Red Flags While Buying Your First Home
Published on: 15 Apr 2024
When buying a new home, there is often speculation about what can go wrong. Hence, before purchase, prospective buyers try to get a sense of how well a house fulfils their needs. Common questions that arise during this phase are - does it have enough bedrooms? Is there enough room in the kitchen? Will the allotted space suit our lifestyle? Although these questions may have already crossed your mind, it's crucial to remember that any home — the single largest purchase most individuals will ever make — comes with pros and cons.
Therefore, making a well-informed purchase relies heavily upon knowledge, market research & thorough inspection of a home when shortlisted. These precautions will reveal the current and future red signs a property can have and save you the time & expense of buying a house that is not up to the mark of its market listed price.
Here are a few of the top red flags people face while buying their first new home.
Location
The most crucial consideration in purchasing a home is its "location". If many surrounding homes in a particular location are on the market, it could indicate an issue with the neighbourhood, its residents, infrastructure or lack of basic amenities. Though these may not always be the only problems, we suggest that you conduct thorough research of the neighbourhood before selecting a house in the location of your choice.
Owner History
After shortlisting your property, ensure you promptly get a list of past owners who have lived/owned the house. This will give you an idea about how much time each resident has spent in the house, therefore revealing the property's present condition. It will also ensure you have the right picture of the current & future price escalation & market value of the house & its surrounding areas.
Problems with the Foundation/Structure
An unstable property foundation may often become a critical issue and a costly affair when left uncorrected. Hence, be mindful of the foundation when looking at houses. Minor or significant cracks in the foundation can indicate structural issues. During an inspection, always look around for cracks, especially on hard surface floors, as this generally is an essential indication of an unresolved structural issue.
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Problems with the Electrical System
A home's electrical systems are likely to need repair, depending on its age. Though it may seem minor at first, inspecting the light switches, checking for flickering lights, loose wires, and matching outlets can tell you whether or not the electrical systems are problem-free. Some may be resolved quickly, while others may require expert consultation & professional help. Contact a reliable electrician to ensure all electricals are correctly wired and in good condition.
Stains caused by water
When water and building materials are not used resourcefully, they can penetrate from a roof or a window and create structural and internal issues. Water stains that are reddish or brownish usually indicate a plumbing problem on a higher floor. Avoid making an offer or shortlisting a property until you know where the leak/damage is coming from and whether or not the damage can be repaired.
Buying a home is a significant milestone in anyone's life, whether they are first-time buyers or seasoned investors. Thus, ensure you check for any red flags a property may have. While many of these red flags may not be seen during a home tour, they are more likely to be discovered during a home inspection, yet another important reason to have a home inspection when purchasing a property.
It is also essential to hire a top buyer's agent when purchasing a house to know about ideal properties, current market trends and the best options for investment.
We hope this blog has helped bring some clarity in purchasing a new home so you don't run into any red flags while buying or investing in your dream home. For more industry updates and expert consultation, contact EstateMint or visit our website.
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