According to Zillow, the average 2023 North Carolina home value is $320,096. That’s a 3% increase over the 2022 average home value. The current prices might seem daunting if you’re looking to buy a home. But less-than-perfect dwellings, such as those with termite damage, usually offer a discount.
Termite damage in the home
Discovering that a piece of real estate you want to buy has termite damage might scare you away. However, the home is possibly worth considering depending on the circumstances. If the termite damage is minimal and repairs are within your budget, you might want to give the home a second look.
Also, the seller might offer a discount because the home has termite damage. In addition to a discount, the seller might also get the home treated for termites so that you will go ahead and make an offer on the home. However, there’s a chance the termites will return even after treatment.
You’ll probably want to get your own pest inspection done before making an offer so you know the extent of the damage. How much you’re looking at for repairs can affect how much you’re willing to pay for the home.
One possible way to reduce risk is to add a contingency clause to the real estate contract. A contingency is a condition that the seller must meet before you agree to purchase the home. In the case of termites, you could require the seller to fumigate before the sale moves forward.
Worth the risk?
Buying a home with termite damage isn’t necessarily a bad idea. The damage can cause the seller to lower their asking price. And if the seller also has the home treated for termites, that’s even better. But remember, the termites could return and do more damage. Take that into account when considering buying a home that has termite damage.