Red Flags

There is a lot of information to consider before you put pen to paper and buy a house. Hopefully you have hired a good real estate agent (from ChangingStreets.com of course!) that will helpyou make an informed decision and protect your interests. There are certain things to look out for however that should not be ignored.

·         A bad inspection. Structural issues such as cracks in the foundation or walls, leaky roof, drainage problems, are red flags that the house could potentially be a money pit to fix.

·         The title company finds issues. Any sort of issue with the title of the house could cost a lot of time and money in lawyer’s fees to resolve. Luckily you should know about any issues quickly so you can cut your losses early if you choose.

·         Home has asbestos or lead based paint. Homes built during the 1940’s through the 1970’s could possibly contain building materials containing asbestos or lead based paint, both of which can cause cancer. Abating a home of these materials can be very costly.

·         House is very unusual. A house that is quirky or just plain weird may suit your tastes just fine but If you do not intend to spend the rest of your life in this house, you may want to rethink buying it. You must consider its resale value. An unusual house may not appeal to a wide range of buyers and you may have a hard time selling it or selling it for less than planned.

·         You really can’t afford it. This is an important one. You may have fallen in love with a house that will ultimately make you house poor. You must be practical and consider all the bills and upkeep that a house requires in order to make a smart decision.

As mentioned before, a good real estate agent can help you navigate through the decision making process. There are many things to consider and not be ignored when red flags present themselves.