Many states in the country have laws that protect people who buy a new car. If the vehicle is defective, these people do have some options. So what about the real estate market? There are certain laws of these sort but they may not always apply in your particular situation.
As per the laws, sellers have to let you know about repairs and other defects, but it is still not mandatory. When you buy a new home, you do get a warranty, but if you buy an existing home, you will have to purchase them separately. So basically, though certain laws exist, they will not always protect you.
So what can you do about the situation? Even if you buy a brand new house that has never been lived in before, it will still not be perfect. As time passes, it will be subjected to wear and tear, and suffer from damage. Here are a few tips to help you through the process:
An experienced inspector is what you need
A proper home inspection can save you from so much later on. Home inspections are carried out before you buy a home, and can give you a really good idea about the repairs and their estimated costs that might arise later on. Appoint a good home inspector that has served several years in the real estate industry.
A real estate professional suggested that you should hire home inspectors who have served at least ten years in the industry. You will most likely have to pay higher fees, but you can put more trust in them as well.
The older the home, the more the repairs
As a rule of the thumb, if you buy an older home, you will be facing more repairs, more problems and more costs. In this case, a quality inspection becomes even more important. So before you decide on a certain house, make sure that it is not too old. In addition to this, you should also consider the remaining lifetimes of all major components such as the roof, heating system, foundation and so on.
A real estate agent advised us that those people who are buying a home for the first time should not consider too old of a home if they want to be on the safe side.
Source: finance.yahoo.com
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