Looking for the right new home to buy can be both fun and stressful. It's disheartening to find a home in a good location that you love only to find out something is wrong with it. However, it's best to find out about problems before you buy. Homeowners aren't always forthcoming with problems you should know about; however, they may be required to disclose certain things. Here are some red flags to look for when shopping for real estate that may help you avoid a home with hidden problems.
The House Has Been On The Market A Long Time
If homes in the area tend to sell at a reasonable pace, be leery of a home that's been on the market a long time. Also, see if the home has been pulled off the market and relisted repeatedly. You can ask your real estate agent to find out about the home's listing history if you can't find the listing records on an online real estate site.
There's a reason a house doesn't sell, and you want to know the reason if you'd like to buy the house. It could save you from buying a home with legal trouble or that has structural damage. Carefully consider buying a home that you might not be able to sell quickly in the future if you need to.
Several Homes Are For Sale In The Same Area
Another red flag is when several homes are for sale on the same street or in the same condo building. This situation could be a coincidence, and sometimes neighbors are prompted to list their home when buyers are in the area looking at other homes, but a more serious problem could be prompting people to sell. There might be problems in the neighborhood such as increased crime or problem residents.
When There's Vacant Land Nearby
While it might seem nice that there's not a house close to the one you're interested in, buying next to vacant land is risky. At some point, a house may go up there, and you'll be subjected to many months of construction noise and traffic. Plus, if the lot becomes unattended, it will be an eyesore and attract pests. Also, find out about plans for large tracts of vacant land near the neighborhood. If the home is in a big city, the land might be developed with condos or a shopping center at some time in the future.
The House Is Sold As Is
Unless you're specifically looking for a fixer upper and you're prepared to deal with anything, then buying a house that's being sold as is could be very risky. Selling a home under those terms is a sure sign something is wrong with the house, and it might be major foundation problems. If you're going to tear down the house, it might not matter as much, but if you want to renovate it, you know you're going to be facing some problems that might be costly to repair.
When you look at real estate listings with the help of a buyer's agent from a firm like RE/MAX Associates San Antonio, you'll have someone helping you watch for red flags. These problems don't have to be deal breakers, but you should be alert to possible problems so you know exactly what you're buying.Share