There can be a range of issues that you face when you’re looking for the perfect home. Some problems are things that you simply want to be aware of before you make an offer but other issues can be red flags that you really don’t want to ignore. If you’re aware of the sort of things that you need to be aware of, you can go into a property purchase with your eyes wide open. Whether you’re just looking at a property online, you’re going to view it or you’re seriously considering a purchase, it’s always smart to be aware of the signs that it might not be right for you or just that you need to be careful.
Lots of Previous Owners
Doing a little research around a property should help to reveal a few important things. One of the things you can find out is how many previous owners the property has had and in what timeframe. If previous owners have typically only stuck around for a couple of years before moving elsewhere, you might wonder why that might be. It could be for a perfectly innocent reason but it could also be a sign that there’s something that drives them away. Consider whether there might be noisy neighbors, high crime rates, or anything else that could put you off wanting to buy.
Image from Pixabay – CC0 License
Everyone Selling in the Area
Another issue that you might want to look out for is whether everyone in the area seems to be selling at the same time. Are lots of people selling up simultaneously and, if so, why might that be? It could be because prices have risen and everyone knows they can get a good value for their property. But it could also be due to a problem that has arisen, which everyone is trying to escape. It’s definitely something that’s worth investigating if you notice that many people on the same street or in the same area are selling at once.
Conflict of Interest
Working with a realtor ensures you have the right representation and assistance when you’re buying a home. However, one thing that you might need to watch out for is dual agency in real estate. This occurs when the same realtor represents the seller and the buyer, which can present a conflict of interest. In some states, this isn’t legal, but in others, it is allowed. However, even if it’s legally allowed, you should still be aware of the potential downsides of it. You can have less negotiation power if the realtor is working in the best interests of both the buyer and the seller.
Potential for Flooding (Or Other Disasters)
There are many things to think about when you’re deciding on the location of your home. One of the factors that you need to take into account is whether there could be a potential for flooding or other natural disasters. A property could be at risk of flooding for several reasons, including being located close to a body of water or being in an area that could have a higher chance of standing water in heavy rain. You need to find out whether any issues such as these could affect a property that you’re interested in. It’s not something that will necessarily be obvious when you view a property.
Image from Pexels – CC0 License
Long Listing Periods
If a property has been listed for a long time without selling, it’s not necessarily a red flag. This is especially true if the market is slow in general and nothing is selling very quickly. However, if a single property has been on the market for a while, it could indicate that there’s an issue that you should be aware of. It could be that there is a problem with the property that’s preventing it from selling, whether that problem is a structural issue, something to do with the neighbors or anything else that might put people off buying the property.
Of course, just because a property has been on the market a while, it doesn’t mean you should immediately dismiss it. Talk to the realtor about why it was listed and possible reasons it hasn’t sold yet if you want to find out more.
Prices Far Below Market Value
Another listing issue to consider is if a property is listed for a much lower price than you might expect. If the price seems to be lower than all of the other properties in the area, it might indicate that there’s a problem with it. Combined with a property that has been on the market for a long time and perhaps has had the price reduced, it might be a significant issue. On the other hand, perhaps it’s just that the current owner wants to make a quick sale. Maybe they even want to sell their property for a lower price to help someone else get on the property ladder. You won’t know until you find out more, so don’t write off a property just because it seems cheaper than it should be. Do some more research first.
No Seller Realtor
Some sellers will decide that they don’t really need a realtor. They want to handle everything themselves so that they can save some money. While that might be understandable, it’s something that you might want to be wary of when you’re looking for a property to buy. The reason that it’s best to hire a realtor is that dealing with real estate is a complex process. You really need someone who knows what they’re doing and you can end up dealing with some difficult issues if both parties aren’t represented by a realtor. It’s really best for both parties to have a realtor, but you should at least consult with a real estate attorney before going through with the purchase of a property being sold by the owner.
Various Structural Problems
There are always potential structural problems that could be hidden in a property. Not everyone chooses to carry out an inspection on a property before buying, but it’s a good idea if you want to make sure you’re making the right decision. An inspection can help to give you negotiating power, highlighting any issues that you might need to fix after purchase. It can also ensure you don’t miss any big problems that could be expensive to fix. You don’t want to suddenly realize that your new home has a huge issue that will take a lot of time and money to correct. If you want to avoid your dream home turning into a nightmare, having an inspection carried out can save you.
Image from Pixabay – CC0 License
Bad Neighborhoods
The perfect home isn’t just a property that has the right number of bedrooms or is built in the style that you’re looking for. You also have to consider the wider context, and that includes the location and neighborhood that the property is located in. Of course, your immediate neighbors make a difference in whether it’s the right property for you. But you also have to consider the neighborhood as a whole, what crime rates are like, what the community is like, and whether it’s the right place for you. It’s smart to consider not just the neighborhood now but also what it might be like in the future. Is it up-and-coming? Are there any plans for development? Is there a lot of traffic? Are home values likely to rise or fall? These are all questions worth asking to find the right neighborhood.
Getting Trapped in a Bidding War
When there’s a lot of competition for a property you’re interested in, you could be going up against several other people. You can end up in a bidding war with others, driving the price up. When this happens, there’s a risk that you can get caught up in it all and forget about your budget. Similarly, you might try to avoid a bidding war by offering a higher price that’s really too high. It’s important to keep your budget in mind and make sure you’re offering a realistic amount. Look at comparable properties and set a budget for that specific property if you want to avoid putting in an offer that’s way too high.
Work without Permits
One of the things to be on the lookout for when viewing a property is any work that the current or previous owners might have done. If any work was carried out without the required permits, it could spell trouble for you as the next owner. Work that has been completed without the necessary permits might not be great quality and could be unsafe. You should take note of anything that seems to be a recent addition to remodel and compare it with the record of work carried out on the property. If anything is missing in the records, it could mean that the work that has been completed isn’t up to standard.
Keep your eyes open for these potential issues when you’re looking for a new home if you want to avoid disaster.
