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Warning Signs for Home Buyers

Owning a home can be a very rewarding and fulfilling experience. Many Americans are determined to secure their finances in order to achieve their dreams and become homeowners. There are several steps prospective homeowners can take in order to make sure they are ready to make that life-changing decision.

Firstly, prospective homeowners should do research into the housing market, the location of interest, and determine what time of house and property would best suit their needs. Additionally, homeowners should determine if they are financially prepared to cover the costs of purchasing a house. Another important step before purchasing is to have a full inspection of the house. This step is expensive and can be saved for serious home buying considerations. However, there are several warning signs homeowners should keep an eye out for while they are searching for their dream home.

1. State of the Neighborhood – Potential home buyers should take a glance at the houses that surround the house of interest. They should take note of the curb appeal of other houses, the state of their upkeep, and even if there are a large number of other homes for sale nearby. It is also possible to research the amount of local crime reports in the neighborhood. It doesn’t hurt to contact the neighbors on the street to get their impressions of the neighborhood also.

2. Odor Problems – While walking through the interior and around the exterior of the house, buyers should take note of any strange odors they may come across. Smoke and pet odors are removable over time, but can take quite a bit of effort. If the house smells of mold, there is a chance of potential water damage. Additionally, if the house is covered with air fresheners, the seller may be trying to trick the buyer by covering up any lingering odors.

3. Ceiling Stains- If there are water stains on the ceiling, there is clear evidence that something may be leaking and causing water damage. This is a potential red flag for bathroom plumbing issues. The bathtub may require recaulking, pipes may need to be replaced, or the tiling may require repairs. Either way, this is a potentially expensive undertaking if it is not caught before purchasing the house.

4. Faulty Wiring- When inspecting the inside of a house, buyers should test each and every light switch and outlet to make sure they are in working order. Faulty electrical facilities can be extremely expensive to repair. Wiring problems are hazardous and can cause fires and electrocution.

5. Foundation Problems- When checking out the basement and the exterior of the house, buyers should take note of any sloping, bowing, or slanting in the ground and yard. Cracks at the base of the house are clear indicators of foundation problems and can cause water runoff to flow into the basement.

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May 20, 2012 um 3:34 pm
Miscellaneous Finance
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