According to Nick Petrie, owner of Smart Move Inspection Services, the housing market is thriving, especially in comparison to last spring’s slow season.
"Last year at this time, every realtor I knew complained to me about having many homes for sale with no activity and no buyers on the horizon," Petrie said. "These days, realtors tell me that they are very busy, with buyers as well as sellers, and that homes are actually selling. "
For anyone home shopping right now, Petrie suggest weighing these five issues before putting in an offer.
"Don't be afraid to buy a house that needs repairs -- remember, everything can be fixed, and all homes are likely to need some repairs, even new homes -- but the more you know ahead of time, the better prepared you will be," Petrie said.
Nick Petrie’s Big Five:
1. Roof. Look for curling or missing shingles and gaps or cracks in flashing. If you can, carry binoculars when looking at houses to get a close-up view of the roof. I also find many newer roofs installed badly, needing to be replaced, and many new homes also have leaky roofs. Re-roofing a house with more than one layer of roofing means a "full tear-off" -- taking off all layers and getting down to bare wood again, which is more expensive but gives much better results long-term.
2. Foundation. If the walls are obviously bowed or tilted inward, the house may have a problem. Significant cracks -- specifically horizontal cracks with stair-step cracks at each end, or any cracks with lateral displacement of the block -- can mean expensive repairs. These issues are very common, and the repairs work very well, but can also be expensive. Wet basements are also a common problem, and stains on the block at the bottom of the wall (not starting high and falling to the bottom, but at the bottom only) may mean expensive drain tile replacement. But most wet basement problems can be solved on the outside of the house by improving drainage, getting the water away from the house.
3. Masonry Chimney. Use your roof-inspection binoculars to look at the masonry chimney, too. Older chimneys often need repair, which may range from simple cap or flue repairs to a complete rebuild down to the roofline. Watch for loose or damaged brick, cracked caps and cracked or chipped flues. A previous repair that needs to be repaired again, like newer mortar falling out of the joints between the brick or stone, is a classic sign that the chimney needs to be rebuilt -- and this can get expensive.
4. Heating / Cooling. Older equipment is often good equipment that may last a long time. It's often not very efficient, however, and this is a great time to buy new very efficient equipment at bargain prices. Federal and state rebates can take as much as 40 percent off the price of new equipment. On the other hand, sometimes even newer equipment has problems -- look for heavy rust or corrosion and listen for weird noises. (OK, that last isn't very technical -- but you'll know it when you hear it.)
5. Electric. Old houses with old electric meter sockets or old electric panels -- especially panels with fuses, panels made by Federal Pacific, Stab-Lok or Zinsco -- may need to be replaced for safety reasons or for insurance reasons. This actually isn't all that expensive, as average upgrade replacement ranges from $1,200 to $1,800. Also, expect basic electric repairs, because many people do their own electric work but don't know how to do it properly. Very old houses with knob-and-tube wiring -- look for the ceramic wire isolators in the attic or basement ceiling -- may be difficult to insure without more expensive repairs.
Molly Snyder started writing and publishing her work at the age 10, when her community newspaper printed her poem, "The Unicorn.” Since then, she's expanded beyond the subject of mythical creatures and written in many different mediums but, nearest and dearest to her heart, thousands of articles for OnMilwaukee.
Molly is a regular contributor to FOX6 News and numerous radio stations as well as the co-host of "Dandelions: A Podcast For Women.” She's received five Milwaukee Press Club Awards, served as the Pfister Narrator and is the Wisconsin State Fair’s Celebrity Cream Puff Eating Champion of 2019.
