Whenever you’re looking to buy a new home, one of the things you must consider asking about is deferred maintenance. The answer that you get from the homeowner selling the property can affect a lot of things. It can sometimes even determine if you’ll still want to buy the house or not.
So, what is deferred maintenance all about? That is what we want to look at this guide to help you make a better decision.
Deferred Maintenance: What is It?
Deferred maintenance is when the homeowner keeps on postponing any necessary repairs to the house. This often results in the house falling into a state of disrepair. People who do this to their homes are hoping to save money and stay under the budget. However, there are those who simply can’t afford to make the repairs.
Here are some examples of deferred maintenance:
- Having mold in the home
- Several broken windows
- Chipping or peeling paint
- Visible rotting wood
Effects of Deferred Maintenance When Selling
The Las Vegas real estate market often has sellers trying to put their homes up for sale with deferred maintenance. The common problem they’re likely to face is that not many people would be interested in such a house. They would be wondering, “What are the other maintenance needs of the house that I’m yet to see and finance?”
As much as the buyers can fix the homes before moving in, that’s not what most potential buyers need. So, such homes with deferred maintenance are likely to fetch a lower price.
Effects of Deferred Maintenance When Buying
Some buyers are willing to buy a home with deferred maintenance. However, we also have to look at the type of financing. Some loans don’t allow for buying homes with deferred maintenance because they can be considered as unsafe to live in.
If you’re dealing with a building whose deferred maintenance might seem like a huge undertaking to sort, it’s best to just look for another housing. We recommend that you get a professional to check the house for any deferred maintenance before buying it.