Part of the home purchase process is getting the home you are thinking of buying inspected. This involves a general inspection, and in some cases a specialty inspection as well (i.e. mold inspection).
If you are open to buying an older home, maybe one with some outdated features or minor repair work needed, you might be wondering what you shouldn’t compromise on. Below are some of the most critical things to pay attention to during the home inspection process.
- Foundation. A minor crack in the foundation may not be so bad. You can often get those filled for a few thousand dollars. But if there is a larger structural problem with the foundation, repairs can run up to around $30,000. So, be very wary of buying a home with serious foundation issues, or unknowns affecting the foundation.
- Roof. Another part of the house that can add up to quite a lot of money to repair or replace is the roof. At the lower end, you might get away with $8,000 or so, if it is a smaller roof, and the pitch and material don’t drive up the price. But at the upper end, a roof replacement can run around $25,000.
- Electrical. Watch out for electrical issues in a house, especially if you are buying an older home. If it has knob-and-tube, you will need to fully rewire it. The cost to rewire the electrical system in a home can range from $3,000 up to around $10,000. So, this isn’t necessarily a complete “nope.” But you should at least know what you might be getting into before you move forward.
- Plumbing. If you need to overhaul the plumbing in a house, that can range from $4,000 or so to around $15,000. Here’s the thing though plumbing issues can be just the tip of the iceberg. If the plumbing has a leak, you could be contending with water damage and mold as well, both of which can also be expensive to remediate. That’s something you need to watch out for with foundation and roof issues too. Both can lead to leaks, which can lead to those other issues. And Florida is humid, so mold can take hold here really badly.
- HVAC. If you have to replace the HVAC system, it could range from around $5,000 to about $15,000. Considering how hot and humid it gets in FL, this is not a repair you’ll want to put off for long. Plus, without AC, your home will likely be more humid, which could contribute to mold issues. So, think carefully before buying a house that does not have a properly working HVAC system.
Buy a Home in Florida
Florida State Mortgage Group is based in Fort Lauderdale. If you are ready to buy a home, we can help you apply for a mortgage anywhere in the state. To get started, please give us a call at (954) 359-3000 to schedule your mortgage consultation.
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