Inspecting A House
When Ken and Teresa Toten recall buying their house, they're amazed they could have been so unaware of its problems. Before moving in, they'd only seen the house for a few minutes — long enough to decide that they liked it.Only after living in the house for a few months did they discover how much time and money was needed for repairs. For example:
• There was no insulation in the house.
• The electrical wiring and plumbing needed replacing.
• The original hardwood flooring was covered with carpet, plywood, and linoleum. They had to remove all three before restoring the hardwood surface.
Terry and Louise de March didn't know any more about house buying than Teresa and Ken, but they weren't caught by surprise expenses. Before looking at houses, they decided where they wanted to live, how much they could spend on renovations, and how much they were willing to pay. Most important, they inspected their house before signing an offer of purchase.
Today they're still happy with their choice. The house has cost them exactly what they budgeted for, including the cost of replacing the roof. No other renovations have been required.
Houses are so expensive to buy and repair that you'd expect a thorough pre-purchase inspection to be the norm. It isn't. Most people spend less than 40 minutes examining a house before buying it. Prospective buyers often don't know what to look for. Without sufficient building or renovating experience it's difficult for buyers to spot serious defects until after they've lived in a house for a year or so. But inexperience needn't be a problem. Books like How to Inspect a Houseby G. Hoffman; House Buying — The Practical Approach by R. Molnar; or Inspecting a House by A. Carson and R. Dunlop, explain how and where to look for defects.
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May 22, 2012