It can be all too easy to miss those small indications of an issue when looking at a home that would otherwise fit the bill. Such may occur for those who are buying a home for the first time or want to buy a property in a competitive market. However, some issues can make for an expensive repair as a homeowner. It can pay in the long term to slow down and take time to thoroughly review the situation before making an offer on a home. Understand more about potential red flags when looking to buy a home to avoid problems down the road.
An Unrealistic Low Offer Price
Sellers may be asking for an unbelievable low offer price. However, a nice home in a neighborhood filled with homes with deferred mainatance, may not be worth the risk. Signs of an undesirable area that may impact the resale value of a home are a number of homes in disrepair. Potential buyers may want to explore the school ratings if they are looking to place their children in public schools, as well as investigating the general economic health of an area. Visit different parts of the neighborhood at various times to gain a better idea of the behaviors and traffic patterns that may impact residents.
Unusual Odors and More
The use of fragrances and heavy scents while walking through a home may be a way to mask peculiar odors. Smells, in and of themselves, are not necessary bad. That being said, strong and musky scents can be indicators of either a pest or mold problem. Those that detect an odd smell may also want to look for holes or cracks in the foundation or walls of the home, water damage and signs of leaking pipes. More may be uncovered to a buyer when it comes time for a home inspection of the property.
Lack of Permits
There are many reasons to make an upgrade, including making a space more functional or more aesthetically attractive. However, some homeowners may not be aware that certain upgrades require permitting. Buying a home with renovations that were not properly permitted can leave new owners on the hook for retroactively getting the permits and proper approval or having to remove the upgrade entirely. Permits are generally needed for projects that would affect the wiring or structure of a home. DIY upgrades may be problematic in cases when a new homeowner cannot afford to get the renovation properly permitted and be forced to reduce the asking price when going to sell in the future.
Get a Home Inspection
Some buyers do choose to forgo a home inspection, but such actions are not generally recommended. Home inspections should be performed in new and pre-existing homes as faulty construction has been known to happen and code requirements change over time.
Working with a home inspector can help reveal signification issues and give potential Franklin new home buyers more information about the state of a home and property. If a problem is found, potential buyers may choose to negotiate the price or allow the owner to make necessary repairs. As a contract is worked out, these repairs may be included in the contingencies required to purchase the home, serving to protect the buyer and seller during the transaction.
Partner with an experienced local real estate agent that can provide more information on potential red flags and give an overview of general expectations when buying a home.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #2 RE/MAX team in the World!