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Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024
Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024 - Foundation Problems From Poor Drainage Lower Market Value By 15-20%
Poor drainage can wreak havoc on a home's foundation, leading to a significant drop in market value, often between 15% and 20%. This can represent a substantial financial hit, with estimates showing a $300,000 home potentially losing $30,000 to $45,000 due to foundation problems. Buyers are understandably hesitant when faced with signs of foundation trouble, such as cracks in walls or floors that aren't level. This reluctance translates to reduced buyer interest and a longer time on the market. The cost of fixing foundation issues due to drainage problems can be quite high, adding another layer of complexity to the situation. Homeowners should be mindful of their drainage systems and any potential foundation concerns, acting proactively to protect their investment and ensure a smoother, more profitable sale in the future. Buyers who are looking for a hassle-free, reliable home will appreciate a property free from foundation risks.
1. Poor drainage can wreak havoc on a home's foundation, leading to substantial water damage and compromising its structural integrity. This can impact a home's value quite significantly, with estimates placing the drop in market value between 15-20% for homes with these issues. Buyers see this as a major sign of potential future expenses and are less likely to pay top dollar.
2. It's not just the value that's affected, but also the speed at which the property sells. Research suggests that homes with signs of water damage linked to drainage can take 10-15% longer to sell compared to similar homes without these problems. In today's fast-paced market, delays like these can be problematic, impacting sellers' financial goals.
3. Financial institutions are not blind to these issues. Properties with drainage and foundation problems often raise red flags for lenders, potentially impacting mortgage approvals. This added layer of difficulty in obtaining financing can make the property less attractive to buyers who might have had solid financing plans in place.
4. While a challenging problem, savvy real estate marketing can help offset some negative buyer perceptions. Staging, virtual staging, and the use of high-quality visuals can help to showcase the property's positive features and, to some extent, mask the potential issue of poor drainage. But the issue will come up, so being honest about it can help reduce problems down the line.
5. In the increasingly popular Airbnb market, poor drainage and resulting issues like dampness or musty smells can be a serious deterrent. Guests tend to leave critical reviews if these concerns are encountered, which can significantly affect a host's property ranking and ability to attract future bookings. Essentially, these issues can significantly reduce rental income and profitability.
6. Fixing foundation issues related to drainage can be a substantial financial burden, often running into the tens of thousands of dollars. This adds another layer of complexity for buyers, many of whom are seeking move-in-ready properties that don't involve big, unexpected expenses. It discourages buyers and thus lowers resale value.
7. Moisture issues are frequently followed by mold and other issues. This is especially true in basements affected by poor drainage. Mold growth is not only unattractive, but it can present serious health hazards that deter buyers. Buyers increasingly focus on a home's health and indoor air quality. These issues can't be ignored and greatly reduce home appeal.
8. Presenting a home with gorgeous interior photos without addressing underlying drainage or foundation issues can backfire spectacularly. When buyers discover the underlying issues during inspections, they can lose trust and feel deceived. This commonly results in lower offers or, even worse, deal cancellations. There is a growing need for transparency in real estate.
9. Homes located in areas prone to drainage problems may take significantly longer to sell than others. These properties can sometimes linger on the market 30% longer than the average, which means sellers end up paying carrying costs for an extended period. This is a real financial strain for those looking to exit the market or reinvest.
10. Virtual tours that gloss over basement areas or don't adequately address known drainage concerns can create an illusion that the problem isn't there. Buyers are savvy. They do their research and frequently seek out detailed information. If a listing appears misleading or incomplete, potential buyers will either demand more information or take their business elsewhere.
Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024 - Outdated Electrical Wiring Extends Average Sale Time to 97 Days
Outdated electrical wiring can significantly impact a home's marketability and sales timeline, often extending the average sale time to a concerning 97 days. Homes built before the 1970s frequently have electrical systems designed for a much lower electrical load than modern appliances and technology require. This discrepancy can make them a less desirable option for buyers. Signs like the presence of older fuse boxes instead of modern circuit breakers, flickering lights, or even a burning smell can signal potential issues and scare away buyers. In a market where buyers prioritize safety and modern conveniences, properties with outdated electrical systems might experience a longer time on the market and a potential dip in value. The challenges posed by outdated electrical systems affect both traditional home sales and the short-term rental market, including Airbnb listings. Potential buyers and renters alike may hesitate to invest in a property with the potential for electrical issues. For homeowners eager to sell their property quickly and for a fair price, proactively addressing any outdated wiring issues is crucial to maximizing the property's appeal and value in today's real estate environment.
