Poor Home Construction Can Cause Financial Devastation
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.