Buying Property With a Well? 4 Effects on Your Finances

Are you considering the purchase of a property with its own well? In many rural areas, an individual well is the best — and sometimes the only — option for clean, reliable water for many homeowners. But if you're new to wells, you may not fully understand how the well affects your costs. What should you know before you buy? Here are four of the most important ways a well impacts your bottom line. 

Just as you would have the home inspected for issues like stability or septic system quality, a professional well inspection should be on your to-do list even though it's an added cost. A poor or aged well could become a big, unexpected expense, so you need an objective assessment by a professional. And this professional should be working for you rather than just for the current homeowner. 

A well inspector will collect water samples to test the quality and rule out contamination. They will also ensure you don't face any code compliance issues per state rules and check the physical operation of the pump and related equipment. 

As you talk to the homeowner or real estate agent, ask about the age and condition of any existing well and its equipment. Older wells, as with most other aging utilities or tools, will likely cost more in maintenance and repairs than newer ones.

While the well itself may have an estimated lifespan of up to 50 years, the individual parts involved may not. A well pump, for instance, may last for only 10 years. Other parts of the process often start breaking down and need more work after about 15 years. So age matters when it comes to how much you can expect to spend — both annually and irregularly.  

Is the well sufficient for your current needs? Just because the old homeowner has a working well and is satisfied with it doesn't mean you will be. Older homes often have lower water quantity expectations — as little as 3 gallons per minute — than newer homes (up to 5 gallons). If you plan to update the home or your family is larger than the prior one, you may need a new well that can keep up. 

Water quantity isn't the only issue to look for. Signs of poor quality include dirty water, unusual tastes or smells, or ground contamination in the drilled area. Some quality issues can be fixed with the existing well — sometimes by updating to a better pump — but others may call for a different well location.  

To begin with, a well inspection can be ordered or paid for by either the buyer or the seller — or the costs split — depending on personal choice. You may want to negotiate this cost along with other routine inspections, such as pest inspections or surveys. 

Should you panic if you do find problems with the well? Not necessarily. This is a repair issue that you will most likely also be able to negotiate with the seller. After you have identified the problem and the source, work with a reliable well servicing or drilling contractor familiar with the area. They can give you an objective indication of what a fix will cost. You and the seller can then hammer out who pays what. 

Do you want to learn more about well ownership in general or the costs of updating the one you are about to purchase? Start by meeting with the well experts at Lefty's Pump & Drilling. We will work with you to ensure that you avoid surprise expenses and get a well that provides what you and your family need. Call today to make an appointment.