When someone tries to sell their home, they do not always tell the whole truth. It is unfortunate that if you were to hire a professional inspector for each viewing, it would get incredibly expensive. Thus, here are a few things that you can spot yourself, telling you to avoid the purchase.
The first thing is that you must get to know the neighborhood. It cannot be underestimated how important it is to check on this. Is it a growing community, or is it in decline? Seeing a lot of homes in foreclosure and boarded up businesses is a sure sign of trouble. Experts say that it is best to visit the same neighborhood at different times and on different days. In doing so, you will also become aware of traffic. Make sure you come during an evening once as well, so you can find out whether there is any noise pollution or traffic problems when it is supposed to be quiet. Speak to the police and ask for statistics on local crimes.
Secondly, you need to know whether the property you are buying is a regular sale, a short sale or a foreclosure sale. Yes, you can get an amazing deal on this. However, many of these properties are in terrible condition and it can also be a sign of trouble in the neighborhood itself.
Basically, you should not purchase a property that has not gone through a professional inspection. With the information above, you should be able to tell whether or not you might want to hire a professional inspector, or whether it is a clear no on the purchase. If there are any existing problems, you may want to consider not buying the property at all, or asking for a very significant discount as you will have to invest in the repairs sooner or later. Make sure you take home inspectors’ opinion on board too. The goal of professional home inspectors is to make sure that you can truly get your dream home, and not some sort of money pit disaster.
When someone tries to sell their home, they do not always tell the whole truth. Although a professional inspector would pick up on any problem, it is expensive to hire one for each viewing. Thus, here are a few things that you can spot yourself, telling you to avoid the purchase.
First and foremost, think hard before you buy a “fixer up.” It is certainly true that these properties seem very interesting because they are so affordable. Most of us think that the things that do need to get fixed up are things we can mostly do ourselves. The truth is that most of these things can only be fixed by qualified professionals. The fees of these professionals may be much higher than you had expected. Next, properties that have had DIY repairs can also be a red flag. People may have done a really good job, at least cosmetically, but the reality is that it may be saddled with problems.
You are now ready to see whether the property was looked after properly. Signs of regular maintenance are hugely important. If you find that the owners haven’t look after the outside properly, the inside is likely to be the same. Make sure to inspect the wiring. Although you probably won’t be able to identify all of the problems yourself, some red flags are easy to spot. Flickering lights and hot outlets are major red flags. Similarly, if you notice that there is a single wall, or just a few walls that have been painted very recently, where others haven’t, the owners may be hiding something. Next, look closely at the windows. If a window is condensed or moldy, or it opens with difficulty, that may be a sign of very expensive problems.Naturally, never view a property that you are not allowed to see in full. If there have been any structural changes to the original property, you need to check whether these were done in accordance with various building regulations.
At the end of the day, you are the only one who an decide whether you will buy a property or not. Nevertheless, due diligence should always be exerted. Never purchase a property that you haven’t had professionally inspected. If an inspector does find significant issues, you can decide whether you want to leave the property behind, or whether you want to bargain and bring the price down substantially. However, always be careful that you do not get tied into a money pit.
It is certainly true that mortgage interest rates continue to be at an all time low. And yes, the prices of houses are still low enough to be very interesting. This does not, however, mean that any home is bargain waiting to be snapped up. The market is, at present, in favor of the buyer. However, never buy a property without having researched it. There are plenty of red flags out there telling you to move away from a purchase. These problems are not always significant enough to tell you not to buy, but sometimes they are. Two things are of particular importance in terms of red flags.
The first thing is that you must think twice before you purchase a “fixer upper.” Many people are interested in these properties because the price is so low. Many times, we believe that we can fix the problems ourselves. However, you are likely to find that you will need to bring in qualified professionals to really do the work. The fees of these professionals may be much higher than you had expected. Next, you must be careful with properties that have modifications made that are clearly DIY. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.
You should now look at the property itself and how it was treated. Check the property for maintenance as well. If you notice that there is a lack of structural maintenance on the outside, the inside will probably be the same. Check the wiring as well. Real issues can only be identified by a qualified professional, but you can get a good idea yourself. If lights flicker or outlets are warm, there is a chance that the wiring is faulty. Similarly, if you notice that there is a single wall, or just a few walls that have been painted very recently, where others haven’t, the owners may be hiding something. Also look at the windows. Windows that have mold or condensation or that open with difficulty may be signs of very expensive problems.If an owner declares certain rooms as “off limit”, then go find a different home to buy. If any structural work has been done on the property, you need to make sure that it was done by someone who was fully qualified to do this.
The reality is that you are the only one who can decide whether or not to buy a property. It is also true that if you are looking for a true bargain, then a house with problems is what you are looking for. You do have to ask yourself whether that bargain is worth the potential financial hassle you are putting yourself through. Whether you purchase a property as an investment or as a home, it is always going to be a building that somebody will live in, and you need to make sure that the quality of life in that property can be pleasant and enjoyable. Although it is certainly true that you should look into the condition of the actual property, focusing on the neighborhood is equally important. All you really have to do in order to find out whether the property itself is any good is hire a property inspector. This is different than a neighborhood inspection, which really requires a personal opinion and feel, something that only you can do and decide upon.
The moment we buy a home is a momentous occasion. The problem, however, is that because we want to buy a home so badly, we sometimes don’t see the flaws the property has. You must learn to look out for a number of red flags and walk away from a property no matter how much you love it. Let’s review a number of these red flags.
First of all, check the neighborhood. Very few things are more important than this. Find out whether the community is going through growth, or whether it is declining. Seeing a lot of homes in foreclosure and boarded up businesses is a sure sign of trouble. Do also come back to the neighborhood on different days and at different times. This will also give you an idea of what traffic is like at different points. Make sure you come during an evening once as well, so you can find out whether there is any noise pollution or traffic problems when it is supposed to be quiet. Also make sure that you get a local crime report from the police.
Then, you need to look into things that may have caused damage to the property that are very hard to fix. Make sure you check for signs of the presence of water damage, pest damage, asbestos, mold and faulty wiring. Unfortunately, it can be very difficult to spot any of these problems. The current owners may not even know that the problem is there. And if they do, it is likely that they will try to keep them hidden. By simply ensuring the property is very clean and no sockets are used unnecessarily, you are not able to see the problems are there. To find out whether these issues are there, you can organize a professional home inspection, but you can also speak to community members. They can tell you about the history of various properties in the area. Generally speaking, major problems like pests, water damage and mold will occur in more than one property.
In truth, you are the only person who can really make a decision in terms of whether or not to buy a home. Also, homes with problems are often available at much cheaper prices. You do have to ask yourself whether that bargain is worth the potential financial hassle you are putting yourself through. A home is a place where someone, either you or a tenant, will have to live and this means it does have to be an enjoyable property to seem extent. Naturally, it is vital that you also check the property itself, but don’t forget just how important the neighborhood actually is. A property inspector is all you really need in order to look into the condition of the actual property after all. This is different than a neighborhood inspection, which really requires a personal opinion and feel, something that only you can do and decide upon.