Pre-Owned Homes May Need Costly Repairs.

• Position: Brief Article - Statistical Data Included

If you're in the market to buy a home this year, keep in mind that more than 40% of previously owned homes on the market will have at least one serious defect when they are listed for sale. That's a sobering fact for home buyers ready to make the most expensive investment of their lives, but one which shouldn't stand in the way of an intelligent consumer.

"Virtually every `used' home needs some repair or improvement," explains Kenneth Austin, chairman of HouseMaster, a nationwide home inspection franchise company headquartered in Bound Brook, N.J. "That's to be expected. But with today's high prices, you want to make sure that you are aware of any major problems in a house you are considering purchasing, and what it will take to remedy the situation.

"If you decide to go ahead with the purchase, you'll know what has to be done and how much it will cost. And, your real estate contract should provide for the repair or replacement of serious deficiencies by way of an `inspection contingency clause'" He further advises people to try not to get so caught up in the strong seller's market that they forgo an...