There is nothing like the sad realization that your dream property is not as great as you first thought. Indeed, finding out that you have several thousand dollars worth of home repairs is no one’s idea of fun.
While a complete home inspection and a good dose of common sense will help you avoid the worst, there are some things that you should also be wary of. Here are five warning signs to heed before you sign that contract to buy your dream home.
Internal Property Complication
Some internal problems for properties are easy to identify, such as termites, damp spots, and cracks in the walls and ceilings. Other problems are equally as serious yet often hidden by the sellers. For example, cracked tiles in bathrooms may indicate water damage, mold that there are ventilation problems, and brown areas that the wiring connection is poor.
Other things to consider include water pressure, sticking windows, pipe and drain leaks, insulation levels, and pests of various kinds. It is best to run through these items like a checklist, seeing which areas you may need to obtain a professional inspection to check.
Likewise, there are various external problems for properties that are hidden from the overexcited homebuyer. One crucial element is orientation. For example, if you will be working from home and yet the property’s study receives very little natural light, you may want to reconsider.
Other elements include the condition of the fuse box, signs of asbestos, blocked drains, roof damage, garden watering systems, the condition and age of nearby trees, and pollution levels. Once again, when you have done an initial assessment, you can then hire a professional for an official assessment.
Missing or Incomplete Documentation
If you think you can’t be a victim of fraud, think again. If you choose to buy your property without having all the necessary documents, you could be in a very dangerous situation, not just financially, but legally and emotionally too. The best bet to avoid such a scenario is to hire a solicitor to help with your purchase. The couple thousand that you may pay is well worth it compared to how much you could lose if you go about it by yourself.
Sketchy Property History
When was the property first built? What was on the land before? Why have there been so many different tenants? If you are unable to find out the answer to these questions, either because you cannot access the information physically or because the seller is giving vague answers, think twice.
There is a high chance they may be trying to cover up a shady past or incident. You are best to avoid such properties. If for some reason you still want to buy the property and want the “complete” history of the property make sure you contact the “Local Records Office”.
Unethical Real Estate Seller
Furthermore, if the sellers, whether a person or a real estate agency, cannot answer even basic questions regarding the property for sale, you may want to reconsider your purchase. An unwillingness or lack of knowledge in answering questions suggests that either the sellers are hiding something or else not interested in selling the property. You should not pursue such properties further.