Just as a fun exercise let's take a look at the house on Zillow's mobile app splash screen. Do we see any potential issues? I'm seeing a yellow flag at the foundation area. If we zoom in a little (see photo below) we see a concrete slab sticking out beyond the siding. The foundation is not supposed to stick out this way, so what is happening here? Evidence suggests this slab was an old porch/patio and the owners decided to build an addition into this area--peeking through the window it looks like it was renovated into a large open plan kitchen and dining area. I would look for confirmation of this in the crawlspace/basement- there probably isn't any access under this area. Here are a few reasons why this is an important observation:
1. Typically siding should be installed to direct water away from the framing but in this case the siding terminates right at the foundation slab. The slab is level and not sloped away from the house and water will sit there decaying the siding, sheathing and framing. I would scrutinize the outside and inside perimeter for water damage.
2. Patio slabs are usually not adequate for addition foundations. Patio surfaces are often sloped, thinner and do not have water proofing, insulation or conduits/chases for electrical/plumbing and ductwork. We do not know for certain this is the case but I would be looking for more evidence to support this theory (based on experience there is a high probability this is the case) Depending on what other defects I find I may ask the buyer to verify the construction permits for this addition.
3. I would be looking closely at how heating/cooling, electricity, and plumbing is provided to this area. I would also be looking at the framing, insulation and ventilation of the attic area. If the general contractor was careless enough to build a kitchen/dining room on a patio slab they probably made other amateurish errors and I would be looking closely for them.
Feel free to send me any other high profile house pictures that may have issues- this was fun! As always, if you are buying, selling, or maintaining a home be sure to hire a Home Inspector with renovation experience that can recognize patterns like this.
According to the most recent U.S. Census Bureau's data, an American's median net worth at age 70 is $225,000, but excluding home equity that number drops to $69,000. As the graph shows, Home Equity is, by far, the largest contributor to our net worth across all age categories.
This is why Buying, Selling and Maintaining a home are the most important financial decisions we make in our lifetime.
A house is a sanctuary and can also be a vehicle to real wealth if we take care of it. Unfortunately homes with undiscovered issues can lead to financial calamity. For example, un-checked water penetration and structural issues in a finished basement can lead to repairs in the 6 figures (quite common in our area). These costs could wipe out a homeowner's entire retirement savings.
Beyond considering location, valuation, timing, and cash flow Americans should consider the 3 Don'ts of Real Estate to enjoy the full financial benefits of home-ownership and minimize risks:
The 3 Don'ts of Real Estate:
Before buying or selling a home, or letting another year go by without a maintenance inspection, a home owner should hire a qualified Home Inspector to prevent and anticipate expensive issues When it comes to an objective and knowledgeable evaluation of a house, the independent Home Inspector is the homeowners best ally. Not all home inspectors are the same-- a good home inspector has real renovation and construction estimation experience and can recognize the difference between easy fixes and costly repairs.
Once defects are discovered, the home owner should work with a qualified general contractor to help prioritize, budget and to generate a repair plan.
It's hard to put a price tag on the enjoyment we get from our home but statistics also show that more than any other asset class every dollar and drop of sweat invested in our homes will pay us huge dividends later in life, especially for those that buy, maintain and sell well.
An Asheville area Real Estate Agent and Home Inspector tackle the question