In the process of choosing a house or condo to buy,
house-hunters find themselves in a lot of old houses with old and recent
repairs. Every house has a component that is worn out, unless you are looking
at something that just got a down-to-the-studs renovation.
Like a car, a house will have something that is part way
through its economic life, as time goes on. If you expect a car to never need
repair, you are better off being a Zip Car member. A new car doesn’t need much,
but you still need to change the oil and inflate the tires. If you don’t, bad
things happen. If you buy a used car with 40,000 miles on it, it could be in
pretty good shape. But, it could also be at the point where it needs brakes,
battery, or some suspension components. Depending on the price, that could be
OK. But, if it has a broken frame from an accident or an engine problem, you
really should pass on that one.
The same is so for a house. If you are not prepared to spend
money repairing and improving a house or condo, you will be happier renting.
Anyone who owns a house will need to replace parts of the house from time to
time. All houses need roof work every fifteen to twenty-five years. Water
heaters are designed to crack shortly after their warranty is up (and some of
those warranties are six years, some ten or twelve.) Boilers run for twenty
years or more. Repairs that were done, like exterior carpentry and painting,
will need to be redone at least every decade.
There are finite problems that have relatively finite costs
to repair. If you have these kinds of problems in a house, it is fairly easy to
decide about whether to buy it or not. Finite problems include replacing
boilers, roofs, removing asbestos or remediating radon, replacing bathrooms, replacing
or repairing windows. After a home inspection, there is a bottom line to negotiate
about.
When I go house-hunting with my clients, we look for finite
and not finite problems so that we can make a guess at what the inspector may
find. After the inspector comes through, we are then armed with a more complete
and accurate list. The finite repairs can cost too much money, but at least
they are finite.
Next time, not finite repairs.
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