Buying a home takes a bit of consideration, particularly regarding red flags that can cause issues after your purchase. Among previously owned homes, studies show that nearly half of all houses sold have at least one major thing wrong with them. These issues can range in severity but anything that could potentially be wrong with a home should be checked out well before you buy.
Experts recommend that you have certain things checked out before you buy a home, particularly a home that has been lived in before. Environmental hazards are certainly something that you want to watch for. Things like asbestos, mold and lead paint are among the most commonly found issues that should throw up a red flag to anyone buying a previously owned home.
A home inspection is essential before you buy a home, even if that home is brand new and has never been lived in. During your own inspection of the property, look for things like moisture in the basement, separation or settling in chimney areas, foundation cracks and any issues involving the roof. A professional inspection will also be needed and this is something that home buyers should not forgo to save money. A professional home inspection can actually help you to save money by helping you to avoid buying a home that has major structural damage or other severe issues. Your inspector will look for things like insect infestation, electrical issues, plumbing problems and others that could cost you significantly to repair.
Anything that looks like it could be costly to repair should throw up a red flag, particularly if these issues are not included in your disclosure papers. If there are issues found, you can work that out in a number of different ways. The most common is to have the sellers leave enough money in the escrow account to cover paying for those repairs. The lender can also keep part of the loan amount from the seller in order to fund the repairs or the sellers could simply lower the price of the home to reflect the work that needs to be done.
Professional home inspections are not expensive. You can expect to pay anywhere from $200 to $500 but this can be a very helpful expense to pay. Without a professional inspection, you may end up buying a home that needs so much work done that it makes it not at all worth the cost that you are paying. An inspection will tell you anything that needs to be done prior to your buying the home so you can decide if you feel that the cost of the home and the task of having repairs done are worth it.
Buying a home is not an easy process at times but if you take the initiative to ensure that everything that needs repaired is, the process can be a bit less difficult. Speak with the sellers whenever issues arise that need immediate attention to see how those repairs are going to be paid for before the sale goes through.