A Few Red Flags To Look For When Buying Real Estate
If
you’re looking to purchase real estate, keep in mind that the homes you
are considering might be in need of repairs or improvements.
In a
recent study done by a major home inspection company, at least 40
percent of previously owned homes on the market have at least one
serious issue or defect.
When
buying real estate, you should have a professional inspection performed
on the property to look for any issues that might not be visible to the
untrained eye.
It’s better to identify this damage before you buy so that you are not stuck with budget-busting renovations.
Below are a few major red flags you should look for when buying a home.
Foundation Damage
Look
at the slope of the yard. If the land slopes towards the house, this
could be causing water to run down into the foundation, which will
result in moisture damage. Take a look at the foundation for any bulges
or cracks that could indicate serious issues.
Faulty Wiring
Your
home inspector should be sure to check the electrical wiring —
especially if it is an older house. If there are any flickering lights,
circuits that don’t work, or warm outlets, these are telltale signs of
wiring issues that might be expensive to fix.
Ceiling Stains
This
is usually a sign that something in the house is leaking. Ceiling stains
are common underneath bathrooms when a toilet, shower or bathtub has a
leak. A leaky roof could be an even more expensive repair.
When
you are negotiating to buy a house and damage is discovered, you can
either change your mind about the sale or renegotiate for a lower price
that factors in the cost of repairs. Either way, it is always worth
having the home professionally inspected to identify red flags and avoid
any surprises.
Please call me, your trusted real estate professional for more information about buying your next home.
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