Home Buyers Walking Away Save Money by Avoiding These Pitfalls
Buying a home is costly. From the comfort of your home, you can find hundreds of articles containing useful tips to save money when buying a house. However, most of these valuable tips involve taking action.
Little is written about saving money by not taking action: Simply saying, “No, thank you” or “I’ll pass on this home,” can save you even more money than negotiating a more affordable price or shaving a point off your closing costs. Consider these issues and be ready to say “No” when you face them.
Say “No” to Homes with These Flaws
- Poor plumbing systems. Substandard plumbing systems can cost thousands to repair. Neglecting necessary repairs can result in burst pipes, flooding your home, or additional expensive insurance claims and/or rehabilitation costs.
- Bad, unsafe, and inadequate wiring. Many older homes suffer from wiring deficiencies or frayed wiring, even inside walls. Remember, many electrical items did not exist when older homes were built. New technology makes many, formerly adequate wiring systems, obsolete–and dangerous. Wiring sparks are a leading cause of home fires. Re-wiring a home is an expensive, often messy, project.
- Homes with asbestos or lead paint. Removing these substances is expensive. However, the serious health risks for Mesothelioma (asbestos) or brain damage (lead paint) outweigh the monetary costs. Save thousands–and your family’s health by saying “No” to houses with these conditions.
- Below-ground buried oil tanks. Prior to federal environmental regulations, many homes had buried oil tanks. The cost to excavate and replace them with above-ground tanks will damage your bank balance severely.
- Poor area schools, whether perceived or real. Even if you do not have school-age children, when you want to sell your home, you will pay a steep price by having few buyers with young children willing to make a fair offer on your property.
- Houses on heavily-traveled, main streets. You may get a “deal” when purchasing homes on busy thoroughfares, however, your initial “savings” will come back to haunt you when you try to sell. Most buyers with children and people wanting to avoid the constant traffic noise may not even view your home.
Even one of these “deal killers” will cost you thousands of dollars, now or in the future. Simply, telling the seller or real estate agent, “No, thank you,” saves you considerable money.