Last week I was looking at a listing on a house for sale. The listing advertised a 'new' roof and a 'new' electric panel.
When I see the word 'new' I always wonder what that means. Does it mean last week, last month, last year? I can't be sure.
What about 'newer'? Does that mean 2 years, 3 years or could it be 10 years old?
When looking at houses for sale, dates are important. Realtors, buyers, lenders and insurance companies like dates. We like to know the date a house was built, the date the kitchen was remodeled, the age of the air conditioning system, the water heater, and the date the 'newer' pool pump was replaced.
Insurance companies are pretty specific about the dates they need, especially on houses over 50 years old. They require a 4 point inspection on the main operating systems of the house... the roof, electric, plumbing and a/c. For a wind mitigation inspection they will look at the age of the roof, the windows, garage door, etc. Correct dates may provide substantial discounts, in some situations on a homeowner's insurance policy.
On traditional sales, sellers fill out a property disclosure, noting any defects they are aware of. And, they fill in the date when that 'new' roof was installed. In an ideal scenario a seller can pass along all pertinent receiprs and documentation to confirm dates. Often, this can seal the deal for a buyer.
In seeing the words 'new' or 'newer' advertised, I think this requires additional research. Both of these words are relative terms. Find out exact dates. Call the city to ask for permitting information, when applicable.
In my further research on the property listing advertising a new roof and new electric panel, the listing agent informed me that the 'new' roof was installed in 2005 and the 'new' electric panel was installed in 2006. In my book, that's not new!
In researching information on another property, I found that the roof was 11 years older than the 2003 date that was advertised.
So, before buying a house, be sure to do your due diligence and do your own research.
NOTE: On foreclosed properties, there are no warranties, no property disclosures and no documentation. The sellers that owned the property are gone. And, the banks selling the properties do not have any records.
M & M Real Estate, Inc.
Residential, Investment and Relocations
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Melbourne Real Estate / Palm Bay Real Estate
321-253-4545 or 321-733-6080
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