Monday, 11 December 2017

5 Red Flags to Look for Before Making an Offer on a Home

Written by Posted On Tuesday, 12 July 2016 22:40

Making an offer on a home is one of the most memorable experiences of your life. However, you want to make sure that you are putting an offer on a home that you can live in for a long time. What issues should you look for that could be potential deal breakers?

 

1) Dead or Sick Wood near the Property

If there is a tree missing some leaves or has hollow or rotted wood, it is a sign that there are pests nearby or that have been a problem in the past. You should have an exterminator check the property first before you decide to make an offer.

 

2) Paint or Wallpaper in Weird Places

In older homes, it isn't uncommon to see odd paint colors or wallpaper in one or more rooms. However, if the paint is different than the rest of the room or the wallpaper is in one spot specifically, it could be the sign that the paint or wallpaper is fresh and designed to cover up damage. The same is true if wood paneling or plaster are in random places in the home or otherwise stand out.

 

3) Overgrown Yard or Overgrown Yards Nearby

An unkempt yard is a sign that the property owner hasn't been around lately or hasn't felt like upkeep is important. That should be an important red flag because there is usually a reason why a property wouldn't be properly manicured before going on the market. Poorly kept yards nearby signify abandoned houses, which isn't good for your new home's value and ability to be sold later on.

 

4) Abnormally Low Price

A home that is priced slightly under market means the owner wants to start a bidding war. A home that is priced well below market value means that the house needs work. It could also mean that the home has been on the market for a while and other possible buyers have backed out for certain reasons. Either way, it is a sign that there is something wrong with the home.

 

5) Unpermitted Construction

If you see a shed, garage, or any other structure that may not be permitted, you should think twice about making an offer. This is because it may be harder to get a loan, and you will have to get a permit if you do decide to alter that structure. Contact a real estate company like Sell 4 Free Real Estate Welsh Realty Corp for more information if you have concerns about what is permitted or not.

 

While buying a home is a great way to build wealth and add stability to your life, make sure you are buying the right house. Prior to making an offer, be sure that the house is in good shape or that you have the right to ask for fixes to be made prior to taking possession.

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