Homes built before the 1970s often have electrical systems designed for much lower power demands than we see today. This can be a significant issue for buyers in 2024. The presence of older fuse boxes instead of modern circuit breaker panels is a classic sign of outdated wiring and can make a home less attractive to buyers. Flickering lights, burning smells, or frequent circuit breaker trips can all signal that the wiring might not be able to handle current power loads. This can extend the average time a home sits on the market, potentially up to 97 days, as buyers may be understandably wary of potential safety hazards.
The risks are real: aging wires can fray, crack, or corrode, and even minor modifications like hammering a nail into a wall can cause damage. These issues can lower a home's value and create insurance problems. In many urban areas, like New York City, a significant number of homes are quite old, meaning their electrical systems might be long overdue for an upgrade. Homes with "knob-and-tube" or aluminum wiring are particularly problematic, as they're considered unsafe by today's standards.
It's crucial for homeowners, especially those with older homes, to get their electrical systems assessed. This is a proactive measure for safety and maintaining the property's value. In the context of Airbnb rentals, outdated wiring can cause issues with guests (think faulty appliances, flickering lights, or worse), leading to bad reviews, lower bookings, and reduced income. Failing to meet current electrical codes can also lead to delays and complications when selling the property, given the increased focus on safety and compliance among buyers.
In today's real estate market, buyers are looking for properties that are not just aesthetically pleasing but also safe and reliable. Features like smart home integration are becoming more common, but outdated wiring can make this integration difficult. This factor can impact how quickly a property sells, with buyers preferring homes that are already equipped to handle modern technologies. As energy costs continue to increase, outdated electrical systems can lead to higher energy consumption and larger utility bills. This is another area that could influence a buyer's decision. Therefore, buyers are more mindful of the energy efficiency aspects of a home and are less inclined to consider properties with outdated wiring. Overall, modern buyers are more discerning than ever before and are aware of the potential issues and costs associated with outdated electrical wiring systems, which can ultimately affect a home's saleability and market value.
Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024 - Living Room Water Damage Raises Insurance Premiums 30% Above Market Average
Water damage in a living room, specifically, can significantly impact homeowners insurance premiums. We're seeing premiums jump 30% above the average market rate in cases where water damage has occurred. This is concerning given that insurance costs have already risen substantially in the last year. Buyers are increasingly cautious about properties with a history of water damage, as it can increase expenses and potentially slow down the selling process.
In today's competitive real estate market, buyers are seeking homes with a clean insurance record. Therefore, it's essential for sellers to be upfront about any past water damage issues. Homes with a history of water damage might struggle to attract buyers, potentially affecting both their market value and rental income potential for those looking to use platforms like Airbnb. As insurance costs continue to climb due to escalating climate risks, it's crucial for property owners to address these potential insurance red flags to protect their investments and maximize their chances of a smooth sale.
Homeowners facing water damage, particularly in living areas, can see their insurance premiums spike by a substantial 30% above the average market rate. This significant increase can pose a considerable financial hurdle for individuals trying to secure or maintain affordable coverage. Consequently, potential buyers might be discouraged by the prospect of elevated insurance costs associated with a property that has experienced water damage, leading to a potentially slower sale.
In the increasingly popular short-term rental market, such as Airbnb, properties with a history of water damage can face a significant drop in desirability. Guests, understandably, prioritize a clean and safe environment, and any indication of past water damage can make a property less appealing. This translates to reduced bookings, lower occupancy rates, and ultimately, diminished rental income.
The practice of virtual staging, where appealing images of living spaces are created, can backfire spectacularly if undisclosed water damage is discovered during inspections. Buyer trust is easily eroded when properties are presented deceptively. This can lead to renegotiations or canceled deals, highlighting the critical role that transparency plays in the real estate transaction process.
