Searching for a new home can be exciting, especially if you've found the perfect place after viewing multiple properties. However, before you make an offer, it is a good idea to do some research and thorough home inspections to see if the property is structurally safe and won't require costly renovations.
There are many factors to consider while searching for your dream house. Here are some key homebuying red flags to look out for when house hunting.
1. The asking price is too low.
A cheap home may sound good on the surface, but low listing prices could indicate that the property needs major repairs or renovations.
2. There's a massive sell-out in the neighborhood.
Before visiting the property, homebuyers should start looking for red flags around the neighborhood. Is there a higher-than-average number of "For Sale" signs posted? Are nearby homes boarded up or vandalized? If so, these may be signs that the neighborhood isn't as desirable.
Homeowners may leave the area for several reasons, including increasing crime, decreasing work opportunities, and decreasing school quality.
3. Doors that don't open or close well
When a door does not open or close well, it could point to issues related to the house's construction or foundation. Additionally, warped doors can also signal moisture issues with the house. This means future homeowners may have to cut off a small slice of the door's top or bottom portion to force it to open and close.
4. There's a musty smell.
While a musty smell doesn't always mean anything serious, it could signal mold growth. Mold can grow in places with a lot of moisture, such as around leaks in roofs and pipes. If not immediately addressed, mold can destroy a property's drywall, leading to costly repairs.
5. Sagging ceilings
One of the most overlooked homebuying red flags is sagging ceilings. When you're wrapping up your home tour, look closely at the ceiling and make sure they aren't sagging. Properties with sagging ceilings could have issues with their foundations or leaks, which cost plenty of money to repair.
Homebuying 101: Hire a home inspector
Before investing in a property, we recommend hiring a reputable home inspector to check the house thoroughly. A home inspector will check for structural defects, appliance issues, and current or future maintenance concerns. In some cases, the inspector will also value a home to ensure it's being sold fairly.
A For Sale sign is posted in front of a home for sale in San Marino, California on September 6, 2023. With US mortgage rates rising to 15-year highs hovering around 7.2% to start the post-Labor Day period, the difference between new 30-year home loan rates and on all outstanding US mortgage debt has not been this wide since the 1980s.
