WalshStreet Blog

Buyers Biggest Mistakes
January 23rd, 2013 7:11 PM
When inspecting a house that you may potentially buy, after you have concluded what the overall condition of the property is, there are some very important additional analysis you should perform. Determine how old the house is. If older than thirty-five years, you should pay extra attention to electrical wiring, plumbing, roof and windows. Houses in this age range can appear to be in great shape, but can have mechanical and structural deficiencies that can go unnoticed to the untrained eye. Although immediate repairs may not be needed, they may be required within the next few years after purchase and be very costly. Equally important is the fact that both new and existing residential and commercial properties are going through an evolution of energy efficient, eco friendly, value adding features that could put you on the low side of the neighborhood value range if the property you purchase has none of this. In Calif., the biggest mistake I see buyers making in negotiating a sales price, is not taking into account whether or not the foundation has been retrofitted! If this hasn't been done, its going to have to be done. Even without a major earthquake, the slightest earth movement and settlement, can cause cracks in your walls, your windows and doors to become unaligned and your fireplace to separate from your house. In the end, if your purchase price was at the high end of the value range for similar houses in the area, and you didn't consider these additional features/costs, which are becoming commonplace, you'll be playing a serious game of catchup in property appreciation, the day after you purchase the house.

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Posted by Lawrence Walsh on January 23rd, 2013 7:11 PMPost a Comment

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