes plenty of risk assessment. That’s because no single family home or condominium is perfect, even if it’s a new build.
The challenge for prospective home owners is to ferret out potential problems during the buying process and assess the total cost of addressing them. In most cases, simple problems can be fixed during the inspection process by the seller. For bigger problems, or problems that the seller just doesn’t want to bother with, the final price of the home may be adjusted to account for the anticipated repairs.
Some problems, however, are simply too big for most people to deal with and should send would-be buyers heading directly towards the door. Some of these problems are simply too expensive to fix, while others are so complicated and potentially dangerous that they constitute a reason to simply walk away from the deal entirely.
If you’re thinking about purchasing a new home in the near future, here are a few situations that fall clearly under the heading of, “deal breakers.”
Black mold is an environmental hazard that can both jeopardize your family’s health, and completely kill your chances of ever re-selling your home. These invisible spores can be present in a home, even if the place looks and smells completely renovated.
Black mold can cause serious respiratory problems, including asthma, and is definitely not something you ever want to deal with. If you do get stuck with a home that’s haunted by black mold, you may wind up having to replace every piece of drywall in the building; and even that may not be enough to remove the threat.
The best way to stay out of black mold’s way is by shelling out for a bit of environmental testing during the home inspection process. A simple $100 test can head off many thousands of dollars’ worth of repairs.
Sometimes a home may look perfect from the outside, but is suffering from serious plumbing and electrical problems on the inside. These kinds of problems are tough for amateurs to spot and, sometimes, even slip by basic home inspections.
We strongly urge home shoppers to educate themselves on potential problems that can doom plumbing and electrical systems and avoid them like the plague. The last thing you want to do when you move into your new home is shell out for a new sewer pipe or electrical system.
Was the home you want to buy ever used as a meth lab? That’s a question every home buyer should ask, no matter how nice a neighborhood they’re shopping in. The chemicals used to make methamphetamines are absolutely toxic and are definitely not visible to the naked eye.
Fortunately, there are plenty of reliable analytical labs that can test for the presence of these noxious toxins in just a few days. A meth test can be expensive ($300-$500) but can purchase plenty of peace of mind when you sign on the dotted line to pay for that new home.
Buying a home is a long term commitment, so don’t commit to serious problems that will doom your time there.