Seller Beware: Common Obstacles for Home Sellers Part 2
People who buy homes in Clarksville, TN are searching for homes they perceive to be a good value. They are avoiding old homes with questionable pedigrees and poorly maintained homes in need of repairs. The housing market is stacked against the seller, and not every home is meant to be modeled, shown, and sold with the help of a real estate agent. Sometimes you need to contact a home investor who confidently says, “I buy house in Clarksville, TN” and means it.
In part one, the home investors at Gateway House Buyers explored common obstacles for home sellers including problematic roofs, proximity to flood zones, and poorly implemented upgrades. In part two, we will examine how plumbing, electrical systems, and your home’s history can result in a lack of prospective buyers.
The Plumbing Problem
You wouldn’t purchase a Ferrari with a busted engine, so you wouldn’t want to purchase a home with faulty plumbing either. Your home’s plumbing system is rarely seen, but it is vital to the value of your home. A plumbing system that needs repairs can lead to water stains, sagging floors, mildew, and mold, but these are usually signs of a more significant problem.
If your home has issues with sewer lines or septic tanks, your home could be difficult to sell, especially considering the fact that some sewer lines are over 100 years old. Major sewer line or septic tank repairs can cost as much as $50,000, so you’ll be hard pressed to find a buyer willing to take on this substantial financial burden.
Outdated Electrical Systems Are a Costly Hazard
Outdated or inferior electrical work is common in older homes that haven’t been rewired in decades. Prospective buyers are often leery of the age of your electrical system because outdated systems can be a fire hazard. Updating these systems can be expensive, especially if your system uses outdated materials. If a prospective buyer observes exposed wiring, or checks the fuse box and finds it to be in poor working order, the sale could be compromised. The cost of rewiring a home can be up to $20,000. Prospective buyers can usually find a better use for their money.
Your Home’s History Determines Its Future
Prospective buyers will ask many questions about your home’s history. From cosmetic renovations and repairs to vital structural restorations, you will be responsible for being transparent about your home’s history. Therefore, a jaded or spotted history can axe a potential sale.
Some common points of interest include records of repairs and the contractors enlisted to perform these tasks as well as former inhabitants and sales records of other homes in proximity of your home. Although you aren’t responsible for disclosing certain types of information, you should consult a home buying professional to verify that you have lawfully disclosed all relevant information to prospective buyers.