Evaluating the Problems
Should you buy a home with problems? What is most important here is to put the problems you have found into perspective. With some faults, you may choose to walk away from the best bargain you have ever seen because of the risks (or higher costs down the road) involved; with others, you may have the time, money, and motivation for the repairs needed. Following are some aids in helping you with the decision to buy or not, now that you know a home's faults.
Any item on this list should be enough to turn you away from your prospective purchase:
Unsafe or inadequate drinking water
A nonfunctioning or malfunctioning private sewer system (septic tank or cesspool)
Location in a floodplain (The U.S. Geological Survey has mapped most floodplain areas in this country. If your property is on low land near a river or stream, investigate. Federal flood insurance is available to residents of floodplain areas. Most lenders will not write a mortgage without it.)
Uneven settling or a buckling foundation
Uncontrollable basement water problems
These items indicate caution, and potential trouble or costly repair ahead:
Peeling, cracking, or bubbling exterior paint
A roof almost in need of repairs
Deteriorating gutters and downspouts
Leaks in the roof at the flashings
Excessive moisture in the attic due to poor ventilation or inadequate insulation
Pests (termites, bats, mice, squirrels, or roaches)
Inadequate electrical service (This can be brought up to date at a cost.)
Inadequate insulation
Plumbing pipes or fixtures in need of repair or replacement
Leaks around the bathtub or from under a shower stall
Windows in need of repair or replacement
The following findings on a home inspection report should do nothing to disrupt your confidence in the soundness of your potential purchase:
An aged or inadequate water heater
Nonworking appliances (built-in ranges, ovens, dishwashers, and so on)
Hairline settling cracks in the foundation
Leaky faucets
Dirt, grime, and eyesore decorating
