siding.”
Environmentally contaminated homes will most likely be both difficult and expensive to deal with. Save your time, money, and sanity and move on from this home. It’s just not worth it.
7. The Home Will Cost Too Much to Insure
A common mistake that home buyers make is not factoring in all the costs involved with purchasing a home. Most focus on the home purchase price and the monthly mortgage costs. Of course, there is more to consider, such as closing costs, property taxes, ongoing maintenance, and homeowner’s insurance. You might assume that insurance is pretty standard, but sometimes you’ll discover along the way that the home you wish to purchase will cost too much to insure. The best thing to do here is to start shopping around and getting insurance quotes after you’ve made an offer so that you’ll know your total monthly housing costs. Sometimes you’ll find considerably high quotes for insurance. Some of the reasons for this could include the home having specific features considered “liabilities” by insurers, or the home is located in a high-risk area (like a flood zone). The latter is one of the more common reasons for higher quoted insurance costs. Do you want to live somewhere where there is an ongoing risk of disaster, evacuation, and having to live with the damage afterward? Home insurance is something you’ll have to pay for the duration of the time you live in a home, so if you can’t find an affordable quote for the property in which you’re interested, then consider that perhaps this isn’t the right home for you. On the other hand, some buyers are willing to pay a higher premium if the conditions are right — such as “breathtaking views of open water
147
Powered by FlippingBook