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You Make Your Money When You Buy Property and You Can Lose It Too

Many people today are making a lot of money buying and selling properties. However, there is also the potential for losses if buyers don’t do their due diligence before purchasing. Even with insurance covering the losses, buyers may find themselves losing a lot of money when they purchase a bad property. Generally, when this happens buyers are unaware of it beforehand. Although there are laws that protect buyers when sellers do not disclose negative facts about the home, the seller can always claim that he was unaware. Therefore, it is important that buyers have a home professionally inspected before making a purchase. Below is a full overview, courtesy of Pink Pest Services of what can happen when mistakenly purchasing a property only to find catastrophic damage.

1. Bad Foundation

Perhaps the worst problem that a property buyer could experience is a bad foundation. In many cases, it is less expensive to tear down the property and sell it for land then to rebuild the foundation. However, for more expensive properties the buyer will need to elevate the home in order to rebuild the expensive foundation. This has the potential to lead to other problems later down the road. When purchasing a home, it is extremely important to ensure that the foundation is in good shape. A professional will be able to help to ensure that the foundation is looking good and is unlikely to go bad in the coming years.

2. Mold Problems

Mold quietly eats away at the home below the floorboards and is rarely brought to the attention of a homeowner until it is too late. In one instance, a homeowner was forced to turn back the floorboards on the entire house in order to fix a mold problem. This cost the homeowner tens of thousands of dollars as the floor had to be entirely replaced. To prevent these problems, ensure that a home does not have mold before moving in. If a property is being held for a period of time, take the necessary precautions to ensure that the property will not succumb to mold damage while being sold.

3. Code Violations

Although it is necessary in most jurisdictions to have a code inspection before selling a property, mistakes can be made and this is not necessary in some places. If the city finds a code violation after the property has an purchased, the new owner will be liable for the losses. Although it may be possible to sue the previous homeowner, this is an expensive process and it will take years to recover the money.

4. Bad Plumbing

Fixing the plumbing system requires that homeowners tear back the walls in order to replace the pipes. This is labor intensive and requires a great amount of materials. Therefore, it is very expensive and should be avoided at all costs. When purchasing a home, inquire carefully about the state of the existing plumbing system.

5. Leaking Roof

A leaking roof can be surprisingly expensive to fix. Especially on older homes that might have a low value, the relative cost of replacement can be extremely expensive. When purchasing a property, it is very important to ensure that the roof is in good condition. Although newer homes are unlikely to have this problem, they should still be inspected as well. When buying an older home, buyers should expect to be able to carefully examine the roof before making a purchase.

Sarah is a small business owner, and is currently learning about pest control, using the internet. Aside from working on her own business, she likes to use social media, and read travel books. 

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