While using bright, high-quality images that highlight pristine areas in a home can indeed help with quick sales, it's essential to acknowledge and address any potential water damage risks. Attempting to mask or hide past water damage with clever photography can backfire. If hidden water damage is discovered later in the process, this can actually extend the sale timeline significantly, creating mistrust between buyers and sellers.
The use of technology in home buying is evolving rapidly. Increasingly, buyers are using tools such as moisture detectors and drone inspections to identify potential problems prior to purchase. This trend makes it challenging to effectively hide past water damage using traditional home staging methods.
In regions with a history of flooding, property values can decrease by as much as 10%. This reduction reflects the perceived increased risk of future water damage. The “stigma” of past flood damage can linger even after the damage has been professionally repaired, making it harder to command top dollar.
The hospitality industry, including platforms like Airbnb, is increasingly attuned to the potential risks associated with water damage. Reports indicate that properties with signs of past water damage could lose their classification ratings, making them harder to market and impacting both rental rates and occupancy.
The impact of water damage can extend beyond physical issues. Past water damage can create environments that promote mold growth, which in turn can degrade the indoor air quality of a home. Health-conscious buyers increasingly focus on the quality of the air within a property, and the presence of mold can lead to a significant decrease in buyer interest.
Insurance companies frequently mark properties that have experienced water damage as high-risk. This classification not only results in higher premiums for the affected homeowner, but can also lead to premium increases for adjacent properties. This creates a cascade effect that impacts overall market value in a neighborhood.
Buyers today have heightened expectations regarding transparency in property disclosures. Many are now hesitant to consider purchasing a home that has experienced any type of water damage, regardless of how professionally it has been repaired. The lingering impact of past water issues can affect a property's marketability for a prolonged period, making it challenging to sell even after remediation efforts are complete.
Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024 - Missing HVAC Maintenance Records Lead To Failed Home Inspections
The absence of HVAC maintenance records can significantly hinder a home's sale or rental prospects. When a home inspection reveals missing documentation, it often indicates a potential problem in the HVAC system. This lack of evidence can lead to failed inspections, raising serious concerns for potential buyers and insurance companies. Buyers might perceive a lack of maintenance as a sign of underlying issues, diminishing their confidence in the property and leading to lower offers or a longer time on the market. For those seeking to rent their properties through Airbnb or similar platforms, a lack of maintenance documentation can also impede insurance coverage and potentially result in higher premiums. The perceived risk associated with a potentially poorly maintained HVAC system can reduce the property's attractiveness to both buyers and renters, ultimately affecting both sales timelines and rental income. In today's real estate market, buyers are increasingly meticulous in their home searches and expect proof of proper upkeep. Therefore, having detailed HVAC maintenance records is increasingly vital for a smooth and successful transaction, especially when seeking to achieve optimal market value or establish a strong reputation for a rental property. Homeowners should thus view proactive HVAC maintenance as an essential component of protecting their investment and increasing the appeal and desirability of their property.
1. The absence of HVAC maintenance records can result in failed home inspections, especially problematic for properties used for short-term rentals like Airbnb, where smooth operations are crucial for positive guest experiences and reviews. This is particularly true given that Airbnb guests often rate a property's overall comfort and amenities.
2. A properly maintained HVAC system not only provides a comfortable living environment but also plays a role in energy efficiency. Neglecting regular HVAC service can lead to significantly higher energy bills, potentially increasing costs by 30%, directly impacting a homeowner's operating expenses and profitability, especially for those in the hospitality rental sector.
3. During home inspections, inefficient HVAC performance can quickly raise a red flag for buyers. Properties displaying signs of neglect or poor maintenance often experience reduced offers, with potential buyers lowering their offer price by 10% to 15% due to anticipated future repair costs. This can particularly impact properties in a competitive market, such as in areas with large student populations or near major urban hubs.
4. Short-term rental hosts who can furnish documented proof of HVAC maintenance often find themselves able to charge higher rental rates. This is likely because prospective guests perceive these properties as more reliable and less prone to experiencing climate control issues during their stay. It's not surprising that having reliable systems like HVAC leads to higher satisfaction and better reviews, which in turn leads to increased demand for the rental.
5. Studies suggest that properties with a history of regular HVAC maintenance can appreciate in value by as much as 5% compared to homes with uncertain maintenance records. This emphasizes the long-term financial benefits of implementing a proactive maintenance schedule. Maintaining the HVAC system reduces large repair costs in the future, and that translates to better resale value.
