What Is Acceptable Condition?
Home inspections are done as a routine when purchasing a home in Midtown Tulsa – and the term “normal working order” seems to get tossed around quite a bit. What “normal working order” means is that a component is working as it should for its age. If the heater has reached 75% of its life expectancy, a home buyer can not ask the seller to replace it as a repair request. The same goes with the air conditioner or roof – or any component that has a life expectancy.
This applies to the Oklahoma real estate contract, but how repairs are handled varies from state to state. So, this may not apply to you if you live in Texas, for example.
If you see that the hot water heater is 20+ years old, you can request a new hot water heater when you write an offer. But note that would be a separate request from the post-inspection requests for repairs.
Budget For Repairs
It’s important that homeowners understand that there should be a budget for repairs. I believe the rule of thumb is to spend 3% of the value of your home per year. So, you should expect to spend $9,000 per year on a $300,000 home. Sadly, most of us are reactive about repairs versus proactive. The more you have your units cleaned and serviced, the better off you will be.
And it never hurts to purchase a home warranty so you incur just a small cost when something breaks. I had a client get his 23-year-old hot water heater replaced by American Home Shield for a $75 service call because they could not locate parts to repair it.
If you’re not purchasing new construction, expect the joys and headaches of buying an older home. If you are ready to purchase a home in Midtown Tulsa, do give me a call – and I’ll be by your side during home inspections! 918-852-5036
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
