Buying a house is super exciting and a little scary as you are making a big investment. Other than your space requirements and obvious damages, there are other things you should keep an eye out for as well. Although the seller is legally obliged to list all the defects to the prospective buyers, not everyone does so, and there might be some problems they are not aware of.
Red Flags to Watch Out For in Real Estate
Location
The house might be pretty and fulfilling your requirements, but its location will matter when you start living in it. If there are no schools, grocery shops, parks, or hospitals nearby, you will have to cover large distances, wasting your time and money. Another thing to notice is that if many houses in the area are up for sale, there might be a location problem persisting in town.
The neighboring areas are also important as underdeveloped towns might be turned into industrial zones in the near future, which can decrease the value of your property. To hire a real estate agent is always a good idea as they know the ins and outs of the locations they work on.
Resale Value
Family expansion, getting a job in another state, or an investment opportunity can make you want to sell the house you are buying now. Whatever the case, you will want to get as much money for it as you can. For this purpose, you need to make sure that the property you are buying has a solid re-sale value.
Budget and Size
It is important to know your budget before searching for new houses. A financial expert can help you find out what loan package will suit you according to your income and how much you should spend on a house. Similarly, pre-determining your current space needs will allow you to make a smart decision as you can always move to a bigger house later when your requirements increase. Check to see if the storage, outdoor space, and room size are according to your needs.
As-Is and Price Reduced Properties
If a house is being sold as-is, there is always a chance they are hiding something pretty significant. You can always request to do an inspection. Should the seller agree to the inspection however, with the house being sold as-is, just know that they will likely not be willing to make any repairs. This could be a good way to try to bring the price down a bit further though.
Condition
The thing with the most intricacies is the condition of the house. It does not mean that the house will necessarily have a broken wall or its roof hanging. Some defects can be temporarily hidden, and you should always inspect carefully, looking for signs. Some of them are,
- Shingle problems
- Aging HVAC system
- Inadequate attic ventilation
- Standing water in the yard
- Moldy smells
- Insect infestations
- Problematic doors
- Foundation cracks
- Saggy ceiling
- Water stains on walls
Maryland Real Estate Agent
It is best to hire a real estate agent, like The Ashley M. Miller Team, Your Home Hero, who is both experienced and credible. The years of work make their eyes sharp for such indications, and they will help you with the legal process of buying a house. Remember, once the documents are signed, the house will be yours along with all the problems that come with it. To learn more or to start your home buying or selling journey, get in touch with us today by sending a secure message via our website.
