Houses don't come with a "100,000 Mile Warranty"
Unlike some cars, houses don't come with a "100,000 mile warranty" but wouldn't it be nice? You buy a house, move in, something cracks, breaks, or otherwise goes wrong, and all you have to do is make a phone call to your Realtor who helped you some 6, 10, 12, or 14 months ago and somehow the previous owner, the real estate company, or the title company will make the problem go away.
The reality is quite different. Nothing lasts forever, so it should not be surprising to find things that break, fail or otherwise fall into disrepair especially if the house involved is an older one. You buy a house and from the moment you own it, problems that occur will be your responsibility to deal with.
There are a few things buyers should do before they buy. It is important to do your homework to learn about problems that may already exist in the home you consider purchasing or to limit your exposure to problems that may occur in the near future. These are the things buyers should get and do:
1. History: Get a sellers disclosure about the condition of the home for sale.
A sellers disclosure in Florida requires a seller to disclose all known facts that materially affect the value of the property and that are not readily observable. Basically, this could be considered the condition history of the property as known to the seller. The disclosure statement contains sections about zoning, termites and other wood destroying organisms, structure and roof-related items, plumbing, electrical, heating issues and more. While this is a good first step, for some properties such as foreclosure homes, a property disclosure may not be available.
2. Current Snapshot: Get a professional home inspection.
Your home inspector will work for you and look for any problem areas in the home. Buyers and sellers always chuckle when the inspector comes into the house and turns on the dishwasher as one of the first actions.
Well, this is to ensure that the dishwasher is in working condition. Your home inspector will check all the other appliances as well as the electrical outlets especially GFCIs, check for plumbing leaks, roof and structural issues among other things.
Thus the home inspection could be considered a snapshot of the current condition of the home. Your home inspector will recommend further action if he identifies any problems or has concerns.
However, keep in mind, a home inspection is essentially a visual inspection. The home inspector will not move furnishings, remove carpeting, or insulation in the attic.
3. Assurance and Estimates: Get a second opinion from the appropriate trades professional.
Sometimes, the home inspection identifies an issue that should be looked into further. This will also provide for the opportunity to receive an estimate for repair cost if needed.
4. Plan for the Future: Consider a home warranty policy to cover certain items in the home for the first year.
Home warranties cover certain items but not all. Your Realtor can provide you with more information on how to obtain a home warranty including pricing. Although with a home warranty, you may still be required to pay a service fee for repair services to come out, the warranty may relieve you from the cost of the repair itself.
5. Last but not Least: Get Homeowner's Insurance.
If you are getting a loan for the purchase of your home, your lender will require you to carry homeowner's insurance. But even if you pay cash for your new home, you might consider insurance to protect you from potential future losses. While homeowner's insurance does not cover the everyday annoyances, it does provide protection in case your home is struck by a burglary, fire, flood, earthquake, or other disaster after you have met your deductible.
There you have it. Houses don't come with a 100,000 mile warranty. Hopefully, by following these five steps during the buying process, you will obtain a clear picture of the condition of the home for sale you are considering.
Houses don't come with a "100,000 Mile Warranty"
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