House hunting can be fun and exciting, especially when you think you might have found the home of your dreams. It’s also an intensely emotional decision.
Before letting your emotions carry you away, make sure your potential dream home doesn’t have any of these five warning signs.
There’s an old saying you might be familiar with: if it sounds too good to be true, it probably is. This saying applies to homes as well. If the price seems too good to be true, that’s a huge red flag, and it’s time to start asking detailed and specific questions. Also, make sure you get a thorough home inspection, and don’t be hesitant to ask the realtor why the house is priced so low.
The inside might look beautiful and smell freshly painted, but especially on older homes, make sure to pay close attention to the outside as well. If you find exterior cracks, make sure they aren’t much more than 1/4 inch wide. If they are, you should strongly consider having a structural engineer inspect the property. The health of your home literally rests on the foundation and walls; if they are compromised, your entire home could be as well.
If not properly mitigated, water damage can destroy the flooring, drywall, and ceiling and lead to the dreaded “black mold.” Make sure to look for water damage on the ceiling, underneath windowsills, and soft or warped sheetrock. These are all possible signs that there may be leaks somewhere. If there was prior water damage, the seller is obligated to disclose it.
If you love the home but think you might need to add on or renovate it to bring it more in line with your vision for your dream home, that might be cause to pause. At the very least, you’ll definitely want to consult the local zoning and code enforcement regulations for the property to make sure your plans are even permissible. Nothing ruins a dream home quicker than not being able to do the work you had planned!
Just like a resume for someone who has a new job every year, a home with high turnover can be a serious warning sign. The average length of homeownership in the U.S. is around eight years; high turnover for a home would probably average about three years or less per owner. You can easily check homeownership turnover online using Zillow.com, which also shows you the prior selling prices for each time the home was sold.
First Independent Bank offers residential lending throughout Central and Southern Minnesota. Our mortgage experts can give you the home loan solution you need for lake lot financing, a second home, or the dream home you’ve wanted to build. We give you quick answers and exceptional service when looking for a home loan. today to get started!