2 Red Flags To Look Out For When Buying A Home

It cannot be denied that mortgage interest rates are very low at present. And yes, the prices of houses are still low enough to be very interesting. However, this does not mean that any home you come across would make a good investment. Yes, we are currently in a buyer’s market. However, you do have to exert due diligence before you buy. The potential issues you may uncover when researching a property could be serious. Some of these are fixable, others tell you to look elsewhere. Two things are of particular importance in terms of red flags.

Start by checking out the neighborhood. Does it look like everybody is leaving? Talk to your potential new neighbors and ask what the area is like. Also check out the land. If you notice that the yard is on a downwards slope towards the property, the foundations could be affected by rain water. If you notice any bad smells, there is generally something amiss. Also look for bugs and insects. This is also something to ask others in the neighborhood about as they are likely to know all about past insect, rodent or other pests problems.

You should now look at the property itself and how it was treated. Check the property for maintenance as well. If it looks run down from the outside, it is likely that the inside isn’t in a much better condition either. Also, look at the wiring. Although you probably won’t be able to identify all of the problems yourself, some red flags are easy to spot. If lights flicker or outlets are warm, there is a chance that the wiring is faulty. Owners may be trying to hide a problem if you notice that single walls have been painted very recently. Next, look closely at the windows. If there are signs of condensation or windows don’t open properly, it could be a sign of serious damage that will cost you a lot to repair.Never even consider purchasing a property that you cannot see in full. Additionally, if you notice that any structural work has been done, such as the removal of walls or floors, you need to find out whether that work was done properly by a qualified architect.

At the end of the day, only you can decide whether or not you should purchase 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. However, if you find you have purchased a true money pit property, or that it is impossible to sell it at a later date, then is it really worth it? Homes, whether purchased as an investment or not, are places for people to live in, which means they have to be inhabitable. Naturally, you do also have to look at the property itself, but the importance of looking into the neighborhood cannot be denied either. All you really have to do in order to find out whether the property itself is any good is hire a property inspector. When it comes to the neighborhood, however, you need to have a personal feel, something that cannot be achieved by a check box list.

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