What Dangers are Lurking When You Buy a House?

Asking a professional to oversee you purchasing a home is important. They protect you from nasty surprises, both in terms of construction assessments and the costs incurred for repair and renovation. As major structural issues are expected to come about, a specialized home inspector should be consulted. Similarly, during the visit, you should always keep your eyes open for anything that looks out of place.

This includes:

  • Biological attack (wood pests, dry rot, mold);
  • Moisture penetration of walls of all kinds;
  • Conspicuous cracks in ceilings, walls, etc.;
  • Deformations of components; and
  • Missing pieces of wood in the roof or ceiling.

What a buyer should pay particular attention to

Buyers should pay particular attention to price-determining factors. This includes the following points:

  • Land value;
  • Current production cost;
  • Impairment due to the partial “consumption” of the object;
  • Availability of the object;
  • Assessment of the time value;
  • Are there temporary / permanent use rights?; and
  • Are there easements in favor of third parties (current deed)?

One can assess the risk of hidden defects when they buy a house: A house that is 10 years old and shows no damage will be fine. In a newly completed building you cannot be so sure. The defects risks are omnipresent, because the decline of real estate begins from day one. Age, wear, weather – it all plays a role.

Depending on the material and design, the faster one component is, the slower the other. Many unresolved minor issues cause subsequent damage and trying to resolve them can cost you considerably more than the elimination of the triggering damage. Most properties that are available are 100 years old or older. Construction techniques, materials, construction methods have changed more or less in this period.

Depending on the age of the building, certain characteristics capture risks. Risks do not mean that such damages must also occur in each building of the same age. This is dependent on the age of the building that have risks, contemporary maintenance backlogs, etc. It also has to deal with the value of the building, in terms of purchase price and/or investment in redevelopment. For more information on buying a house, contact your local estate agent today.