Have you ever been house shopping and suddenly felt a weird gut instinct that something may be wrong with the house you're looking at? So have we, and most of the time, that gut instinct is right! To refrain from making the wrong decision, here are a list of reasons why you may want to think twice about buying that particular house (and start running):
- The inspection results are TERRIBLE.
- If you receive the inspection report and it mentions foundation issues, roof problems, mold, or water damage, then you definitely want to reconsider going forward with the house. Especially with foundation issues. Foundation repairs could cost thousands of dollars. In some cases, the seller will either pay to get the issues fixed or they will drop the price on the home and you will be in charge of taking care of the issue yourself. You may or may not want to skip the headache but either way, never ignore these issues because it could turn into a really bad nightmare down the road.
- Your title company unfolds an issue.
- There are many issues that could go wrong but legality issues are ones you don't want to think twice about passing up. One of the most common ones is when missing heirs turn up to claim the house you thought would be yours. Luckily, title companies offer insurance that is required in majority of transactions. Christopher Bourland, senior appraiser at Mid-Atlantic Valuation Group, says that if the title company will not provide title insurance for your property, then that should be a huge red flag!
- The floor plan is...different.
- Sometimes people really dig their own style, even when it comes to the style of their homes. They may tear down walls, paint each room random colors, or build something inside that doesn't necessarily fit the tastes of 95% of people. If you run into a home like this, who knows, you may end up liking it. If not, it will probably take some money to get it to match your personal style. Remember, these kinds of properties are difficult to sell.
- It looks like it could cause health issues.
- When you first check out the home, you want to find out what year it was constructed. Homes that were built between the 1940's and 1970's might contain asbestos or lead-based paint, that have been known to cause many health issues in the past. Also, the land around the home can be contaminated. Substances could have been washed out of the soil (leaching) leading to polluted groundwater, rivers, or ponds. Some contaminants could also be corrosive. It is always smart to find out if this has been a problem in previous years.
- Your neighbors are not so great.
- You can fall madly in love with this home and not even think twice about the neighbors but it's always a good idea to stop and imagine how you'll enjoy the neighborhood in general. You may get stuck with college kids that constantly throw parties, or the boy next door that is passionate about playing drums, or the dogs across the street that will NOT stop barking throughout the night! It may be a good idea to get a feel of your neighbors at different times of the day. You also want to try to find out the crime rate around the area and always go with your gut instinct!
- When builders take the low-quality route.
- If you're a savvy home buyer, you likely pay special attention to the work that the builder or re-modeler did to the home. Some signs that they did a subpar job may be the fresh paint overspray on the window trims and light fixtures. Jesse Fowler, president of Tellus Design + Build, says "This overspray might be covering up inconsistencies in the finish - wood that doesn't look like wood, for example...but more importantly, it quite often indicates that the contractor went with the lowest-quality painter, likely cutting corners elsewhere in places not so obvious." You should also be cautious of low quality beams, plywood, insulation, siding, and roofing.
- You simply cannot afford it.
- Although it hurts to say "bye," you should always try to think in a rational way when it comes to the biggest purchase you will ever make in your life. You may be able to afford the mortgage payments, but take into consideration that issues with homes happen ALL. THE. TIME. Whether the AC unit breaks, there's a transmission issue, or something goes wrong with the plumbing, it is going to cost hundreds of dollars to fix. Maybe even thousands depending on the issue. You also want to make sure you have a secure job that will stray you away from bankruptcy, decimated credit, and being foreclosed on!
Thanks for reading! 🙂