Getting an offer accepted can be an exciting experience. But, in most cases, your home purchase isn’t a done deal just yet; before you close, you’ll need to get through the inspection process.
Ideally, the home inspector won’t find anything too concerning during the inspection. But there are certain home issues that may be uncovered during an inspection that could make you think twice about buying the home—thanks to the added time, stress, and costs those issues could throw into the mix.
So as a potential homebuyer, what, exactly, are those issues?
A recent article from realtor.com outlined some of the scariest (and most expensive!) things a home inspector might discover when inspecting a home, including:
- An old deck. A deck can be a major selling point of a home. But decks also have a relatively short lifespan (12 to 15 years) before they start to corrode—which can lead to a collapse. If your inspector finds that the deck of the home needs to be rebuilt, you can expect to spend anywhere between $10,000 and $15,000 on the renovation.
- A detached chimney. Repairing chimneys is an expensive undertaking; if the home inspector discovers that the chimney is detached from the house or has sustained significant damage, it will need to be replaced—which can cost upwards of $20,000.
- Bad electrical panels. The electrical panels (also known as fuse boxes or breaker boxes) in older homes sometimes don’t work properly—and if your inspector finds that the electrical panels in your home need to be replaced, it will cost you between $5000 and $6000.
- Roof. Old roof. Over 20 years old. Look for cracked or worn shingles. New roof replacements are easily over $10,000, depending on the size of the roof.
- HVAC system. Average life is about 18 to 20 years. If it is older than 20 years, you better start budgeting quickly for a replacement. Average cost: between $5,000 and $12,000 depending on model, etc.
- Hot Water Heater. Average life cycle. 15 to 20 years. Cost to replace: $1000 to $2000.