Home Buying Red Flags
The home buying experience can be stressful, especially when you're trying to decide whether to make an offer on a home. If you're having a hard time assessing whether a house is worthy of an offer, watch for these red flags. Knowing what to look for can help you decide whether a house is right for you.
The home seller never got around to repairing that hole in the wall or that burn spot on the carpet. What other types of preventative maintenance could have been missed? Deferred maintenance could be a sign that a home seller is having financial trouble, which might lead them to skim on home projects.
Even if the deferred maintenance has nothing to do with a tight budget, it could still be an indication that the homeowner is unwilling to make the repairs needed to take proper care of a property. There could be many problems lurking behind the walls of a home with obvious signs of deferred maintenance.
All areas of the home should be open and accessible during home showings. If some rooms are locked or some closets are unavailable for viewing, this could be something that the home seller is trying to hide. Always check out every room of the house before making an offer on a property.
Homeowners Haven't Lived There Long
If the current owners are selling their home after only a few months in their property, this could be a sign that something is happening in the house or neighborhood. Home buyers who want to know for sure what's going on in the house can check with their real estate agent to find out if there's a reason for the quick ownership turn around. However, something may be going wrong in the lives of the homeowners that has nothing to do with the house itself, so this shouldn't be an automatic reason to walk away from the home.
Many Homes in the Neighborhood Are For Sale
If many homeowners in the neighborhood are selling all at once, this could be a sign that something is happening in the neighborhood that is driving everyone away. This could be anything from construction of a loud freeway nearby, or a recent economic hit originating with the closing of a large employer. Either way, these changes could affect the value of the home.
Strange smells could be an indication of a mold or mildew problem in the house. Additionally, strange smells could be a sign of something in the environment around the house that could be impacting the indoor air quality. Either way, strange smells are a definite red flag.
Buying a Home? Contact a Real Estate Professional
If you're a home buyer, work with a real estate professional to get started with the home buying process. Your real estate agent can help you identify problems in the homes you go to see, which could in turn help you find the right home for your needs. When looking for a real estate agent, seek out someone with a good reputation in your community and many years of experience.