Home Buying Deal Breakers
Before you make a bid on a home you’ve found, know some deal-breakers that you should double-check before submitting your offer.
Inspecting the home is an absolute necessity and keep in mind that looks can be deceiving.
There can be little flaws such as paint you don’t like or old appliances, but there are big ones that make you think twice before overlooking.
Make Logical Instead of Emotional Decisions
Don’t let your enthusiasm and blind love for the home blind you to the flaws that may become money pits.
One deal-breaker you should consider is faulty plumbing.
Without good plumbing bones, there may be mildew, water stains, and sagging floors. Worse problems might include sewer lines.
Many parts of the country haven’t updated them in over 100 years.
Older septic tanks may also be a deal-breaker. Check out the age of the septic tank and have an inspector test it. Remember that repairs to sewer lines or septic tanks might cost you from $25,000 to $50,000.
The roof of your new home must also be inspected for missing tiles and shingles that are in disrepair.
Some roofs may last over 30 years, but if the installation or quality is poor, you could be looking at replacing it soon.
An out-of-date or sloppily installed electrical system can be a fire hazard, and you don’t want to face replacing it. Tubes and knobs and aluminum wiring are sometimes found in older homes and can haunt you if you overlook it.
The Appraisal Report
A low appraisal may alert you you’re paying too much for the home. It could also indicate that the home sales are booming in that area and the comparable prices for homes aren’t yet equal to what the home is worth.
Beware if your dream home is in a flood zone.
Even if you’re far away from the beach, lake or river, flooding can happen.
If you buy in a high-risk flood zone, your insurance costs may be prohibitive and you may have a difficult time selling the home in the future.
Know the history of your dream home before you buy.
For example, find out if repairs or renovations were performed by a licensed contractor and the reason for the repairs.
If the home or surroundings have been sites of crimes, you’re less likely to get a fair price for the home when you’re ready to sell.
Are There Any Restrictions In Place?
Your home may be in the exact location you want with the exact view you love, but you’ve determined that it needs a third bedroom or renovations to make the basement a game room.
First, you need to check with the town about any restrictions that could affect the upgrades you want to make.
You may also want to check with an architect to make sure the home structure is amenable to the renovations you want to make.
Finally, be sure you assess the neighborhood where your home is located.
It could be a real deal-breaker if the area is past its prime and has homes that are declining in value–or the neighborhood has become noisy and trashy.
Decide what the real deal breakers are for the home you’re buying, but be sure to think about the ramifications of purchasing a home that has many of the problems listed.