You have reached an exciting time in your life, and you are finally going to buy a home. This is probably one of the biggest investments (if not THE biggest investment) you will make in your lifetime, so you should be aware of all of the things that can go right and all of those that can go wrong. If you have purchased a home before, you probably know what to look for when you are touring a home. But even the most experienced of home buyers can get stuck on some red flags. To help you on your home buying journey, we compiled a list of three red flags that you should look for when purchasing a home.
What kind of shape is the roof in? A roof is an important part of home ownership because it keeps other big problems out of your home. It can also be an expensive part of home ownership. Depending on the type of roof you want on your home and the amount of work required for installation, a whole new roof the cost can be in the $10,000 range. This is the first thing our Realtor friends look at when showing a buyer a prospective home, so it should be the first thing you look at too! If the roof is in good shape, you are saving yourself some serious cash and headaches right off the bat.
Once you are inside the home you should look for cracks in the ceiling and along the walls. These could be minor issues but could also be signaling BIG issues. Ceiling cracks could be part of the natural aging process, but they could also indicate an issue with the home’s foundation. Cracks can also occur because of water damage. Whether it’s from the roof or foundation, it is something to be on the lookout for.
Take a moment and notice how the house smells. Especially if it has been sitting vacant for a while. Foul odors can signal that there will be some major problems down the road like mold mitigation. Not only is it an extra expense, but it is incredibly dangerous to breathe in mold particulars. A smell can alert you to an issue like this. Even if there is no mold in the home, smells can tell you other things about the house. For example, it can also tell you if the previous owner had pets and maybe needs to replace the carpeting in the house before you purchase it.
As always, we recommend working with a licensed real estate professional when purchasing your home. They can help guide you through the process and give you advice on other red flags to look out for. But if you think you are going to go it alone, these are our suggestions on what to look for when buying a home. Are there other red flags that you look for when buying a home? Let us know!
If you are ready to start the home buying process, download the Mortgage Programs Guide. Learn what programs will work best for you and begin your journey to becoming a home owner!
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