If your home has any of these four issues, it may be hard to insure it.
Would your home pass a four-point inspection? If you’ve been checking out my recent blogs, you know that the market has started to shift a bit. Interest rates are climbing, so buyers will have to pay more for their mortgages. One of the most important components of their mortgage payments is homeowner’s insurance, and you have some control over this. The better condition your home is in, the less buyers will have to pay for insurance.
The four-point inspection is now required by most Florida insurance companies if your house is 20 years or older. If your buyers want to get homeowner’s insurance, your house will have to meet four criteria:
1. The roof. If you have a roof that is 20 years or older, your buyer will have a problem getting homeowner’s insurance. If your roof needs to be replaced, that might be worth considering so you can ask for top dollar for your home.
2. Your HVAC. Our air conditioners work hard here in Florida, so they wear out quickly. You can get away with having an older HVAC unit on a four-point inspection, but you want to ensure you maintain it well and fix any leaks or similar problems.
“If your roof needs to be replaced, it’s worth the investment so you can ask for top dollar.”
3. The electrical system. If your electrical panel hasn’t been replaced since the 1970s, you may want to consider doing that. It’s not expensive, but it’s necessary for today’s electronic needs.
4. The plumbing. Any home built before 1997 may have polybutylene pipes, which are no longer made because they had a propensity to burst. There was even a class-action lawsuit over it! Long story short, if your home has this type of pipes, you’ll likely have to replace them for your buyer to get homeowner’s insurance.
If you have any questions or need recommendations for vendors who can do this work, call or email me. I’d love to help.
