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| February 10, 2012 |
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Many Resale Homes Riddled With Deficiencies
by Broderick Perkins
Two in five of the resale houses you'll tour while shopping for a home will have at least one major defect that could cost you from a few hundred dollars to as much as $15,000 to repair. That's not surprising given the recent Wall Street Journal study that found it may be cheaper to buy a new or fully remodeled home every 10 years than to deal with the mounting repair problems of an aging home. Keeping a typical home up to current standards for 30 years costs almost four times the purchase price, according to the Wall Street Journal. "It's sobering conclusion: Almost every house, no matter how recently or expertly built, is a money pit," wrote Wall Street Journal's real estate writer June Fletcher. The 2000 HouseMaster Resale Home Deficiencies Study of 2,000 inspection reports found roofing, electrical systems, plumbing systems, central cooling, central heating, insulation, structural systems and water seepage problems among those most likely to yield defects. And based on its findings, the Bound Brook, NJ-based HouseMaster also determined the estimated cost of repair to cure the common defects.
"Pressure from sellers, REALTORS and other home buyers to make a quick purchase decision is making it even more important than ever to be an educated home buyer who knows what to look out for when shopping for a resale home," says Kenneth T. Austin, president of HouseMaster. The relatively nominal cost of a home inspection -- $250 to $500 -- can give you some peace of mind. "If defects are found early on, buyers can factor in the cost of repair into the home purchase equation and make sure it fits within their budget - helping to avoid any post-purchase surprises," Austin advises. Buyers can also negotiate with the seller to reduce the cost, pay for the repairs or deposit escrow monies for the repairs.
California Real Estate Inspection Association says it's also important that the home inspector make a professional inspection and consumers can and should look over their shoulder to make it so. CREIA suggests: Published: October 12, 2000 Use of this article without permission is a violation of federal copyright laws. Related Articles:
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