When House Buying Goes Wrong: The Hidden Problems Sellers Try to Hide
All buyers want to hit the jackpot and find a wonderful house that is the right price and needs few repairs. However, home buying does not always unfold like this. Many homes come with hidden flaws that can pop up at any time, hopefully before the buyer commits to buying the house.
To avoid getting stuck with a bad deal when home buying, look for these common problems in homes.
Botched Maintenance
A homeowner that wants to get the most for their home does not want to spend a lot on repairs. Many homeowners try to patch problems or complete a quick fix to avoid spending a lot. These quick fixes sometimes fool a buyer, and they miss that there is a problem at all.
How to Know
It is important to look for signs of botched maintenance problems. Look for slightly different color paint, and cleaner areas on walls or floors. These could be indications that one area has been recently touched up.
The walls will reveal a lot about the foundation. Any cracks in the walls will show that the foundation has been moving and shifting. If there are any areas that are peeling or chipping, there could be water damage from a leaking roof. Fresh paint looks great, but it often hides blemishes on walls and ceilings.
The smell of the home is important. If there is even a slight smell of must, there is a chance there is mold. Mold can hide in many places and it can be hard to pinpoint where the problem is. Depending on the extent of the problem, it can be costly to fix.
Using an Inspector
Unless a buyer foregoes their right to an inspection when home buying, which is not recommended, many problems will be found during this phase. An inspector is trained to spot obvious problems, as well as those that sellers are trying to cover-up.
An inspector will look for major structural issues. They check for plumbing and electrical problems that could mean major updates are needed. Any fixtures or appliances that are not working will be discovered as well.
After going through the entire house they will make a list of everything that must be fixed, as well as the items that need to be looked at. Not every item on this list will need to be fixed before buying a home, but major problems will need to be addressed by the seller.
By using this list as a reference, a buyer can ask for items to be fixed or a credit to bring down the price of the home. If a buyer is willing to put in the work and the seller is okay with the lower price, everyone can leave happy.
What Are the Neighbors Doing
The neighboring houses can indicate where the market is heading. If there are many vacant homes, it could show a neighborhood that is failing. Homes that are boarded up, have broken windows, or graffiti could mean an increase of crime as houses are vandalized.
Similarly, if the homes are kept in pristine condition, this shows a booming neighborhood. As neighborhood houses increase in value so will the one that is being purchased. It is a good investment to buy a home that is priced reasonably in a neighborhood that is starting to increase in value.
A buyer must be smart when buying a home. If they are not careful, they may end up with a house that has many problems. Some do-it-yourself fixes can trick a buyer into looking over a problem. To avoid these problems, work with an inspector and watch out for the crafty ways a seller may cover-up a problem.