When someone tries to sell their home, they do not always tell the whole truth. Sadly, most of us cannot afford hiring a professional inspector for each property that we view. So, here are some red flags that you can look out for that could tell you to avoid the property.
The first thing is that you must get to know the neighborhood. It cannot be underestimated how important it is to check on this. Is it a growing community, or is it in decline? Seeing a lot of homes in foreclosure and boarded up businesses is a sure sign of trouble. Also make sure that you visit the area at different times and on different days. This will also give you an idea of what traffic is like at different points. Do also come at least once at night, so you can see whether the streets are safe and quiet at night or not. Contact the police as well and ask them for crime statistics on the local area.
Now, you need to see how the property was looked after. Signs of regular maintenance are hugely important. A home that is run down on the outside will probably be in a similar state on the inside. Check the wiring as well. Real issues can only be identified by a qualified professional, but you can get a good idea yourself. Flickering lights and hot outlets are major red flags. If you notice that only a few of the walls have been painted recently, it is possible that the owners are trying to hide something. Next, look closely at the windows. Look at whether the windows have mold or condensation or are hard to open; this could be a sign of expensive problems.If an owner declares certain rooms as “off limit”, then go find a different home to buy. If there have been any structural changes to the original property, you need to check whether these were done in accordance with various building regulations.
When it comes down to it, you are the only person who is able to decide whether or not to buy that property. But do make sure to exercise due diligence. Never purchase a property that you haven’t had professionally inspected. If you do find a property has significant issues, you have the option to simply walk away, or you can try to have the price decreased to compensate for this. Do be careful with this, however, as you don’t want to end up purchasing a money pit.