Open House Red Flags You Must Address
Buying property is likely to be the biggest single investment you will ever make, therefore, great care should be taken when looking at potential properties, and open houses are opportunities a homebuyer should not miss as they can check the property out in a short amount of time.
A home’s selling points are being showcased to a large number of audience during an open house. Expect the property to be deep cleaned and upgraded, and take the opportunity to poke around, looking beyond what you saw in pictures online.
As a homebuyer, you have to know what exactly you are looking for in a home when being toured around the house for the first time. While being overwhelmed by the good things you see may distract you from some important details that could hint about looming bigger problems, an open house can be a time wherein you will find out that what might seem like a real bargain could easily turn into a financial nightmare, with unexpected costs that seem to appear from nowhere. With that in mind, here are a few red flags a smart buyer should look out for when purchasing real estate.
Poor Building Maintenance
If the property has not been well maintained over the years and given a surface renovation, this could become a very costly project. How does one know whether or not a property has been well-looked after? Tell-tale signs include lightbulbs that do not work, leaking faucets and peeling paint. If you are thinking of buying the property, it is always advisable to have the structure surveyed, which will tell you the condition of the property. If you seek out the help of established conveyancing lawyers, they can ensure that the property is, in fact, in good overall condition, as well as undertake title searches that might reveal certain restrictions.
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This can easily be covered up with some surface renovations, and while the building might look in a good condition, a closer look could reveal water damage. If you ask your conveyancing lawyer to have the building thoroughly inspected for water damage, then you can be rest assured that the structure is sound.
Any building can suddenly be affected by ground movement, which is why you should insist on a survey to ensure that the ground is solid. The risks are higher with new and very old properties, as a new home will still be in the process of settling, while an older property is prone to ground subsidence. There are informative articles available online that list the various types of ground movement.
Multiple Homes for Sale
If the area is experiencing issues, then many homeowners would have their house on the market. It could be pollution from a local factory, or perhaps noise pollution, and the only way to know about an underlying problem is if many houses are up for sale in that area. It is therefore important to know the owners’ reason for selling their property.
Off Limit Rooms
Sometimes the seller will tell you that a certain room is not available for viewing and they might cite a reason like it is being used as a storage room. If there are problems in a particular room, the seller might be less than truthful, so make sure that you get access to every room in the house before making any decisions.
If the seller wishes to move because of unsavoury neighbours, they will obviously try to keep this from any potential buyer. Once you have viewed the property, you should have a walk around the neighbourhood and should you spot any homeowners in the garden, strike up a conversation, mentioning that you are considering moving into the area. More often than not, the neighbour will share to you any issue they are facing with the seller or with the entire neighbourhood, if there are any.
One of the reasons to hire a good conveyancing solicitor is that they have the experience to know what to look for when assessing a property, and with your best interests at heart, they will make sure that there are no invisible issues and that the property is debt-free.
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A thorough inspection of the potential home should lead you to red flags. Knowing what you could be getting into allows you to weigh the pros, the cons as well as the costs of the issues you would be inheriting should you decide to acquire the property. It should be high on your priority list to ensure that the house meets safety regulations. Don’t treat being in an open house like walking through a museum. Be on the lookout for red flags and don’t ignore them just because the house looks gorgeous, or you will end up wasting your time on a house that will bring you problems instead of rest and refuge.