Many times during a Home Inspector a deficiency is found which scares the potential home buyer from purchasing property. Many times it is because of perceived financial cost of repair or it’s simply because they are not interested in purchasing a home that requires extensive repairs. Here are some pictures of defects that have scared away potential buyers.
Mould is #1 on hit list of items to scare home buyers
Mould is everywhere in the air, inside and outside your home. Mould can grow within 48 to 72 hours after any water leaks or moisture issues in your home. Mould only needs moisture, heat and protein to grow and start spreading. Some people are so sensitive to mould that they can detect it shortly after entering a home. The health effects of mould include “Flue Like” symptoms and the following: Eye, nose and throat irritation; Coughing and phlegm build-up; Wheezing and shortness of breath; Symptoms of asthma and Allergic reactions.
Water Penetrations into Home are #2
Ony the most seasoned “Do it Yourselfer” will typically tackle a home which has a known water penetration issue. If for example your home is built in an area with a high water table, you can expect an ongoing issue with water entering your home. You can spend thousands of dollars trying to keep the water out or you can find a home where water is not an issue.
Asbestos Insulation is #3
Asbestos can be extremely hazardous to your health and financial budget. Specialized equipment has to be used as Asbestos is a Class 2 hazard. Costs can vary from $1,500.00 to $20,000.00. Some contractors will not work in older homes until drywall etc has been tested for asbestos. In Toronto most people will not buy older homes without having an environmental study completed.
Aluminum Wiring is #4
Many insurance companies state that you are 55% more likely to have a home fire if your home has aluminum wiring. Many insurance companies will not insure a home with aluminum wiring. Other insurance companies will require a ESA Certificate prior to insuring a home. Depending on access to wiring in a home, the cost of replacing aluminum wiring can be prohibitive.
There are many more issues that can affect a home buyers decision which we have not covered. Knob and Tube wiring and Galvanized Plumbing are two other issues which can be expensive to fix and make your home hard to get insurance on. Read more articles on Home Inspections and Defects encountered at our site