It costs how much?

Wednesday, August 30, 2006

Bound Brook, NJ - Ever wonder what major repairs lurk in your home? And how much it will cost to make those repairs? Every home, regardless of age, needs upkeep. at some point. But some home repair and maintenance needs may cost considerably more than expected, and can leave a new home owner wondering how they'll make their next mortgage payment.

Mike Kuhn, author of The Pocket Idiot's Guide to Home Inspections, and veteran Technical Director at HouseMaster, the oldest national company to provide home inspection services, weighs in on the most common and costly repairs.

"It should be expected that every 'used' home will need some repairs, from cosmetic upgrades to system maintenance and overhauls," says Kuhn. "But there are some problems that cost significantly more than most people think, and can cause a real financial nightmare to cash-strapped home buyers."

This is precisely what happened to Eric Schoenfeld, who recently bought a 13-year-old home in ChesterNorthern Ne, New Jersey. "Our inspector told us that we would eventually have to replace our air conditioning system and that we should get some estimates before closing. We should have listened to him and negotiated more with the seller. "When the air condition system died soon after we moved in, we were shocked when the lowest bid we got was for $15,000!"

Many first-time homebuyers often use whatever savings they have to cover the down payment, leaving few liquid assets available in the event that repairs need to be made after moving in, Kuhn explains. "Having a home inspection can help a buyer to budget accordingly, by providing insight into which repairs may be are imminent."

Based on data from more nearly two million home inspections and analyzing 1,000 HouseMaster inspection reports from different regions of the U.S. and Canada, some the most common repairs that can end up costing escalate far more than above what most home owners plan for includeare:

• Asphalt shingle roof replacement - If the original roof already has two layers on it, the cost of replacing the roof may increase by will go up around 40% because the existing layers most likely will need to be removed before a new roof can be installed. original shingles have to be replaced.
• Wet basement - Moisture in the basement is all too common. For some the solution can be as simple as directing the downspout discharge away from the foundationproperly draining downspouts. But for others, the only way to solve the problem may be is to install an expensive interior foundation drainageingdraining system and/or excavate around the the exterior of the foundation for water proofing. Potential costs can be tens of thousands of dollars.
• Central air conditioning system - Replacing the system's compressor may run $1500 or more, but if the entire systems needs an upgrade that number can go up exponentially, into many thousands of dollars.
• Insect damage - Treating for termites or other wood destroying insects can only be part of the problem. Repairing the hidden structural damage left behind can be astronomicalextremely costly.

"Home inspectors can't see through walls, so there's no way to eliminate all the surprises when buying a home. But buyers should at least do what they can during the process and nail down firm estimates prior to signing on the dotted line," advises Kuhn. "The best way to get a comprehensive picture of a home's condition is to get an unbiased top-to-bottom evaluation (based on local or national industry standards) of all the components and systems in a house by a professional home inspector and then heed the inspector's advice from a reputable company that will stand behind its report."

Generally, a home inspection costs between $300 and $500, depending on the size of the home - a relatively small expense considering the cost of facing thousands of dollars worth of repairs after closing.the peace of mind it provides most buyers.

About HouseMaster: Headquartered in Bound Brook, N.J., HouseMaster is the oldest and one of the largest home inspection franchisors in North America. With more than 370 franchised areas throughout the U.S. and Canada, HouseMaster is the most respected name in home inspections. For over 30 years, HouseMaster has built upon a foundation of solid leadership and innovation with a continued focus on delivering the highest quality service experience to their customers and providing HouseMaster franchisees the tools and support necessary to do so. Each HouseMaster franchise is an independently owned and operated business. HouseMaster is a registered trademark of DBR Franchising, LLC.

For more information please visit www.housemaster.com or call 800-526-3939.

Back to News