6. A significant portion—estimated at 50%—of HVAC-related issues during home inspections stem from homeowners neglecting to replace air filters regularly. This can lead to variations in temperature and issues with air quality, both of which can be substantial deterrents to both buyers and renters. This isn't surprising given that more people are acutely aware of air quality and the health impacts associated with poor indoor air quality.
7. For individuals involved in the hospitality investment sector, the lack of HVAC maintenance records can significantly slow down property transactions. It can add weeks to the sales timeline as the property may require additional inspections and repairs before a sale can be finalized. This adds complexity and delays, which can be particularly costly in fast-paced real estate markets.
8. Properties featuring newer HVAC systems with documented maintenance history tend to sell about 30% faster compared to those without comprehensive records. This can be a critical factor in competitive markets where selling time is a major financial consideration, especially for those looking for quick returns on their investments. For properties in growing areas or vacation homes, this factor can be quite substantial.
9. The incorporation of smart thermostats is becoming increasingly popular in homes. However, insufficient HVAC upkeep can hinder homeowners from maximizing the potential benefits of these smart technologies. This limits their ability to optimize energy savings and provide optimal comfort for future renters or buyers. Smart technology, and the energy savings it delivers, is becoming a priority for a majority of buyers, thus the need for properly maintained systems.
10. Unmaintained HVAC systems can contribute to negative environmental consequences due to inefficient operation. However, what's even more concerning is that homes with evidence of HVAC neglect can trigger increased insurance premiums, further diminishing the property's resale value. This is not unexpected, given the growing concern about the impact of climate change and the financial penalties associated with it.
Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024 - Old Roofs Beyond 15 Years Trigger Insurance Coverage Limitations
Roofs that have aged beyond 15 years often raise concerns for insurance providers, potentially leading to restricted coverage and higher premiums. This is particularly true for homes with roofs over 20 years old, as some insurance companies may refuse to insure them altogether. This presents a challenge for homeowners seeking to sell or rent, especially within the competitive Airbnb market, as potential buyers and guests are likely to be hesitant about properties with older roofs. They might worry about the potential for costly repairs or replacements in the future, and thus a home with an aging roof might struggle to achieve a strong market value. The possibility of receiving only the depreciated value of the roof in the event of damage rather than full replacement cost is another concern that can discourage potential buyers. To maintain a property's desirability and ensure it remains insurable, consistent roof maintenance and a clear history of repairs or replacements are crucial. Being proactive in maintaining your roof will help protect your investment and make your property more attractive to those looking to buy or rent.
1. Insurance companies often view roofs older than 15 years as a potential liability, which can lead to limitations in coverage and, often, higher insurance premiums. This added expense can be a deterrent for buyers, potentially impacting a property's market value and how quickly it sells.
2. It's not uncommon for homeowners with older roofs (over 15 years) to receive only the depreciated value for repairs or replacements, rather than the full replacement cost, if damage occurs. This can be a significant concern for buyers worried about future repair or replacement expenses, potentially lowering offers or lengthening the time it takes to sell.
3. During inspections, the condition of the roof is a focal point. Signs of wear and tear on a roof over 15 years old, like curling shingles or moss growth, can raise concerns and may lead to a failed inspection. This can add time to the sales process as buyers might insist on extensive repairs before agreeing to buy.
4. In the Airbnb world, an older roof can create a problem. Guests are becoming more discerning and expect high-quality accommodations, so even minor roofing issues can lead to bad reviews. These reviews can negatively impact a host's ability to attract future bookings, which ultimately reduces rental income and can diminish the perceived market value.
5. For homeowners with a roof over 15 years old, obtaining comprehensive insurance can be more challenging and expensive. Insurers often reduce the coverage limits on properties they consider high-risk, potentially leaving the owner with unexpected financial burdens in case of damage and making the property more difficult to sell or rent out.
6. The condition of a roof has a direct impact on a home's curb appeal. An older, neglected roof can detract from a home's appearance, which is important since first impressions greatly influence a potential buyer's initial interest. This factor is often overlooked, but it can affect the overall market value a buyer is willing to pay.
