The 4 red flags to look for before buying a home
When hunting for your next home, there are a number of aspects you need to be mindful of, including a residence's location, size, price and condition. And, as a housing purchase is likely the largest transaction you will undertake in your lifetime, it is important that you choose wisely and know exactly what you're buying. Acquiring a home that requires you first make major repairs in order to make it habitable usually isn't worth the time or money, so don't waste either.
Professional inspectors can perform a comprehensive examination of a home you're interested in buying, but that doesn't mean you shouldn't constantly be on the lookout for signs of damage or distress. There are multiple factors, which you can identify visually - or with little investigation - that can afford you insight into the structure's condition. When touring an available property, be sure to search for the following four red flags, as they can be tell-tale signs that the home isn't right for you.
1.) Pest infestations
Although you may not be inside the home long enough to see any pests, such as termites, cockroaches or mice, looking for evidence of their presence should be easy. Exposed wood that appears to be rotting, as well as clusters of fecal matter can both point toward the existence of pests, and possibly larger issues. Discovering this problem after securing residential lending and finalizing the purchase can set you back financially, and make it more difficult to realize a profit when selling the house later on, if you choose to do so.
2.) Damaged foundation
As homes are typically built upon a steady foundation, any structural discrepancies can lead to unsafe conditions and require costly repair. When visiting an available home for sale, be sure to evaluate the foundation to learn when it was constructed and ask if it has needed attention in recent months. Also, make certain to check the grade of the front and back yards - if the land slopes toward the foundation, the building may be vulnerable to flooding, which can negatively affect its walls and basement in addition to the foundation. Lastly, if you see any large cracks, or areas that seem to be bulging, you may want to move on to the next home.
3.) Intrusive smells
During a home tour, it is important to use not only your eyes, but all of your senses, to properly examine the property. It can be difficult and very expensive to remove smells from a residence, as their cause may be longstanding - and sometimes the process to remove them can only be completed by professionals. Thus, you should be aware of the home's smells, and any attempts to mask them. Mold is a pungent problem that you do not want to pay to inherit, so be sure that you're not.
4.) Outdated internal systems
While a home's plumbing and electrical systems aren't that easy to get a good look at, it is important they are thoroughly inspected before you buy. Old wiring can not only cause you financial headaches associated with repair, it can pose a serious risk to you and your family's well-being. Coming into contact with a faulty outlet or light fixture can often be deadly. And, even if there isn't the potential for electrocution, poorly grounded wires can start devastating fires.
At Poli Mortgage Group, we understand that you've got a lot on your mind as a prospective homeowner. That's why we strive to make the residential lending process as easy for you as possible. Our workforce of experienced Loan Officers routinely find clients low rates and have the know-how needed to secure them with payment plans that best suit their finances. Are you hoping to purchase a home in the near future? Call us at 866-353-7654 to get started today.