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What are some red flags in an inspection?

On Behalf of | Dec 20, 2021 | real estate law

There is a misconception that when you buy a new property, you take a significant risk. While there are always risks included in a new purchase, you can limit those risks by having a home inspection. According to the U.S. News, an inspection may shed light on the property’s issues.

When you receive an inspection, there are a few red flags that may lessen the value of your property.

Mold Issues

Mold does not necessarily mean you should pass on a property. In general, mold may sound more intimidating than it is. Mold is often a sign of water damage. When you buy a property with mold and mildew, you may have to remove contaminated materials and perform repairs to reduce moisture in the property. When choosing a property with mold, you need to look at the extent of the problem.

Foundation Issues

Most buyers do not know how to assess the foundation of a building. When the inspector looks over the foundation, he or she can ensure the property has structural integrity. There are some easy-to-fix foundation issues, but if your foundation is a safety problem, such as piling issues, you may want to pass on the property.

Electrical Issues

Your electrical system is critical to the function of your property. If you purchase an older property, the wires installed in the mid-20th century need replacements. Modern appliances demand a lot more electricity. Your system needs to handle modern life. In addition, faulty electric work can be a fire hazard.

Purchasing older properties can help increase your revenue if there are no massive problems.