How can home buyers avoid buying a money pit? We've all heard of houses that look great to buyers, but then turn into costly mistakes after the deal closes. From sky-high utility bills to cheap wiring fixes and loose steps or leaking roofs, a new home purchase can become a nightmare once the new owner takes possession and begins to discover all the shortcuts taken by the previous owner to hide serious flaws. Here are a few tips to avoid buying a home that could drain the last of your financial resources.
Know what to look for. Unless you have substantial experience living in or working with older or damaged homes, do some online browsing or reading for information about things that can go wrong or be covered up when someone is selling or buying a home.
Consult home repair books and resources at the library, hardware store, or bookstore. Often you can browse these resources without having to buy them, or you can find partial information or reviews online. This can give you an idea, sometimes with photos, of what to look for or avoid when buying a home.
Watch TV programs like This Old House or Home Makeover for information about how homes get into bad shape, or what buyers should beware of.
Check with handy persons, contractors, builders, and repair companies by visiting their websites or calling to talk with someone about questions or concerns you have on a specific property.
Make sure your realtor is knowledgeable about home repair costs and possible cover-ups or potential serious damage to a property so he or she can advise you about the homes you will be visiting.
When you find a property you are serious about buying, schedule a home inspector appointment. A professional consultant will make a detailed inspection of your property, taking copious notes, and providing an extensive final report of any problems that need to be addressed. Some inspectors do not comment on surface issues like mold, lead paint, or radon, but they can usually direct you to those who can assist with these tests and inspections.
Ask the owner for documentation of any repairs, updates, additions, etc., that have been made to the property. These papers will confirm the property's known condition, and if you buy the house and find a problem, you may be able to contact the contractor with the paperwork (and any warranties) to have the problem addressed.
Find out if there are any liens on the property before making a purchase offer.
Buying a home is a serious responsibility that shouldn't be taken lightly. Take precautions to avoid purchasing a property that could cost you heavily in the future.
About The Author: Kevin Hughes is an Idaho real estate agent helping buyers and sellers all over the state. If you’re searching for a great property in Idaho, check out Kevin’s Boise Real Estate site.
About the Author
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