“Big Ticket” Items to Pay Attention to When Purchasing a Home
Buying a home is an exciting journey, but it’s also a significant financial commitment. Beyond the aesthetics and layout, there are key “big ticket” items that deserve your attention. These are the systems and components that can lead to costly surprises if they need replacing shortly after you move in. By understanding their condition and lifespan, you can budget appropriately and make informed decisions when writing your offer.
Here’s a breakdown of the major items to investigate:
1. Mechanical Systems
The mechanical systems of a home are its backbone, keeping it comfortable and functional year-round. Key items to pay attention to include:
Furnace and Air Conditioning (A/C): These two systems often go hand in hand, and their replacement costs (for both) can easily reach the $10,000+ mark. Ask for the age and service history of both. A well-maintained furnace can last 15-20 years, but older systems might be nearing the end of their lifespan. – Home inspectors often say a modern high efficiency furnace typically say their lifespan is on the shorter side of that more like 10-15 years. While A/C units seem to have a bit longer of a lifespan.
Hot Water Tank: Typically, a hot water tank lasts 8-12 years.
Heat Recovery Ventilator (HRV): If present, this system improves air quality and energy efficiency but should also be checked for functionality.
2. Windows
Windows play a critical role in insulation and energy efficiency. Replacement costs can add up quickly, especially in homes with numerous or large windows. Look for signs of fogging (indicating seal failure), cracks, or drafts. Energy-efficient windows can also qualify for rebates, which may ease the cost of upgrades down the line.
3. Shingles/Roof
The roof is your home’s first line of defense against the elements. Replacing shingles can add up quickly and it is not uncommon to see prices between $6,000- $10,000 depending on the size of the roof and materials. Check for curling, missing shingles, or granule loss, which are signs the roof may need replacement soon. It is common to see the shingles we use today to have a 25-30 year life span.
4. Electrical Systems
Older homes can potentially have outdated electrical systems that can be costly to update—and may pose safety hazards. Keep an eye out for:
Knob-and-Tube Wiring: Common in pre-1950s homes, this outdated system isn’t up to modern safety standards and can make insuring the home more challenging.
Aluminum Wiring: Found in some homes built in the 1960s and 1970s, aluminum wiring can pose risks if not properly treated. Some insurance companies are starting to treat it like the new knob and tube. So expect to have to jump through some hoops so to speak when it comes to insurance and you will likely be charged a premium.
Electrical Panel: A home with an old or undersized panel may struggle to meet today’s energy demands. Updating to a modern panel typically costs a few thousand dollars.
5. Major Appliances
While not part of the home’s structure, major appliances are essential to daily living. Consider the age and condition of:
Fridge, Stove, Washer, and Dryer Replacing them as a set can quickly add up to several thousand dollars.
Why This Matters
Understanding the condition of these big-ticket items helps you:
Avoid unexpected repair or replacement costs shortly after moving in.
Negotiate a fair offer that reflects the home’s condition.
Plan and budget for future updates or maintenance.
Remember, every home will have its quirks, but being informed ensures you can step into homeownership with confidence. During your viewing, don’t hesitate to ask questions or consult professionals to assess these critical components. As always, I’m here to help you navigate the process and make sure no detail is overlooked.
Your friend in real estate,
Sam Scribilo
(204) 960-1767
Sam@QueenTeam.ca