If you are hunting for a house, you should be careful not to invest in one that will require frequent repairs. Here are some of the telltale signs that may mean you are about to buy a money pit.
It's a Fixer Upper
A fixer-upper is a house in a state of disrepair that needs to be fixed up first before it can be used like a normal home. Many people buy such houses, renovate them, and then sell them for profit. Sometimes they make a profit and sometimes they don't. You should be careful about buying such a home, especially if you want to make it your primary home. You may make the purchase only to find out that the necessary repairs are more than you bargained for or it has hidden damages beyond the obvious ones.
The Inspection Report Is Littered With Issues
The property inspection is one of the most important stages of a home buying process. The generated property report will be able to tell you the true condition of the house and whether it has serious issues that need looking into. Therefore, you are right to be worried about a house whose inspection report contains multiple red flags such as mold issues, pest infestation, foundation problems, and water damage issues, among others.
You Need To Remodel It First
In most cases, the best home for your family is the one you can move into with minimal changes. Therefore, you should think twice before buying a home that needs additions or major remodeling projects. For example, buying a two-bedroom house with the intention of extending one side of the house and creating a third bedroom is not a brilliant idea. The remodeling expenses, the necessary permits, and even the construction period may all turn out to be too much for you.
Home Insurance Companies Are Wary
Lastly, you should think twice before purchasing a home that even the home insurance companies are afraid to cover. This is one of the reasons you should research home insurance issues before paying a down payment for a house. You need to know the average cost of insuring the house and whether you can find insurance coverage for it in the first place. If the house has generated multiple claims in the past, sits smack in the middle of a flood zone and doesn't have flood-mitigating measures, the insurance caries may be wary of doing business with you.
For more information, contact your local real estate agent.Share
21 July 2018
Have you recently found out you’ll soon be moving to a new location? Perhaps, your employer is transferring you to another branch of the company in a different city. Or, you may need to move near a family member in order to take care of him or her. Regardless of your unique situation, you might worry you won’t be able to find a wonderful place to live in your new city on your own. Consider hiring a reputable real estate agent to help you with your house search. This professional should have in-depth knowledge about your new area. On this blog, I hope you will discover the many advantages of hiring a real estate agent during an unplanned move. Enjoy!