As you shop for a home, you will come across good and bad opportunities. When you are eager to finish the process and start a new chapter in your life, it is easy to rush and overlook potential red flags. But your decision to buy a home is going to have a huge impact on your financial future. So, it is worth it to look as closely as possible at any potential purchase. Here are some red flags to watch out for.
- Unbelievably good deals. You might sometimes find a home that has a “too good to be true” price. On the surface, it looks like a beautiful, well-maintained home in a nice neighborhood. But the sellers should be able to command a much higher price than they are asking. Sometimes this might happen if a seller is in a hurry. But often, it signals there is something very wrong with the house. If you decide to proceed, make sure to get multiple inspections, including from specialists. It may cost you a little more in the short run, but it could end up saving you boatloads of money in the long run.
- Problems with the foundation. Foundation problems can be very expensive to fix. Look for any cracks on the walls or ceilings, and assess the slope of the land. Try opening and closing doors and windows. If any of them stick, that could point toward a shifting foundation. This is also a good opportunity to evaluate the quality of the seals. How airtight they are will impact your home’s energy footprint.
- Signs of mold or rot. If you detect a musty odor or you spot any telltale signs of mold or water damage, you will need a mold investigation before you consider purchasing. This type of damage can be very expensive to fix. While you are at it, look for signs of pest infestations as well. If the home’s owner is burning incense or has sprayed some kind of heavy room scent around when you come to check out the home, that could be a red flag. Sometimes people do this when they are trying to mask the musty smell of mold. Baking aromas could also be used this way. So, try and pay attention to whether you are detecting any other scents in the background.
- Electrical, plumbing, or HVAC issues. Along with foundation issues, mold, or wood rot, three systems that can be expensive to fix are electrical, plumbing, and HVAC. So, check all of these thoroughly before you decide to buy a home.
- Signs of even minor neglect. It might sound weird, but you should be on the lookout for minor issues that the home’s owners have not addressed. It might not seem like a big deal if the paint on a door is chipping or faded, or if the bathroom sink has a tiny leak, but it could tell you something about the maintenance habits of the owners. Think about it. If homeowners have been putting off small maintenance tasks like these, what does that tell you about what they might be doing with larger maintenance and repair issues? It could be that they do not have enough time or money or motivation to upkeep the property properly. So, there might be hidden issues in some of these situations.
- Paperwork issues. Something else that could signal an issue is if there are delays with getting the paperwork you need from the seller. There may be innocuous explanations in some cases. But a common reason for paperwork to be delayed is because of legal issues. Try to find out exactly why you have not received the documents yet. Otherwise, the sale could unexpectedly fall through, or you could end up inheriting legal issues with the house once you buy it.
- Issues with neighbors. While you are checking out the house, don’t forget to also check out the neighborhood. Take note of the neighbors. Observe their behavior if you see them, and see how they keep up their own homes and lawns. It’s worth talking to the neighbors if you get a chance, both to assess whether you want to live next to them, and to see if they have anything to tell you about the house or its current owners. Now and again one may let you in on something the owners are keeping to themselves. You should also swing by after dark. Sometimes a neighborhood that seems fine during the day has problems at night. It’s worth making sure that you’ll feel safe and comfortable living there around the clock.
- Pressure. A really big red flag when you are shopping for a home is when the owners are pressuring you to hurry up and complete the purchase. In some scenarios, they may just be on a tight timetable. But in others, they are hoping you will overlook problems with the house.
Buy a Home in Virginia
First Residential Mortgage is based in Blacksburg, and can help you buy a home or refinance anywhere in Virginia. We can also give you tips and guidance for conducting a successful home search. To get started applying for a home loan, please give us a call at (540) 838-5868 to schedule your consultation.
