My clients and I always do a final walk-through of a property we are purchasing to make sure the property hasn’t flooded since we were last there, that the home is in satisfactory condition and cleaned, that the drapes are still there, etc. At closing, Buyers sign a document stating that they are accepting the house in its current condition. We’ve done our due diligence – we’ve done inspections and verified that requested repairs have been completed. We sign the papers at closing and pop the champagne. Our journey has come to an end!
What happens when something breaks after closing? If something happens after you purchase, repairs fall on you – literally!
Above is a photo of a fallen ceiling fan that my Buyer sent me two days after closing. She had her upholstery cleaned and was running the ceiling fan on high to help dry the furniture out. Thankfully she and the kids were in another room when they heard this CRASH!
There was no indication on any inspection reports that this ceiling fan was out of balance. Evidently, its time had just come. The ceiling fan itself was covered by my Buyer’s home warranty (American Home Shield Residential Service Agreement), but any secondary damage to the floor would need to be covered by her homeowner’s insurance. Great luck, huh?
Another Buyer’s hot water heater died three days after closing. The inspector warned that its days were numbered, but it was still functional at the time of inspection, and my Buyer opted to wait until it absolutely needed to be replaced. Again, the AHS home warranty came to her rescue, but that won’t always be the case.
Welcome to home ownership. In my opinion, the joys outweigh the headaches, but you must be prepared for the unexpected. Don’t spend your entire stash on new furniture when purchasing a home – set aside a safety net for unexpected repairs.
After you purchase, repairs fall on you!
One inspector suggested that homeowners should spend 3% of their home’s value on maintenance and upkeep each year, but I doubt many of us do that. Most of us are reactive instead of pro-active. I’m the worst. A leak in my air conditioning condenser line caused a lot of damage to the ceiling below, so in addition to repairing the AC, I have a large hole in my ceiling to repair. Might have been easier if I had just had the component serviced as a cautionary measure.
So, don’t let these episodes scare you away from purchasing a home. Our home IS our castle – our casa, actually. It brings us a lot of joy to remodel and landscape, because we enjoy raising our pups here and entertaining our friends. But the enjoyment comes at a price.
If you are interested in purchasing a home in the greater Tulsa area, you can start your home search on my web site or give me a call! I will definitely make sure you get that home warranty when you purchase!! 918-852-5036
Content written and published by Lori Cain.
Copyright 2014 Lori Cain All Rights Reserved - Originally Posted at: Midtown Tulsa Real Estate - Lori Cain
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Please visit my web site if you are shopping for Tulsa homes for sale or call 918-852-5036 for more information about Midtown Tulsa Real Estate. In addition to my advanced grasp of the internet to market your Tulsa home for sale, I include a home staging consultation with every listing AND professional photography - at no aditional cost to you!
Lori is a residential Realtor with eXp Realty serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.