Some Potential Problems With Your Home Purchase

Some but definitely not all purchases actually go smoothly. However, there are those times for things occur or go unnoticed that lead to major problems. Let's discuss some unforeseen problems that can be avoided with a couple of questions or conversations. These are just a few of the things an experienced realtor will have survived in their career. The more you experience the more prepared you should be.

The Process Of Closing On A House

Roof Life Expectancy

First up is the age of the roof. Yes the age of the roof can actually keep some companies from insuring or even financing your purchase. While a standing seam metal roof may well be good for 50 years many roofs simply are not. You may hear some fairly unique terms when the insurer or lender are discussing the roof. You may need an inspector to look at the roof and certify that the room has a certain number of years of service left.

Asphalt roofs are fairly easy to understand and guess the age of. If the shingles look thin they are most likely 20 year shingles. If you bend one of them and it breaks your roof is just about done. The 40 year shingles are usually twice as thick as the 20 year shingles. When you are discussing your loan with the loan officer ask them about the roof requirements and similar deal killers. 

Water Heaters

Yes water heaters can also be a thing. I recently dealt with an insurance company who forced a buyer to purchase a new water heater before they would insure the home. Water heaters typically have a service life of only 10 years. However, that is not always the case. If your water goes through a filter or softener etcetera before entering the water heater and you take good care of your water heater it can last 20 years. The insurance company did not care. The heater was over 10 years old and had to be replaces to the toon of $3,000.

Home Owners Insurance

There are many issues with getting homeowners insurance in FL right now. The most common ones overlooked by those looking to purchase are price and availability. Sometimes it is really difficult to get a company to cover a home in Tampa. Orlando too for that matter but Tampa is in a higher risk area. Before you decide to max out your purchasing power make sure you price the insurance and find the company you want to use. Don't be ambushed after placing 100K in escrow and not be able to get insurance at a price you can afford. Make sure you have the conversations with your lender and insurer, be a well informed buyer and happy house hunting.