Does That Home You’re Thinking About Have These Red Flags?
If you’re tired of wasting money every month as a renter, perhaps it’s time to buy your own home. You may have taken all the appropriate steps, such as improving your credit score and saving for a down payment. Likewise, you may have looked into various surety home loans and applied for financing. But while you’re no doubt eager to find and purchase a house, this excitement shouldn’t cloud your judgment.
Once you sign the loan documents and take possession of a house, you’re responsible for all repairs. For this reason, it’s important that you examine each house with a keen eye and check for red flags.
Several homes for sale on the street.
If a particular street or neighborhood has several properties for sale, be cautious. This can be a coincidence, or it might signal a bigger problem. Perhaps the neighborhood has a problem with vandalism, pests or burglary. You can contact your local police and request a crime report for the community, or speak with current residents.
Outdated appliances and rooms.
There is nothing wrong with buying an older home. In fact, you might snag an older property at an amazing price. But if the property hasn’t been updated in decades, it may take a lot of time and money to modernized the space. Consider whether you have the resources to update the kitchen and bathrooms, and replace broken appliances.
Possible foundation issues.
Pay attention to how the yard slopes. If the property slopes toward the house, rain water can easily flow toward the house and damage the foundation. You can inspect the foundation for cracks or other noticeable problems, however, it’s best to bring in a home inspector to ensure that the foundation is in good condition.
Fresh paint smell.
It’s common for sellers to give their property a fresh coat of paint. But sometimes, sellers paint walls to disclose problems, such as a leaky roof. Be suspicious. A leaky roof can cause mold and mildew to develop in the attic and between the walls.
Evidence of pests.
The occasional spider or beetle is common, but if bugs are a persistent problem, you might pass on the house. Check underneath the kitchen and bathroom sinks and look for droppings and signs of pests. If you decide to bid on the house, state that the bid is subject to a successful termite inspection. Of course, if you decide to take on the house, either way, you can call in the services of an exterminator to get rid of them and put measures into place to keep squirrels away, as well as things like rats, termites, and cockroaches, amongst others.
Buying a new house is an exciting time, but if you rush the process, you might purchase the wrong property. Take your time and thoroughly inspect each house before submitting a bid so you can be sure to find those red flags before it’s too late!
Post in collaboration with Becky W