Buying a home is a joyful period in a person’s life. Unfortunately, because of all that excitement, we can be blindsided at times and purchase something that isn’t worth our money. Although we do sometimes fall in love with a property, we should never purchase it without running a few necessary checks. Let’s review a number of these red flags.
The first is the neighborhood. This is one of the most important things you will do. Find out whether the community is going through growth, or whether it is declining. If there are many foreclosed homes and businesses, the community is going through tough times. Do also come back to the neighborhood on different days and at different times. In doing so, you will also become aware of traffic. Do also come at least once at night, so you can see whether the streets are safe and quiet at night or not. Additionally, make sure the police provide you with a crime report on the area.
Then, you must look into historical problems that may have caused problems that simply cannot be repaired. Make sure you check for signs of the presence of water damage, pest damage, asbestos, mold and faulty wiring. The issue is that identifying these types of problems can be very difficult. The current owners themselves may not be aware of the presence of these problems. Those home owners that do know the issues are there 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. In order to find out whether these issues are present, you will need a professional home inspection; but you can also speak to community members. They will be happy to tell you about any historical issues that have occurred in the area. Generally speaking, major problems like pests, water damage and mold will occur in more than one property.
The bottom line is very simply that a home should never be bought unless a professional inspector has given you the green light. With the information above, you should be able to find out whether you should walk away, or whether hiring an inspector is a good idea. 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.