Now and then we do a home inspection report where a major defect is discovered such as a failing septic system, roof failure or a deteriorating foundation. any of these conditions will require repair or replacement. A septic can cost anywhere from $12,000.00 up to $25,000.00 or more if site conditions are challenging. On a 2000 square foot home, a roof can cost $8000.00 and a bowed or severely cracked basement wall may require repair for a few thousand or be need to be replaced for $10,000.00 on up if it needs underpinning or footings work.
Walking away may be the best thing, but you may consider that any part of a home can be repaired. The question becomes “who pays for it”?
There are many ways to find out what a new roof or septic will cost such as visiting Homewyze.com, a site that publishes remodel and repair costs. Homewyze will not give you the exact price, only a contractor who has been to the site can do that but it will get you in the ballpark.
Don’t walk away from a good property because it has a major repair, but know what you’re getting into. A $250,000.00 home that needs a roof is a deal if you get the home seller to reduce the price for the cost of your new roof. A price reduction that gets you a new roof means you get the home you love and you can check roof replacement off your list for 20 years or more.
Before you walk consider your options.