While “you might cringe at some of the current owner’s wallpaper choices, cosmetic issues are relatively easy to fix compared with a vintage electrical system that’s one spark away from a fire,” says Cathie Ericson of Realtor.com. Other major red flag issues include sagging floors, cracks in the wall, or roof or drainage issues, says Christopher Bourland, senior appraiser at Mid-Atlantic Valuation Group (Wayne, PA). These are structural issues, which can “quickly turn your dream home into a financial house of horrors,” says Ericson. Other problems, like pest or mold infestations, can be dealt with more easily, but if the seller isn’t willing to negotiate, such as lowering the purchase price or offering to cover the costs of hiring someone to remove the infestation, that’s a sign to walk away. If the problem revealed by the home inspection is something that needs to be addressed right away, but is too expensive for you to do so, then walk away. If the issue revealed could lead to a ripple effect of creating other problems, which will be difficult to analyze and estimate costs for, then walk away. Carefully consider all the pros and cons of what the home inspection discovers. Work together with your agent to figure out the best course of action. Your agent should be well versed in these types of situations, and will be able to advise you accordingly. Further, listen to your gut! If the doubts and uncertainties are too overwhelming and anxiety-inducing, it’s probably better to turn down the deal and start over. “If you do decide to buy a home with a serious problem, get several quotes to find out what the issue will cost to fix,” suggests Christie Bieber at Fools.com. “Don’t ballpark the cost; the last thing you want is to take a $200 credit for a curled roof shingle, only to find out that the underlying problem requires a $10,000
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