You’ve found the perfect home in a great neighborhood, and you’re ready to move on to closing. But then the inspection turns up several problems. That’s not necessarily anything to worry about, though – inspections always find issues with homes. What you do need to be concerned about are major issues or certain problems that are typically considered deal breakers. So let’s take a look at 6 dealbreakers for Newark homebuyers.
1. Foundation Issues
Major structural issues should always be huge red flags, and that’s especially so for foundation issues. Newark homebuyers should always beware when they detect signs of foundation issues, which, in many cases, should be dealbreakers.
“Small cracks in the walls of older homes are common, but big, gaping fractures in the concrete or basement are red flags. It means the house is shifting from its foundation or sinking into the ground due to poor soil conditions or because water isn’t draining properly. Some things to look out for are cracks in upstairs walls, cracks above windows or doors, and doors and windows that don’t shut properly.”
If a home you’re considering has obvious foundation issues, that’s probably a good sign you should keep looking. Be aware, too, that some areas are more prone to soil problems and the concomitant foundation problems in homes. To discover more about foundation deal breakers, contact a Newark agent at (848) 299-4847.
2. Electrical Problems
Another major deal-breaker Newark homebuyers should be on the lookout for is any problem with the electrical wiring. In newer homes, electrical problems are usually relatively minor, but that’s not the case with many older homes.
“Exposed wiring is definitely a no-no, but finding a fire hazard as serious as this is pretty rare nowadays. What you should really be concerned about is aluminum wiring, which was widely used in houses during the1960s. Aluminum expands and contracts with heat, causing connections to loosen and pose a fire risk. Another issue to watch for is knob-and-tube wiring, which is common in homes built before 1930. Both of these findings require a complete replacement of the entire wiring system.”
3. Bad Roof
A bad roof, one that needs extensive repair or replacement, is (or should be) another common deal-breaker for Newark homebuyers. Although not as expensive as, say, fixing foundation problems, roof replacement is still a significant expense, typically running close to $8,000 (much more though for higher-end roofs). Only if every other aspect of the home, including the neighborhood, is perfect for you, would a bad roof possibly not be a deal-breaker.
4. Termites and Asbestos
And then there are those hidden problems that can be pretty expensive for Newark homebuyers to ameliorate, namely, termites and asbestos.
“Termites are responsible for billions of dollars worth of property damage every year, and homeowners insurance rarely covers the cost of repairs. Plus, you’ll need to hire an exterminator to eliminate the infestation, which usually costs several thousand dollars. This issue may not be a total deal-breaker, but it should prompt you to renegotiate the asking price.”
Not only is asbestos abatement expensive, but asbestos also poses a serious health hazard. If you find asbestos in any of the insulation, you’ll have to hire professionals to get rid of it, and even then, the home may not be safe to live in for some time.
5. Not Enough Bedrooms
Not having enough bedrooms may not seem like a deal-breaker at first glance. But you never know what the future holds, so it can become more than a minor inconvenience.
Your family may grow, and you’ll need more bedrooms for more children or for the elderly parent you take in. And since the advent of COVID-19, many people are now forced to work from home. When you have to turn a bedroom into a home office, you’ll then be even shorter on bedrooms.
Your best bet here is to consult your Newark agent. She can help you find a home with enough bedrooms for both your current and future needs. Call (848) 299-4847 to learn more about this.
6. Low Appraisal
Newark homebuyers should definitely beware of a low appraisal value. Certainly, a low appraisal can indicate that it’s not worth the asking price, but it may also say a lot about the neighborhood and your resale prospects.
A low appraisal value may indicate poor schools in the area, a high crime rate, and/or lack of nearby amenities and entertainment. “Don’t forget that you’re not just paying for the home. You’re also paying for the school district and community it’s located in, proximity to the entertainment you desire, and many more things.”
How Newark Homebuyers Can Avoid Deal Breakers
The trick, then, for homebuyers is to avoid homes afflicted with any or some of these deal-breakers. Doing so will save you a lot of time and effort: you won’t have to restart your home search after a deal-breaker incident. And your local agent can help you steer clear of homes with deal-breaker issues. If you’re among the Newark homebuyers who want to maximize their search by avoiding deal-breakers, contact us today at (848) 299-4847.