DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 21, 2013
Home buyers need to be extra vigilant about inspections in the early stages of a purchase because if problems are discovered too late in the process, it can "dash home owners' dreams and budgets," writes Yahoo! Finance in a recent article.
One home buyer in Long Island, N.Y., explains in the story that she didn't discover the fixer-upper she bought needed $225,000 in repairs until after she purchased it.
Jonathan and Drew Scott, who educate viewers about transforming fixer-uppers on HGTV's "Property Brothers," offers up a checklist of five things buyers should look for to ensure they don’t buy a lemon.
Mold:Buyers should note any musty smells in the home and be on the lookout for any mold. Mold can be caused by improper air circulation as well as water leaks.
Pests:Termite damage can be widespread and costly to repair.
Outdated fixtures and wiring:Electrical problems in a home can cause fire hazards. Buyers should take note of any indication of faulty wiring, such as cable coming out of drywall.
Poor DIY jobs:Buyers should make sure that the previous home owner's do-it-yourself projects were done correctly and are up to code. For example, poorly done flooring and painted-over wallpaper can be time-consuming and costly to fix.
Drainage problems:Sloping sod can cause flooding problems in a backyard, and a slow-draining sink could be an indication of a bigger problem. Buyers should test sinks and flush toilets to test for any potential problems.
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