3 Red Flags to Watch Out for When Buying a Home
Buying a home is an exciting time. It’s easy to get caught up in the glitz and glamour and overlook the important things. In this article, we’ll look at 3 red flags to watch out for when buying a home, so you end up with a place you’re proud to call home instead of a lemon.
Although it may not be the most exciting thing to look into, buying a home with a solid structure is crucial. If you find out the home has structural issues later on after you’ve bought it, it can end up costing you a pretty penny to repair.
Besides obvious signs of structural issues like a leaning home, the basement is good to start. If the basement is unfinished, look for cracks. Minor cracks may not be a big deal; those are to be expected over time. However, if you see sizable cracks, it could mean there are more serious problems with the home’s foundation.
For homes with finished basements, it’s not as easy to see cracks in the foundation with all that drywall up. It’s not like you can start bashing down walls. However, you can still look for telltale signs. For instance, if the doorframe is crooked, it may be a sign that the home has other more serious structural problems.
Nothing beats the trained eye of a home inspector. If the home inspector expresses concern, you might want to consider bringing in a structural engineer to have a closer look.
Most new home buyers don’t give much thought to a home’s grading. Let’s be honest, a home’s grading isn’t the most exciting part of home buying, but it’s not to be overlooked. It’s important if you want to keep water out of your home sweet home. Ideally, you want to keep the land sloped away from your home; otherwise, it could lead to water getting into the basement.
If the grading isn’t ideal, see how easy it is to fix. Sometimes it can be an easy job. Other times it can be a lot of work.
A popular trend these days is to do your own home renovations to save yourself some money. You can find videos online from everything from repairing your roof to installing your own kitchen. While some renovations can be worthwhile to do yourself, such as painting, other renovations are best left to the experts.
When it comes to the trades, the trades are best left to the experts. I’m talking about heating, plumbing and electrical. If someone who’s not trained tries those renovations, it could spell trouble. If you see a home where the homeowner did the wiring himself, you might think twice before buying it, as it might be tough to get home insurance if it wasn’t done correctly, not to mention it may not be safe.
The Bottom Line
These are just 3 of the red flags to watch out for. Speak with our mortgage experts for other important red flags to be on the lookout for.