7. Replacing an old roof can improve a home's energy efficiency. Research suggests that newer roofs can help lower heating and cooling costs, often by up to 15%. This is becoming an increasingly important factor for buyers, especially those in areas where energy costs are high or there's a focus on sustainability.
8. Older roofs, especially those over 15 years, are more likely to experience leaks and moisture issues, which can lead to long-term damage inside the home. These issues don't just decrease market value, but can also result in additional insurance claims, creating a cycle of financial challenges for homeowners.
9. In competitive real estate markets, properties with newer roofs can sell significantly faster—as much as 25% faster in some cases—than those with older roofs. This reinforces the idea that roof replacement can be a worthwhile investment for sellers aiming to achieve a quick and successful sale.
10. Beyond the immediate financial implications, buyers are increasingly interested in low-maintenance homes. Homes with older roofs might be less appealing to buyers who want a property with fewer immediate maintenance concerns, which could potentially lengthen the sales timeline as they look for a more "move-in ready" option.
Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024 - Non-Permitted Home Additions Create Title Insurance Complications
Unpermitted home additions can create a real headache when it comes to title insurance, potentially affecting both the sale and the property's value. Typical title insurance policies don't cover work done without the proper permits, which can leave homeowners in a tough spot legally and financially. Buyers are often wary of properties with unauthorized additions, as it might signal future problems or raise concerns about the property's legality. This hesitancy can lead to lower offers or longer sales times. Additionally, mortgage companies are usually strict about building codes, often demanding that any unpermitted work is addressed before they'll give a loan, adding even more complexity for sellers. If you're thinking about selling or renting out a property with unpermitted additions, getting them legalized beforehand can significantly reduce the risk and make it easier to find a buyer or tenant, as well as helping the property be more valuable.
### Non-Permitted Home Additions Create Title Insurance Complications
1. **Hidden Liabilities**: Unpermitted additions introduce potential liabilities that can be a major headache for homeowners. If an unpermitted structure fails or causes harm, it could be difficult to get insurance coverage for it. The homeowner might be stuck with the repair bills and potential legal issues. Buyers tend to steer clear of such risks, so it can make selling a home harder and potentially impact its value.
2. **Market Value Takes a Hit**: Properties with unpermitted additions often see a decrease in value. Buyers are often hesitant about buying homes where there might be hidden problems. They'd rather choose properties with permits, ensuring that the construction meets building codes. These concerns can affect a home's sale price by 10% to 30%, depending on the severity of the issue.
3. **Title Insurance Troubles**: Title insurance is designed to protect owners from issues with the property's ownership, but it usually doesn't cover unpermitted construction. This can become a big problem when selling a home. If issues arise after the sale regarding those additions, the buyer might sue the seller, leading to conflicts and even a lost sale.
4. **Staging & Virtual Tours – A Double-Edged Sword**: It might seem smart to highlight those additions with fancy staging or virtual tours, but that strategy can backfire. If buyers discover unpermitted work during an inspection, they might feel like they were misled. It can lead to lower offers or, worse, the whole sale falling through, and damage the seller's reputation.
5. **Fines and Fixes**: Local authorities could fine the homeowner or order them to fix the unpermitted additions. These costs can quickly mount, sometimes surpassing the initial cost of the additions, making it a less desirable home for potential buyers and impacting its overall value.
6. **Homeowner Insurance Complications**: Getting homeowner's insurance or keeping it affordable can be harder if the property has unauthorized additions. Insurers may see them as risky, which often results in higher premiums. This can make it more difficult to sell a property and might influence its appeal to buyers.
7. **Airbnb Reviews and Bookings**: For anyone using platforms like Airbnb, unpermitted additions can negatively affect guest experiences and ratings. If there are problems caused by the structure, it could lead to negative reviews, impact future bookings, and reduce potential rental income.
8. **Financing Hurdles**: Mortgage lenders might hesitate to finance homes with unpermitted additions or charge a higher interest rate because they see it as a greater risk. This can make it harder to find buyers, as not everyone can afford a higher loan. The longer a home is on the market, the more financial stress it puts on the seller.
9. **Trust Erodes Quickly**: Finding out about unpermitted additions during a home inspection can damage a buyer's trust in the seller. It is important to be upfront about any potential issues when listing a home. Many sellers don't, and this lack of transparency causes problems later on.
