As I was looking for relocation possibilities, I often saw houses that are unexpectedly cheap compared to everything else in the neighborhood. Some listings just say some repair work needed, and some put down something vague like TLC needed. When I called, the agents said the houses have foundation problems and will need a lot of money to repair. And even after the repair, some other problems may develop, and the house will be difficult to re-sell if that kind of problem had existed, even when repaired.
Of course I said thank you but no thanks to considering those properties. But I wonder how common are foundation problems? When do they typically got discovered? I mean if you buy a 5 or 6 years old house and the problem developed in year 11 when you are the owner, you will be the one left holding the bag. I suppose the problem will not be known in a house newly built, but how long would a house warranty cover for those defects that may not show up for a few years, and is the warranty transferable when a house is resold? Are there region more prone to such problem? I read the Dallas-FW area have more problems because of the soil characteristics.
The more I look at buying vs renting, the more I am leaning towards renting, because I do not want new headache and nightmares in retirement.
Of course I said thank you but no thanks to considering those properties. But I wonder how common are foundation problems? When do they typically got discovered? I mean if you buy a 5 or 6 years old house and the problem developed in year 11 when you are the owner, you will be the one left holding the bag. I suppose the problem will not be known in a house newly built, but how long would a house warranty cover for those defects that may not show up for a few years, and is the warranty transferable when a house is resold? Are there region more prone to such problem? I read the Dallas-FW area have more problems because of the soil characteristics.
The more I look at buying vs renting, the more I am leaning towards renting, because I do not want new headache and nightmares in retirement.
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