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Home Repair Issues Scarier to Home Buyers Than a Haunted House

Home Repair Issues Scarier to Home Buyers Than a Haunted House
Viktoria33 | Dreamstime.com

By Thursday, 22 October 2020 07:27 PM Current | Bio | Archive

Halloween is a time of year many Americans love. Children enjoy the sugar rush of bags full of candy, and their costumes bring fun and energy to the neighborhood. Although the holiday is playful in its celebration of the dead, on other days of the year, Americans aren’t so willing to put up with hauntings and paranormal activity — especially when it applies to their own home.

Major Home Issues Terrify Americans

According to recent research by Real Estate Witch, 93% of people believe home repair issues such as mold, foundation issues, and lead paint are scarier than a house being haunted when purchasing a home. And for good reason — these repairs and other extensive ones can often be tens of thousands of dollars to mitigate.

For example, the cheapest roof you could put on a smaller house that just needs a shingle replacement could be around $4,000. You’ll likely need to pay much more than that to tear off several layers of shingles, replace the sheathing, plywood, and struts, or if the roof is especially sloped. Not to mention that a neglected roof likely also means damage inside the home from frequent leaking.

Mold can lead you down an especially frightening path. You’ll need to bring in professionals to rip out and treat the mold so it doesn’t return. Then, you’ll start down the path of repairing the aesthetics from the damage after treatment. Plus, even if you fully fix any mold issues, you’ll always need to disclose that the home had mold at some point, which may be enough to scare off future buyers.

Many Would Never Buy a Haunted House

Americans must find these home issues especially horrifying, considering 40% of respondents said they wouldn’t buy a haunted house under any circumstances, while one in three would consider it but only with some concessions.

Almost three-fourths of those people would consider buying a haunted house if it was being sold for a much lower price, and more than half if the ghosts were friendly. Half would also ignore the hauntings if the home was in a safer neighborhood and 40% if the home had a larger yard or more land.

1 in 4 Have Lived in a Haunted House

Twenty-four percent of people report having lived in a haunted house, but only 31% knew it was haunted before moving in. Of those, half reported an actual ghost sighting. Forty-one percent of respondents ranked both levitating objects and feelings of being touched as the number one experience that would cause them to move from their current home.

While it’s fun to be spooked at Halloween, that feeling definitely doesn’t translate to the rest of the year. One in four people said they’d move immediately if they learned their home was haunted, while one in three would make some attempt to cleanse the home — such as burning sage.

Disclosure of Hauntings When Selling

There’s no across-the-board law about disclosing a house haunting when it comes to selling a home. Only nine states have a specific law mandating that sellers must disclose any knowledge surrounding paranormal activity to new buyers. However, most are vague about what exactly that means. Five other states say a seller must disclose supernatural behavior only if the seller is directly asked.

Although laws are a bit gray on the subject, Real Estate Witch found that 63% of people think the government should require home sellers to disclose if their house is haunted or experienced paranormal activity. If not required by law, only one in four people would disclose if their home is haunted. Disclosing a haunting may force them to make more seller concessions, which means they could miss out money they'd otherwise make in the sale price of the home.

On the other hand, 45% of respondents said they’d only disclose if their house was haunted if required by law. One particularly scary statistic — one in 10 said they wouldn’t disclose paranormal activity when selling their home, regardless of the law.

Whether Buying or Selling, Do Your Due Diligence

Regardless of major issues with the home or known hauntings, it’s always important to do your research if you’re buying a home. And as mentioned above, remember to ask the right questions — especially if you’re buying a home you’ve only seen virtually. Some issues only need to be disclosed if the seller specifically asks about them.

If you’re selling, you’re better off telling the buyer everything you know about the house. If you don’t, you could face legal action if the new owner finds an issue and can prove you know about it prior to selling. It’s always best to be as forthcoming as possible.

Dr. Francesca Ortegren, Ph.D. is a Research Associate at Clever Real Estate where she focuses on helping people understand complex data, real estate, finances, business, and the economy by researching various topics, analyzing data, and reporting useful insights for general consumption.

© 2020 Newsmax Finance. All rights reserved.


   
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DrFrancescaOrtegrenPhD
Halloween is a time of year many Americans love. Children enjoy the sugar rush of bags full of candy, and their costumes bring fun and energy to the neighborhood. Although the holiday is playful in its celebration of the dead, on other days of the year, Americans aren't so...
home repair, issues, scarier, buyers, haunted house
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2020-27-22
Thursday, 22 October 2020 07:27 PM
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