Austin Klar warns Bay Area sellers that knob-and-tube electrical wiring kills deals. Insurance companies won't cover it or impose strict conditions, blocking mortgage approvals and scaring off buyers. Replace it before listing.
If you're selling a home in the Bay Area, you need to hear this. Homeowners insurance is an absolute mess right now. And one of the things that homeowners insurance companies are on the hunt for is knob-and-tube electrical wiring. If your home has knob-and-tube, chances are a buyer's not gonna be able to get a homeowner's insurance policy, or if they are able to get one, it's gonna have very onerous conditions on it. Why does it matter to you as a seller? Buyers need homeowners insurance to close on their loans. So if knob-and-tube wiring is going to mess up the insurance process for them, it's going to mess up the loan for them, and they're not gonna be able to buy your home. And even cash buyers are gonna have a problem because they're probably going to want homeowners insurance for that peace of mind. So if you're selling a home and the inspection report comes back identifying some knob-and-tube wiring in your home, it is worth every penny and ounce of your time to fix it. It not only makes your home more desirable by having updated electrical wiring, it also makes your home more marketable to a broader set of target buyers. Follow me for more home selling tips.
