Thursday, February 6, 2014

Taking a closer look

I've been busy throughout most of January up until yesterday. My attention was consumed with our hunt for new accommodation. We are interested in purchasing a home; preferably in the area where we live now. We've been looking casually for just under a year now.

In  early January we found out about a house just two blocks from where we live and went to look at it. After that things happened pretty quickly. Before we knew it we had a lawyer, a mortgage banker, and an engineer!

The home, by all appearances was perfect for us and we were delighted that our counter offer was accepted. Our lawyer gave us the names of two good engineers and we set up the date for the inspection. That is when things began to fall apart.

The Engineer's inspection can be a seller's worst nightmare. Perhaps a buyer's also. Maybe there are some things we didn't want to know about that house. However, it was in our best interest to find out. Some of the items the Engineer flagged were simply remedied. Things like a nonworking doorbell, or a loose bannister were things even I felt comfortable with doing after a short video tutorial. However, the big things were much too big for first-timers to take on. They involved hazardous materials that don't belong in any home. In addition there were some items that were not up to code.

The preceding paragraph may make this home sound like it was barely habitable but that is not true. It looked homey and inviting. It had beautiful hardwood floors. It only seemed to need updating in the bathroom and kitchen. It was a starter-home dream. But what lay beneath the surface killed the deal.

We spent about $350 for the initial consultation with our attorney. The insepction cost $440.
For $790 we spared ourselves heartache, pain, and debt. It was money well spent. I would recommend having an Engineer's inspection for anyone who has an accepted offer on a property. Don't do a deal without it!

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