3 Hidden Problems You’re Likely to Inherit When Buying a House
And what it will cost you.
Published Nov 30, 2021 12:16 PM
Hot outlets, low water pressure, missing shingles—these are the kinds of issues that home sellers are turning a blind eye to. According to a new report from Home Advisor that surveyed 2,000 Americans to learn about what misshaps they faced and how much it took to fix them, nearly three in four people who have sold a home admit to hiding a problem from a buyer. And their pretending not to notice the leaky roof can mean bad things for your budget. In fact, on average, new homeowners spend more than $7,000 to fix mistakes made by previous owners that they were unaware of in the first year alone. In the long run, people admit to dropping over $15,000 on home improvements.
Of all the less noticeable (but time-consuming) repairs you’ll inherit, electrical issues are the most likely. Forty percent of those polled said they encountered such problems (think: faulty attic fans and ungrounded plugs). Drainage and roofing were close behind at 39 percent and 37 percent, respectively. And when it comes to rooms in the house that end up needing the most work because of failed DIYs, the bathroom takes the cake, followed by the kitchen. These types of problems are bad enough that a third of respondents said they wouldn’t have bought their house had they known what was really going on.
Want to avoid buyer’s remorse? Put yourself on financial lockdown for at least six months before purchasing a home. When the time comes to house hunt, avoid considering homes that are outside your budget and account for structural and cosmetic changes—even if you don’t have plans for a renovation.