“Caveat emptor,” or “let the buyer beware” has long served as a warning to buyers to be on the lookout for deception or for a flawed product. This advice serves any consumer buying a product, and is particularly important for those making a major purchase, like a new home.
Looks can be deceiving, which is why many homeowners opt for professional inspections prior to purchasing a new home. Often, the sale is contingent upon a satisfactory inspection, protecting a buyer from finding an enormous problem and having no recourse to correct it before closing. But long before an inspection, a homebuyer can be on the alert for potential problems with a home that could come back to haunt them once the sale is final.
Here are a few red flags for any potential buyer that warrant further investigation:
- The seller is over eager or seems to want to push the sale through suspiciously quickly.
- There is a lack of available history about the property, including updates and renovations.
- There has been a recent exodus from the neighborhood.
- There are unusual odors in the home.
- The roof has missing or damaged tiles or shingles.
- Signs of water damage, mold, or mildew are evident.
- Cracks or holes are visible in the foundation.
- There are indications of pest damage.
- The “vibe” of the neighborhood seems off.
- The seller is reluctant about a home inspection.
Additionally, a prepared homebuyer may want to check into zoning or homeowner’s association restrictions as they apply to additions and renovations, additional structures on the property, or any other modifications that might be part of a future plan for the property.
Before you make an offer on a home that you are hoping to buy, make yourself a comprehensive checklist of things to look for. Schedule an additional showing and take your time turning lights on and off, running faucets and flushing toilets, opening and closing doors and windows, and performing other investigatory actions. You should ask clarifying questions of the present owners if you have any concerns.
There’s a reason buyers hire real estate agents to help them guide their home searches. Agents have the experience that buyers need when it comes to making a home purchase. They know the right questions to ask and they can detect whether anything seems amiss with the home or the terms of the sale. Ask your agent to make a separate list of any issues he or she sees with the home and compare notes. Then, hire a licensed, professional inspection service to go over the property from top to bottom and document whether anything seems amiss. Any “deal breakers” should be weighed and possible remediation may be factored into the terms of your offer.
Buying a new home is a big investment as well as a major life event. A little vigilance can help you protect yourself from any surprises that could spoil the excitement and fulfillment of your new home purchase.
Interested to know more? Visit www.marklesses.com for more information.
