When you’re starting the process of buying a new home, you might be blinded by all the beautiful fixtures, gorgeous hardwoods, and shining stainless steel you see throughout the homes you walk through. In all this excitement, it’s easy to overlook some things that could indicate major problems with the property.
So to help ensure that you don’t wind up buying a home that turns out just to be a money pit, here are three red flags you should look for when buying a new home.
Issues With The Structure Or Zoning Of The Property
One of the biggest issues that you should generally try to avoid when buying a new home is any problems with the structure of the building or the zoning of the property.
If you or an inspector notice that there are issues with the foundation, it could cost you a lot to make these repairs. And in some cases, just the location of the home makes it so foundations aren’t as reliable, which isn’t a home that you should really be purchasing in the first place.
As for zoning problems, Bobby Montague, a contributor to the Forbes Real Estate Council, shares that resolving these types of issues can often be very complicated and involve you getting a lawyer and working with your city government. Not only can this get expensive and take up a lot of your time and energy, but there’s also no guarantee that you’ll even be successful after it’s all said and done.
Many Homes For Sale In The Neighborhood
A potential red flag that’s usually a little more obvious for buyers to see is what the neighborhood around a home is like. In general, neighborhoods that seem to be in transition are going to be more of a risk for you as a homeowner.
Because of this, HGTV recommends that you always be wary if you’re looking at a home in a neighborhood that has many other homes for sale. While this could just be a fluke thing, it could also indicate problems like falling home prices, a rise in crime, or other issues that you’d likely rather avoid.
While you’re touring around the actual homes that you’re considering buying, it’s a good idea to be on the lookout for anything that indicates issues with water on the property.
According to Barbara Peck, a contributor to Remodelista.com, the things you should be looking for include problems with outdoor drainage, signs of interior leaks, mold, and old plumbing. Any of these things could mean that there has been water or plumbing issues in the past or that they’re on the horizon for the next owner.
If you’re going to be shopping for a new home soon, consider using the tips mentioned above to help you know what red flags to lookout for.