Houses aren’t cheap, there’s no doubting that. But what are some of the most expensive items in a house? I’m here to shine some light on which items you should be looking out for when shopping for a home.
So you’re looking to buy a house but want to make sure you won’t be walking into a money pit like Tom Hanks in the movie of the same name. (Who wants to buy a house that keeps stealing all your hard earned cash?!?)
Here is what you and your agent need to be looking for when house shopping:
- Roof– Roofs on average (for composition shingle material) tend to have a lifespan of 20-30 years. Cement tile/ metal roofs can last even longer with an average of 50+ years- so these types of roofs are definitely a plus!!
Figuring out the age and condition of the roof is a must prior to buying. Roof inspections aren’t a big cost (typically around $75-$100). A good agent should be able to inquire and find out when it was replaced prior to writing an offer.
Why is this so important? Roof replacements are super pricey! Recently I’ve seen them range from $16,000 for about an 1,110 sq ft house to $24,000 for a 2,300 sq ft house. After closing costs, down payments and inspections the last thing you want to do is pay another $20,000 for a new roof!!
- HVAC- HVAC stands for heating, ventilation and air conditioning. In California our summers get hella hot and central AC is a non negotiable!
The average lifespan of a central AC unit is 15 years and furnace is 20 years. This isn’t to say that the second the 15 & 20 year marks come that you need to replace them, but the reality is that if you buy a home and these items are older you will need to budget for replacement at some point which can average about $10,000.
- Foundation- Foundations issues can be a HUGE, costly pain in the ass! Some tell tale signs of issues with the homes foundation are the following:
- Cracks in the walls and floor (however some hairline cracks naturally occur in older homes due to settling)
- Misaligned doors and windows
- Gaps between walls, windows and doors
- Sagging or slanted floors
- Leaning chimney
- Bowing basement walls etc
Foundation issues can be costly and require specialists to perform. On average the repair costs range from $8,500 to $12,500 for material and $5,200 for labor. Replacing a foundation is even costlier with the average coming in at $50,000. That’s some serious cash so checking for the warning signs is a must!
- Plumbing- This one isn’t as easy to tell just from looking at a house and usually requires a home inspector to determine plumbing material. Copper for water mains and PEX pipes are what is ideal for your home’s plumbing.
Some less than desirable options include:
- Polybutylene- often gray color
- Galvanized steel
- Lead pipes
Replacing your homes water pipes can range from $5,000 to $15,000 depending on a
series of factors. The non desirable plumbing types can lead to gross/potentially
dangerous contaminants in your drinking water! Yuck!
- Electrical system- Older homes built prior to 1950 can have outdated electrical wiring in them- the most common of which is called knob and tube. Knob and tube isn’t inherently dangerous, however once the insulation around the wire begins to deteriorate your chances of a fire have gone up drastically.
Updating the electrical wiring can be upwards of $9,000 and that doesn’t include any
outdated panels or switches that may need to be replaced.
Shopping for a house isn’t just about aesthetics. It’s important to find something that either won’t need these high ticket items replaced or knowing you need to budget for these items ahead of time.
A good Realtor® should be walking you through what’s important in a home and helping uncover condition and ages of the pricier items at the beginning stages so you are prepared for the expenses.
Thanks for reading, and if you have any questions about this please contact me at gaea@homebodygaea.com
