About 75% of homeowners have at least one regret about their home purchase. For some, this regret is that they underestimated the total cost of the purchase. 
For others, the regret is more serious, such as the location and unexpected repairs or maintenance. It’s easy to get caught up in purchasing a less-than-ideal home, especially in a market where the number of homes for sale is limited. Keep an eye out for these warning signs a home is no good, and avoid having major regrets about purchasing your next home.
1. The Price Is Too Good
While there are some good real estate buys out there, not every home with a low price is a great deal. Real estate pricing reflects the current market and demand. So if a home is priced so low that it’s too good to be true, it probably is. Do your due diligence before allowing your emotions to get away from you. Have the home appraised for its current condition and value to get an independent opinion on the value of the home.
2. There Are a Ton of Cosmetic Fixes
It’s normal for homeowners to fix up their homes in preparation for going on the market. They will make improvements like painting, caulking, and replacing worn carpet. However, if there are too many cosmetic fixes, this could be a bad sign. A few cosmetic fixes improve the appeal and attractiveness of the home. Too many, and they are hiding potential major problems. The hope is that inexperienced buyers become distracted by the home’s beauty and ignore the major problems with the home.
3. The Area Isn’t Great
You find a beautiful home with a discounted yet reasonable price. There’s nothing wrong with the home, but there seems to be something off. It could be the neighborhood or surrounding area. Perhaps the home is in a high-risk flood zone, and the insurance is dramatically higher. Perhaps the area is declining, with businesses leaving, buildings boarded up, and a higher than normal unemployment rate. These are all signs of a declining market. Even if you fix up the property and increase its value, the surrounding area will drag it down and make it harder to sell later on.
4. Home Features that Create Problems
There are some home features that look completely innocent, even attractive, yet they can create problems for you and the future of the home. Vinyl siding looks nice and is low maintenance. However, it can hide potential problems with the side of the home. A lush green lawn that goes right up to the side of the house looks attractive but also means that the home could have a termite problem. Large leafy trees with a thick trunk and generous canopy are nice, but they also have extensive root systems. These roots can cause major plumbing problems with the buried pipes. That sloping yard may look like a great spot for a bar-B-Q, but if it’s angled towards your home, this can result in a cracked foundation.
5. Not Enough Outlets and Low Water Pressure
These two features are often not looked at or considered. Small details tend to fall into the background as people consider room size, window placement, and overall floorplan. However, a lack of outlets is more than just inconvenient. It could be a sign of old or outdated wiring. Eventually, you will need to pay for the update and replacement.
Another commonly overlooked problem is low water pressure. There is a difference between water-saving plumbing and poor water pressure. If you plan to buy an older home, consider the water pressure because it could be a sign of galvanized plumbing. Modern home construction uses PEX, PVC, and copper for the plumbing lines. Before this, though, galvanized pipes were the material of choice and were heavily used in the 50s and 60s. In some communities, it was used all of the way up until the 80s and 90s. The problem with galvanized pipes is that they eventually fill with rust, slowing down water flow. If this is the case with a potential home for sale, you will have to pay for the replacement of the plumbing lines.
Keep An Eye Out For Warning Signs a Home Is No Good
Buying a home is one of the biggest purchases that people make in life. Don’t make a mistake by skipping over crucial steps in the research process. Do your due diligence and look deeper than the curb appeal and fancy finishes. Identify potential problems to ensure you know what type of property you are going to buy.
Schedule a consultation with one of our skilled real estate attorneys to discuss your planned real estate purchase.
