Buying a house is no major decision because most people do it once in a lifetime and properties are not exactly liquid assets. The purchase and sale of real estate involve a lot of transaction costs. Thus, if it turns out that you have made a mistake, rectifying it can prove to be immensely costly and lead to losses. As a matter of fact, Asaf Izhak Rubin says that it can often be difficult, or even impossible in some situations for you to be able to find a buyer who can take the property off your hands.
In order to ensure you don’t regret your purchase, you should ensure that the property you are getting does not have the following red flags:
- An undesirable location
When it comes to real estate, you should remember that location is everything. If the property you are looking at is in a bad neighborhood, there is a good chance that you will come to regret your purchase very quickly and could encounter difficulty in finding a buyer. But, what makes a bad location? Asaf Izhak Rubin states that this can mean different things to different people. An unsafe neighborhood, lack of amenities, or a terrible commute to work are some major red flags and should tell you to walk away. Remember that you can alter the house, but not where it is located.
- Deferred maintenance
It is not that difficult to spot signs of deferred maintenance, as they can be something as simple as a leaky faucet, or a cracked tile. Fixing these things is generally easy, but Asaf Izhak Rubin believes they should be regarded as red flags because a lot of people try to put their property in good shape before selling it. Hence, if the owners have not bothered to fix these issues when listing their home, then it is possible that they have neglected a lot of other things that could come back to haunt you.
- Issues with major home components
There are some things in a home that can be costly to fix, such as old or damaged roofs, leaky pools, inadequate HVAC or plumbing systems, or faulty wiring. As per Asaf Izhak Rubin, if the major components of a home have issues, you may have a massive repair bill on your hands soon after purchase. Unless the price of the property is adjusted for the expenses, it is better to go with a place that does not require major renovations.
- Water damage
One of the biggest red flags is any sign of water damage on the walls, floor or ceilings. The last thing anyone wants to do is purchase a house that has a leak or floods, especially because finding the problem and getting it fixed can be quite difficult. Asaf Izhak Rubin suggests that you check for signs of patches, peeling paint, or other evidences that water is reaching places it shouldn’t. Make sure you know what has caused it and how it can be resolved before you finalize your purchase.
Not only is mold toxic and leads to respiratory problems, it can also be costly to eliminate. Therefore, you need to keep an eye out for any evidence of mold when you visit a property. If there are any telltale signs of mold growth, or there is any distinctive odor, you should avoid the house altogether.
- Foundation cracks
When a home has an unstable foundation, it is certainly not safe to live there. Moreover, Asaf Izhak Rubin says that it is a sign of major problems that you cannot fix easily. Some cracks may be acceptable, but anything larger than half an inch should be considered a red flag. You can hire a foundation expert to do an inspection, or simply walk away because it is certainly not worth the trouble and could lead to major expenses in the future.
Read also: Advice on Selling a House