5 Things That Should Scare You Off From a Home Purchase

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A Fearful Home Owner

Listen, we never, EVER want to tell someone NOT to buy a house.  When you call us for a mortgage, the goal is to get you the lowest rate on the best loan, and let you save the most money.  We want you to buy the house!  But, as we’re so experienced in this arena, we want to give out our advice.  Here are 5 home inspection issues that should scare you off from a home purchase.

Termites

Termites are nasty.  It’s an infestation in the house that literally eats away at your home.  The integrity of the house can be compromised by these gross little critters, and they immediately devalue the home.  They’re also tough to get rid of.  It takes the hand of a professional to rid your house of these pests, and there will be repairs.  These can cost you thousands of dollars if the infestation is bad enough.

Have a pest inspection when you have your home inspection to detect these problems.  Termites are different than ants, mice, or any other pest.  They literally destroy your home.

Upgrades without permits

Lots of homeowners are DIY types that will put in additions and make repairs to the house themselves.  Where that’s scary is if there isn’t a record of repairs, and if they’re done shoddily.  A poor patch or bad repair can cause a flood or a fire, and if it was done sans-permit, your homeowners policy may not pay up, or at least will give you a hard time over it.

Make sure that you find out about any repairs or additions that may run you afoul of the insurance company (or the homeowners association) and either have them legitimized or authorized before you move in.

Black Mold

Black mold is a HUGE problem for homeowners.  It’s toxic and can make you sick, or even hurt your pets.  It can cost you thousands of dollars to repair, and you don’t want to be stuck footing THAT bill.  Not all mold is deadly, but none of it is great in your house.  If you don’t want to be sick (and spend thousands to repair it!) have your home inspected for black mold before you sign that contract.

Aluminum wiring

Since aluminum is much cheaper than copper, it was used in many older homes, particularly in the 70’s.  The problem with this material is that it expands and contracts with heat, unlike copper.  This leads to loosening of connections, which can lead to fires.

Having the entire home rewired will cost a bundle, so don’t get stuck footing that bill.  Luckily, a home inspector will find these problems and recommend that you have the current owner repair them or you not buy the place.

Foundation Cracks

This is a biggie.  If the foundation isn’t secure, you’re going to be in real trouble.  This isn’t a small problem.  Shifting or cracked foundation means that you are going to have to repair it sooner or later, costing you thousands, maybe tens of thousands, to repair.  It’s LITERALLY the bedrock of your home.  Foundation cracks lead to the rest of your home shifting.

This causes cracks in the interior, and the rest of the house becoming unstable and dangerous.  Don’t buy a house with a cracked foundation.  There’s another home out there for you that isn’t going to fall down.

Once you’ve found a great house that’s safe and doesn’t have these issues, take advantage of lower mortgage rates to buy it and save money.

Get Started

Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 and Nashville at (615) 810-8555.  You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?