Get Mortgage Quotes
New Articles - Oct '09
- Fannie Mae's Deed-for-Lease program
- When you're behind on mortgage payments
- Removing negative items from your credit report
- Mortgage advice for first-time home buyers
- The truth about free credit reports
- What is an interest rate cap on ARM loans?
- When do lenders check my credit score?
- Tax credit program may be extended soon
- Refinancing help for upside down mortgages
- What FICO score is needed these days?
- How to compare home loan offers
- Mortgage rejection and how you can avoid it
- Getting the best deal on a mortgage loan
- Beginner's guide to buying real estate
Home Buying Process >> What to Avoid >> Beware of Older Homes
Buying a Home: Beware of 10-20 Year Old Homes
by Donald Lawson
The summer home buying season is just around the corner and many people or already searching for a new home. When browsing the selection on hand, beware of the 10 to 20 year old homes.
Why?
Simple. The 10 to 20 year range is the time that most of the mechanical systems in a home are nearing the end of their life cycles.
The national average for people selling their homes is around 7 years. That means a lot of people are selling in their homes after living in them 10 to 20 years. There are many sellers who know that its about time to start replacing water heaters and HVAC units and theyd just soon the new buyer be stuck with those expenses.
Shingles also need replaced in this time frame. Just because your shingle has a 20 to 30-year warranty, doesnt mean it will last that long. Besides, they have a pro rated warranty and chances are if its over 10 years old there isnt much left on the warranty.
In the South, a 20 year shingle will normally last between 12 and 15 years before it need replaced, barring any hail storms or other natural disasters.
A professional home inspector can alert you to these costly components. Beware though, most state and national home inspection SOPs do not require the mention of components at the end of their life cycle. Ask the inspector you hire if he/she mentions components that are at the end of their life cycle. Also ask the inspector if he/she will put the age of these components in the report.
Another item to watch out for is wood siding. Composition wood siding has had its issues also. Ive even seen Cedar plank siding rotted after 13 years because it was never maintained. A fresh coat and some wood filler can make old rotted siding look pretty good from a distance. Buyer beware.
Its a huge bummer to move into your 'new' 10 to 20 year old home only to find out that the furnace and roof need replaced this year and then next year the water heater and A/C go out. It happens every year, just make sure it doesnt happen to you. Youve been warned!
You have permission to reproduce, copy or distribute this article as you see fit as long it remains intact including the resource box below and all links remain live.
Donald Lawson is a Professional Real Estate Inspector licensed in Oklahoma (454) and Texas (#5824) and currently owns V.I.P. Home Inspections in Houston Texas. V.I.P. Home Inspections is a multi-inspector firm that inspects both commercial and residential inspections. You can find out more by clicking on this link to his site: http://www.best2inspect.com
Article Source: http://EzineArticles.com/?expert=Donald_Lawson
