Buying a home is a joyful period in a person’s life. Unfortunately, because of all that excitement, we can be blindsided at times and purchase something that isn’t worth our money. You must learn to look out for a number of red flags and walk away from a property no matter how much you love it. Let’s review a number of these red flags.
The first thing is that you must get to know the neighborhood. Very few things are more important than this. Look into whether the community is growing and thriving, or whether it is declining. If you notice many homes are being foreclosed and local businesses are closing, then the community is declining. Do also come back to the neighborhood on different days and at different times. This is also a great opportunity for you to get to know the traffic. Make sure you come during an evening once as well, so you can find out whether there is any noise pollution or traffic problems when it is supposed to be quiet. Also make sure that you get a local crime report from the police.
Next, make sure you know if the property has been foreclosed on or is going through a short sale. Yes, you can get an amazing deal on this. However, many of these properties are in terrible condition and it can also be a sign of trouble in the neighborhood itself.
In the end, it is only you who can decide whether or not you will buy a property. But do make sure to exercise due diligence. Do only purchase a property once you have had it inspected by a professional inspector. If some serious issues are identified, you can then decide whether this means the property is not for you, or whether you want to try and have the current owner reduce the selling price. Do be careful with this, however, as you don’t want to end up purchasing a money pit.