Buying a new home can be so exciting…and nerve-wrecking! While you are having fun touring houses and considering all of your options, here are some potential red flags to look out for.
1. Only a few photos showing the home
Every seller wants to highlight the best qualities of their home to buyers. So….if there seems to be more pictures of the outside of the home and few of the inside, that could be a redflag!
2. The price seems too good to be true
It may seem all too enticing if a house has a very attractive price. Be sure to do your homework – it may not be the deal you think it is. An expensive repair could be waiting around the corner for you.
3. The home has been put “back on the market”
While there could be many legitimate reasons for a house to be removed from the market and then returned to the market, it is well worth it to find out why this happened. For example – If it was under contract, did a major issue come up in the home inspection?
4. Everyone’s selling in the neighborhood
What if several neighbors are also wanting to sell their home? Again, it is worth asking why. Is the city planning to rezone school districts or build something new? Maybe there is a local problem you are unaware of. Whatever the case, if there seems to be MANY options in a neighborhood, there is likely a reason.
5. The home is located in a flood zone
The obvious red flag with a home in a high-risk flood zone is the potential future damage your home could experience. But also keep in mind that you may be spending extra for flood insurance if you decide to purchase the home. If you’re still interested in making an offer on a home despite that it’s located in a flood zone, make sure you get quotes for how much flood insurance would cost over the life of your mortgage.
6. You smell odd odors
When house hunting, it’s important to pay close attention to the details. If you pick up on a funky smell, it may indicate that there’s mold, a plumbing issue, water damage, HVAC issues, or something else. And if there’s an overly-scented hallway or bedroom, such as too much air freshener, that could signal there’s an odor the seller is trying to mask.
7. Parts of the home don’t function properly
Be sure to check everything as you are house hunting. Do all the doors close properly? If not, this could indicate that there’s an issue with the foundation. Do all the light switches and outlets work? Are some of the lights flickering? Is the ceiling sagging or are there any odd black stains on the walls? Of course, just because something in the home isn’t functioning properly or easily doesn’t indicate that there’s a major issue. But it’s better to be overly cautious and ask questions if you come across anything that seems a bit off.