During the buying and selling process, a home has to undergo a home inspection. Home inspections are used to identify any issues in the home so that the buyer knows exactly what they’re getting into and the seller isn’t selling a home that’s unsafe. One of the most important aspects of a home inspection is the inspection of the electrical wiring, panels, and outlets throughout the home. You may think a home is up to date only to learn that the electrical panel is old, but what happens then? We’re here to answer some of these commonly asked questions.
Do Old Electrical Panels Need to be Replaced?
An old electrical panel is not something that can be overlooked during a home inspection. In fact, leaving an old electrical panel unaddressed is extremely dangerous for the current homeowner and the potential buyer. Outdated electrical panels are a major fire hazard. As the panel ages, it may not be able to flip the switches on the breaker as needed when the electrical panel is overwhelmed. This means that it will continue to be overloaded and, eventually, this can result in an electrical fire in the home. When an old electrical panel is discovered during a home inspection it needs to be replaced ASAP for the safety of all parties involved with the sale of the home.
Who Pays for it?
The home inspection is one of the last steps of the selling process, but the home is still technically the responsibility of the seller at this point. A good real estate agent will negotiate the replacement of the electrical panel in the sales contract so the cost is covered by the seller, not the buyer. The value of the home is lower with an outdated electrical panel so the seller has to get it fixed if they want to sell the home.
A knowledgeable and experienced real estate agent is the key to protecting yourself as someone looking to buy a home and ensure you don’t pay for things that aren’t your responsibility, including an outdated electrical panel. You should never purchase a home without the help of an experienced real estate agent who will look over each detail of the sale and keep you protected.
Lamacchia Realty Fort Lauderdale agents have plenty of experience with home inspections to reveal unfavorable issues hiding within your home. Our trusted real estate agents will help you negotiate the terms of the sale so you can be confident that you’re moving into a home that’s a safe place to build your future.