Even though fall is here, and there may be fewer listings, those homes that are on the market are being sold by motivated buyers who intend to keep their property on the market even through the holidays. It is worth having a list of things to avoid when looking for a new home.
Buying a home on a slope may give you a great view, but it’s worth being cautious and investing in a geotechnical survey just in case there is a risk of a landslide. It would be a truly tragic moment to see your investment wander down the hillside.
Some homes built in the 80s and 90s can have faulty siding problems, where it can absorb or trap water, leading to rot. One sign that something could be amiss is at home that looks as if it has been painted several times or is in need of a new coat of paint.
Buying a home that has bad neighbors it can reduce its value and may make the property difficult to sell in the future. Antisocial neighbors can make it stressful to live in the property and this issue can be hard to overcome unless of course they decide to move. Other points to consider include local schools and the amount of traffic noise. While traffic noise might be expected in an urban area, it could be a deal breaker in an otherwise quiet suburban neighborhood. Often buyers will avoid looking on busy streets because there are always other options, and this could be another problem when it comes to resell.
Water damage and mold can be very expensive to repair. Water can get into crawlspaces, and can penetrate the home if the siding or roof leaks. It can seep into basements and this problem might be difficult to discover initially.
Some homes are hard to insure, and it’s worth asking to see recent insurance bills to get an idea of premiums. This is especially important if you are considering buying a home in an area known for wildfires, or somewhere that is known to be at risk of flooding.
Some homes are harder than others to get financing for, and even if you are successful it might be tricky for the next person who buys the property which could make it or quit to sell in the future.
The article in RisMedia points out that it’s always important to have a professional home inspection before purchasing a property, and to make the inspection a condition of purchase. Buying a home is expensive enough on its own, without having to budget for unexpected repairs.