“Never Ask a Barber if You Need a Haircut?” Yes, But . . .
If you’re going to pronounce last rites on an expensive-to-replace capital item in a home, far better — at least from the Buyer’s perspective — to do it the day before closing, rather than the day after.
Make that, during the inspection phase of the deal, before the terms have hardened and both parties can (relatively) easily back out/move on.
Cost-Benefit Test
That’s why I advise Buyers to line up a specialty contractor when the home they’re buying has a century old, asbestos-wrapped boiler that’s still working, but could easily cost $10k-plus to remove, remediate, and replace when the time comes.
Or a 30-year-old cedar shake roof, that the Seller thinks has several more years of remaining life, but — Hey! — you never know, right?
In both cases, the $200 or so it will cost to get an expert opinion pales in comparison to the replacement (or even repair) cost.
That’s in addition to the $400 or so Buyers can expect to pay a home inspector to check out the house generally.
Step #2: assuming the old-but-functioning item passes inspection, make sure it’s covered by a repair-or-replace (vs. just repair) home warranty, that actually covers the item in question, without caps or maximum claim amounts.
P.S.: If the big-ticket item flunks inspection and there’s any room for debate (vs., say, a red-tagged furnace), it’s reasonable (if not expected) that the Seller will get a second opinion.
