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Home Inspections: Tips on How Buyers Can Avoid Costly Issues

Home Inspections: Tips on How Buyers Can Avoid Costly Issues


Home Inspections: Tips on How Buyers Can Avoid Costly Issues

You may have saved for a down payment for years, looked at dozens of homes, and qualified for a traditional mortgage or even one of the bad credit home loans available. If you’re almost to the closing table, a home inspection may be next on your list of things to do. While the tile may gleam and the paint may match your style perfectly, there could be issues lurking within the house you need to know about. Here’s how to make sure you protect yourself with your home inspection.

Water Worries

Water stains can be evidence of a bigger problem. Leaks from the roof, around the foundation, or from plumbing issues can cause expensive damage to floors and walls.

Avoid issues by: Ask your inspector to assess any water stains on the floors and walls. Find out the severity and cost to have it repaired before you proceed.

Mold Misfortunes

The water problem above could have created mold. Expensive to remove and dangerous to leave, mold is one of the biggest issues you can uncover as a homeowner.

Avoid issues by: Pay close attention to the inspector’s report and require the current owners to address mold issues before closing.

Foundation Issues

Cracks in the home’s walls and uneven flooring may indicate the foundation is damaged. Repairing a foundation can run into thousands of dollars.

Avoid issues by: Your inspector can tell you the severity of any foundational issues he finds. Either negotiate for the seller to pay them, or plan on getting them fixed as soon as you purchase the home to keep the problem from getting worse.

Pest Peeves

“Varmints” as we say here in the South can be a major source of concern for a homebuyer. Termites cause extensive damage and are difficult to eliminate. You may see signs of an infestation like dead bugs or pest droppings.

Avoid issues by: If the home has pests, deal with them by hiring a professional exterminator. Negotiate with the seller to cover part of the costs of repairing the damage.

Electrical Headaches

Outdated wiring is common in older homes, but that doesn’t make it less dangerous. A big fire hazard, old outlets and wiring that’s not up to code is a costly expense you don’t want to find in the home inspection.

Avoid it by: Talk to your inspector about the wiring, electrical outlets, and fuse box. Ask if they would feel comfortable living there the way they are now. If you’re buying an older home, it’s even more important to address these before closing.

Your home inspection will most likely find issues with your new home. Take a breath and realize that no home is perfect. Then weigh the findings and decide which of them, if any, are worth trying to get the seller to fix or help pay for. Only you know how badly you want the home and what you can afford after closing in terms of repairs.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020