On the cusp of buying a home, it’s hard to see what damages could occur down the road. The rose-tinted glasses can be especially strong for military homebuyers who finance with a VA loan that practically eliminates down payments and out-of-pocket expenses.
VA loan borrowers should take advantage of those savings and set aside what otherwise would’ve been spent on a down payment or closing costs. This way, they can be prepared if these expensive home repairs spring up.
Water can sneak in from the bottom or permeate the top a house. Either entrance causes or reveals a mess of problems. Leakage in a basement often indicates a damaged foundation. Roof leaks can cause damage to ceilings, light fixtures, walls and carpeting.
The result of outdated materials, sloppy construction or DIY mistakes, electrical problems can be dangerous. Home inspectors know to look for anything that doesn’t meet safety standards, so you can fix the problem before it costs you if it’s caught early. If electrical problems arise later, make sure you get a qualified electrician to do the work.
Yes, simple fixes in the tank of a toilet are doable. But major plumbing problems like a leaky water line under the house or weak pressure to the upper floor aren’t so basic. They’re costly fixes only professionals should do. Bathroom plumbing can cause problems, too. Be wary of any project that’s not as easy as buying and installing a part in the toilet tank.
An old heating, ventilation and air conditioning system costs money every month by inefficiently cooling or heating the house. Sub-par insulation won’t help either. Again, a home inspector should look for outdated HVACs, but old systems may operate for awhile before performing poorly. Once efficiency and performance start diving, it’s time for an upgrade.
The bottom line
Few homes come in tip-top shape. In time, breaks come up and they demand immediate fixes. Without some financial reserves, those breaks worsen. When you finance your home with a VA loan and save immensely because of almost no out-of-pocket costs, try to put several thousand dollars aside for any pricey repairs.
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