When You Should Pull Out of Buying a Home After Inspection

Home inspections are very important to help you determine if you are making a good investment. If something of concern comes up during the inspection the usual process is to make those items of concern known to the seller and negotiate a way to get it fixed or to pay a lower price. There are some concerns that come up in home inspections that are bigger than any negotiation can fix.

Here are some inspection issues in which you should pull out of your purchase offer contract.

Foundation

A strong foundation is the most important part of a structurally sound home. Without a firm foundation, a house cannot stand and function properly. Major foundation issues should not be ignored or put off and are very expensive to fix. So unless a seller is willing to take a loss on their home, which is not likely if they have a mortgage to pay off, it is best to walk away from the purchase. In many cases you could end up paying more in foundation repair than any equity you would build for the first several years.

Water Damage

Some minor damage is not caused for a deal-breaker, but sometimes home inspections can uncover major water damage that will require stripping things back to the studs (the house framing) to repair. Water damage that goes unnoticed for a long period of time can also cause mold damage. Both of these things can be very costly and time-consuming to fix. If the water damage is caused by a plumbing issue that just adds to the cost of repair.

Roof

If the inspection determines that the home needs a brand new roof it can cost tens of thousands of dollars to replace the entire thing. In some cases, the homeowner may be willing to negotiate. If they are not it is wise to consider if the cost is worth purchasing the home. Many times it is not.

Electrical and Plumbing

Older homes even just 20 or thirty years old can have outdated and faulty electrical systems. Newer homes can even present electrical problems as a result of DIY electrical “upgrades” that were not permitted or done to code. Not every electrical issue is going to be found in inspection because wires run through walls where inspectors can’t see anything unless they tear open the walls, but there are some issues that are easy to spot especially if they have to do with the breaker box. Electrical issues can be extensive and costly especially if it requires upgrading the entire system because it is a fire hazard.

Major plumbing issues including burst pipes or a busted water heater should give the buyer pause and cause them to truly assess if the cost of repair is worth going through with the purchase.

Infestation

Pest problems of infestation levels will take a large amount of time and money. Even worse is termite issues especially if they have gone unnoticed long enough for significant structural damage. In this case, you have to pay to tent the entire home and get rid of the termites then follow up with paying to fix the structural damage. This is a very costly fix.

Do you need a reputable home inspector in Champaign? Please contact us anytime we are highly trained and knowledgeable and will give you the best insight into your potential home purchase.