Homebuyers Beware!
Four Things Homebuyers Need to Look For
When buying a home, many homebuyers fall so deeply in love with a property they don’t stop to think about the things that could be wrong with it. This is especially true with older homes. The historic charm and appeal beckon while a money pit may lurk beneath the surface. If you’re looking to purchase an older home, make sure you check these four things before making an offer.
Well and Septic
Most older homes are serviced by well and septic instead of city water and sewer. If you’re purchasing a home with a well and septic system, you need to make sure they are both in proper working order. When writing an offer, make sure it is contingent upon a well inspection, septic inspection and water test. If you don’t have these things inspected and something is wrong, it can literally cost tens of thousands of dollars to fix it.
Lead Paint
Homes that are built prior to 1978 must have a lead paint disclosure signed by the seller. If the seller knows there is lead paint on the property, he or she must disclose it. However, if the seller isn’t sure, he or he can simply state that they don’t know whether lead paint was used on the property and that will suffice on the disclosure. If the seller states they don’t know whether the property has lead paint, make the purchase agreement contingent on lead test results.
Asbestos
Many homes that were built prior to 1980 contain asbestos. If you are purchasing a home built prior to that year, ask the seller if there is any asbestos on the property. If they don’t know, require they have an asbestos test performed as part of the purchase agreement.
Oil Tanks
Many older homes are heated by oil and that oil is stored in oil tanks. Some oil tanks are underground and some are located in basements. If the oil tank is leaking, it could cause some serious problems and if the tank leaks onto another neighbor’s property, it could set you up for a lawsuit. Make sure any oil tanks on the property are inspected and tested for leaks as a contingency to the purchase offer.
Who Pays For It
Many times, you can get the sellers to pay for the tests you want performed. However, if a seller stands firm and won’t pay for some of the testing, you should either pay for the testing yourself or look elsewhere for a home. These tests may cost money, but they cost a lot less than fixing the problems they check for.
Comments
Don't forget a radon test. Radon is the second leading cause of lung cancer in the U.S.. Two ways it can affect you are: Air from the furnace in the basement. Radon typically gathers here first. This is circulated through the vents throughout the entire house. Mitigation can cost $2,000 or more. Water-well water can also be contaminated. Check the EPA site for more information. Radon levels vary from county to county and even from house to house.
Re: Well and Septic
In addition to having your well water tested, it is also good to find out if the well will produce ENOUGH water. A slow pump rate can mean it is going dry. When you have a low/slow well, it is more vulnerable to contamination. Running out of well water means you might eventually have to buy storage tanks and have water trucked in. This can get expensive. Check to be sure the property is not located in a flood plain. This can also cause problems with your septic and well. You can find information about this at your county auditor/recorder.
It is always good to pay a visit to the county building department to find out what permits are on hand about the house you are interested in purchasing. We almost bought a house that had had the septic replaced. The owner never got a permit to do this, but lied and said he had.
If the work had been done incorrectly by an unlicensed installer, we would have had to pay to remove and replace it to code! Also check and see what shape the neighbors septic and well are in. When they have work done on either of these, it can affect your own well or septic. Another house we almost bought had a faulty septic that leached into a neighbors well. A good recipe for E.coli.
Oil Tanks- Make sure you have a contingency about oil tanks on the property, and that they will be removed at the sellers'/realtors cost. Sometimes it is hard to get a seller to pay once the deal is done. This is why it is imperative to make the realtor responsible. We had a friend who bought a foreclosure. The price was right for the property, but the cost to have the tank removed was $10,000. Not the quite the deal they originally thought they were getting.
Posted by: Been there done that | July 24, 2006 8:32 AM