If there’s one thing I know about new home construction, it’s the fact that some t home builders will sell their home to anyone who qualifies, even though they really can’t afford to live in the home. Here’s what happened to a homeowner who purchased a poorly constructed house and had a hard time making the payments.
The real estate professional, mortgage lender and the new home builder, got paid for providing the homeowner with their services. Even though the homeowners were going to have problems making their large house payments, it didn’t seem to matter much to the other professionals involved in the transaction. I’m not saying that it didn’t matter, it seemed like it didn’t matter to the homeowners.
Sometimes it doesn’t take much to put someone in financial devastation, especially if you’re already at your financial wits end. There weren’t any problems with the new house for about nine months, when all of a sudden they noticed a horrible smell in the garage.
They didn’t think anything of it, because they were storing their trash cans in the garage and they thought that this was where the smell was coming from. A few more months went by, before one of the homeowners noticed that the ceiling in the garage was starting to turn black.
Water had been leaking from their second-story master bathroom. They contacted the home builder who was no longer in business. That’s got to be the ultimate disappointment to anyone who purchased a home that was poorly constructed.
Luckily it wasn’t a big problem, but the homeowners couldn’t afford to make the repair. They got a couple of estimates, but it didn’t really matter, because the homeowners couldn’t even afford to make the home repair. If they made the home repair, they wouldn’t have enough money to make their house payment.
They chose to make the house payments instead of fixing the water damaged ceiling and water leak. This went on for the next three years, before they actually saved up enough money to make the home repair. This is just another wonderful example how poor house construction can cause financial devastation to some homeowners.
The moral to this story is simple, just because you qualify to purchase a home, doesn’t mean that you can’t afford to live in it. Plenty of people lose their homes every year, because they make mistakes like these. Make sure that you think twice before purchasing a home that you might not be able to afford.…
Floor Damage Creates Financial Problems For Homeowner
If you’re a homeowner who has a wood floor in their home, I’ve got a story that you definitely need to read. It’s about a family who didn’t listen to my advice and ended up with one of the largest home repair bills that I ever seen. All of this could have been avoided but it wasn’t.
It was probably around 20 years ago, when I was giving an estimate to a homeowner for room addition and I noticed that a small area of their wood floor was damaged and buckling. I told them that this was a sign of moisture and that it should be fixed as soon as possible, even before you build the room addition.
After I gave the homeowner a price for the room addition, he decided not to do it, but I reminded him about the wood floor damage and he told me that he didn’t have the money right now, but would call me when he did. I hear things like this on a regular basis and realize that some things aren’t a priority to some people. Obviously this wasn’t a priority to this man and he wasn’t planning on making any home repairs at this time.
The homeowner said that he didn’t have the money at this time, but you need to think about, what it will cost in the future. The home damage repair bill was just under $10,000 it could have been fixed for under $1000 at the time I gave him an estimate on his room addition.
This homeowner chose to wait until his daughter fell through the damaged wood floor and got stuck. The young girl was fine, but the parents weren’t. They now had medical expenses added on to their home repair bill.
Stuff like this happens every day and it happens to a lot of people every day. If you don’t want to become part of the statistics and you’re not interested in spending a lot of money, you should make any home repairs you can as soon as possible. Especially the ones that create safety problems for your family like floor damage.…