10. **Selling Challenges**: Homes with unpermitted additions often sell more slowly, which makes it difficult for homeowners who need to sell quickly. The longer a property sits on the market, the more the seller may have to adjust the price, and the financial burden and uncertainty about future market changes increase for the seller.
Insurance Red Flags 7 Ways They Impact Your Home's Market Value and Sale Timeline in 2024 - Aluminum Wiring From 1965-1973 Makes Properties Harder to Insure
Homes constructed between 1965 and 1973 frequently utilized aluminum wiring as a more budget-friendly option compared to copper, which was becoming more expensive. However, this choice has created difficulties in obtaining standard insurance coverage for many property owners. The reason behind this lies in the elevated fire risk associated with aluminum wiring, especially at connection points. Some studies suggest that homes wired with aluminum are considerably more susceptible to electrical fires compared to those with copper. This inherent risk can make it challenging to find suitable insurance, with many providers either imposing higher premiums or declining to cover such properties altogether. This situation not only creates financial uncertainties for homeowners but also potentially impacts the property's market value. As a result, homes with aluminum wiring might linger longer on the market as potential buyers are concerned about the insurance implications and safety aspects. To minimize the risks and improve their chances of securing insurance or achieving a smoother sale, homeowners might want to consider modernizing their electrical systems to reduce fire hazards, which could enhance the overall marketability of their property. Given the current state of the real estate market, these types of factors play a critical role in whether a home attracts buyers quickly, and at a good price.
1. **Insurance Companies' Hesitation:** Aluminum wiring, commonly found in houses built between 1965 and 1973, presents a significant worry for insurance providers because of its potential to overheat and increase fire risks. This increased risk can cause a major jump in insurance costs or even a complete refusal to provide coverage, which can be a serious problem when trying to sell a property in today's competitive real estate market.
2. **Airbnb's Risk Factor:** For people renting out their homes on platforms like Airbnb, aluminum wiring can lead to bad reviews if electrical problems pop up during a guest's stay. These problems can damage a host's reputation and reduce the number of future bookings, which can hurt their ability to generate income from their rental property.
3. **Hidden Costs of Investigation:** Finding aluminum wiring often needs a detailed electrical check to see how good the wiring is and if it meets modern safety rules. Many buyers, especially those who invest in short-term rentals, are reluctant to take on the cost of these inspections, potentially leading them to offer a lower price for the property.
4. **The Importance of Full Disclosure:** Sellers need to be upfront about the presence of aluminum wiring when selling their house. If they don't, they could face legal trouble. Buyers are getting more aware of these kinds of risks, and if a seller isn't honest about a potential issue, it can cause trust problems, making the sale much more difficult.
5. **Extended Sales Timelines:** Homes with aluminum wiring might take longer to sell because of the need for potential upgrades. A typical sale might take 15% longer than similar properties that don't have this type of wiring, because buyers are worried about the possible safety problems.
6. **Impact on Resale Value:** Once it's known that a property has aluminum wiring, it can not only make it less attractive to buyers initially, but it also tends to lower its overall resale value by 10-20%. This drop in value is a direct result of buyers wanting homes with safe and reliable electrical systems.
7. **Mortgage Lending's Response:** There's a growing trend where lenders often require homes with aluminum wiring to be upgraded before they'll give out a mortgage. This added step can further slow down the sale process, especially in areas with strict rules about building codes.
8. **Virtual Staging's Limitations:** While using digital photos to make a home look better can improve its visual appeal, it can't hide the issue of aluminum wiring. Buyers who use virtual tours are more likely to ask for detailed electrical inspections, and a lack of transparency about the wiring can easily damage trust and hurt a seller's ability to complete a sale.
9. **Initial Impressions Matter:** The thought of an older and potentially dangerous electrical system can scare buyers away from a property, regardless of how nice it looks. A person's first impression when they visit a home is a major factor in how desirable they think the property is and, by extension, its market value.
10. **The Insurance Process Can Be Lengthy:** Many insurance companies will require a professional assessment of a home's electrical system if it has aluminum wiring before they'll give out a policy. These inspections can be time-consuming, which can lead to delays for people who want to quickly get insurance in order to sell or rent out their home.
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