What to Look Out for While House Hunting
Are you interested in purchasing a new house? If so, be wary of everything that you hear or see while checking out real estate options. Purchasing a house is among the biggest financial investments that a person will make in their lifetime. Therefore, it’s crucial to remain vigilant as you navigate the home buying journey.
There are several real estate red flags that you need to watch out for, regardless of how amazing the home might seem. If the seller appears overtly eager to get rid of their house, it’s important to ask the question ‘Why?’.
In this article, we’ll talk about 10 important real estate flags that you need to look out for while house hunting.
Unrealistically Low Prices
If the listing price appears too good to be true, then it probably is. It’s an indication that the seller is way too eager to sell the house, which could be an indication of something fishy.
Although people do list their homes at lower prices to get it sold quickly due to job relocation, personal, or financial reasons, it could also be a sign that the house isn’t in top condition. Don’t forget to consult your Realtor and ask them to find out the reason why the seller has listed it at a low price.
The Seller Hasn’t Lived There for a Long Time
The rapid proliferation of online property marketplaces means that buyers can learn a lot more about the history of a property (when it had been last sold and bought).
In case the seller is selling the house within 2 years, it’s reasonable to ask the reasons behind their quick departure. What’s the primary reason behind moving on? You can pose this question to the home’s listing agent as well.
Additionally, if the house has changed owners multiple times in the recent past, it’s a sign that something’s wrong.
The Home’s Listing Agent and Your Realtor are the Same
If your Realtor and the home’s listing agent are both the same, it’s time to change your Realtor and find someone else to represent you in the transaction.
Listing agents are primarily driven to get the best possible price for their client’s house, which is in direct conflict with your interests. Your listing agent might put their best effort into convincing you to close the deal at a higher price when there still might have been room to negotiate.
The House is Located Near a Busy Highway or Road
Listing photos tend to hide the fact that the home is located near a busy highway or road by avoiding certain angles from which the road can be seen by house hunters. Always check the address first online before you visit the house yourself.
A home that’s located near the highway or a busy road isn’t always a good deal since homeowners have to deal with issues like pollution, health troubles, traffic, and noise, thus lowering their quality of life.
The House Underwent Renovation or Additional Construction
If the house was renovated in stages, it could be a sign of trouble. Did the first owner renovate the house in 1980 with the next owner renovating it again 20 years later? If there’s a history of multiple renovations or additional construction, it could mean that that the changes and renovations aren’t uniform. Permit regulations and requirements aren’t uniform and change with time as well.
If the house has been occupied by multiple owners who have renovated the house at some point of time, there’s a possibility of the construction not having been legal either.
There Are Many Other Houses Up for Sale in The Neighborhood
Did you see many ‘For Sale’ houses in the neighborhood or even the same street? It’s possible that a common cause is plaguing all the residents of that area, which is never a good sign.
If multiple homeowners in the area have their homes up for sale, don’t forget to inquire about the reason behind their move. It might all just be a coincidence – but you should not dismiss it entirely.
The Home Is Being Flipped
If the home you’re looking at had been purchased & renovated by a real estate developer, don’t forget to inquire more about the developer.
If this was meant to be a flip, the developer might have cut corners while renovating the place. For example, although the developer might have made decent cosmetic changes, other important components like the electrical wiring, the roof, plumbing, and the HVAC system might still be outdated.
The House Had Been Under Contract Recently
Was the home under contract before it got listed on the market? This could mean that the home inspection team found something wrong. It could have been an electrical wiring issue or a pest infestation. Regardless of the issue, whoever purchases the house is most likely looking at some expensive repairs.
Do Not Waive Your Home Inspection Rights!
Irrespective of whether you’ve spotted any red flags or not, it’s crucial to never give up your home inspection rights. Certified inspection professionals will conduct an in-person inspection and issue a report detailing the home’s condition.
This ensures that buyers are fully aware of the issues and problems with a house before they purchase it. In case the inspection team finds any issues, it is up to the buyer whether or not to purchase the house.
Are you ready to move to your new place? Congrats!
We can help you search through thousands of up-to-date listings with accurate information that matters when it comes to Richmond Hill and Savannah area. To help you find the perfect fit for your family our real estate professionals are here to help you every step of the way, making for a smooth transaction from start to finish.