When someone tries to sell their home, they do not always tell the whole truth. Unfortunately, hiring a professional inspector can get expensive if you are viewing multiple homes. So, here are some red flags that you can look out for that could tell you to avoid the property.
The first thing is that you must think twice before you purchase a “fixer upper.” Many people are interested in these properties because the price is so low. Most of us think that the things that do need to get fixed up are things we can mostly do ourselves. However, you are likely to find that only qualified professionals are able to actually fix the problems. The price you pay for these professionals may be a lot higher than you had budgeted for initially. Next, properties that have had DIY repairs can also be a red flag. A DIY job can look as if it was completed properly, but you can’t see inside the structures where it is likely that a lot of problems exist.
Next, make sure you know if the property has been foreclosed on or is going through a short sale. Of course, these properties are the cheapest, but they are also often in a bad condition and could be a sign of the community.
At the end of the day, you should never purchase a property that you haven’t had inspected professionally. The information above, therefore, is not designed to help you decide whether or not you want to buy, but rather whether or not you want to have it inspected. If you find that there are indeed serious problems with the property but you don’t want to simply walk away, you could consider asking for a large discount so that you can pay for repairs. Do also consider the opinion of your home inspector. Home inspectors will tell you honestly whether or not a certain property is worth investing in.