If someone is eager to sell their property, they may keep a few defects hidden. It is unfortunate that if you were to hire a professional inspector for each viewing, it would get incredibly expensive. 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. Often, we believe that the things that need fixing are things we can do with our own DIY skills. In reality, however, they are often things that must be done by qualified professionals. The fees of these professionals may be much higher than you had expected. Next, you must be careful with properties that have modifications made that are clearly DIY. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.
Next, it is time to look at how the property was treated by the current owners. Find out whether it was maintained properly. If you notice that there is a lack of structural maintenance on the outside, the inside will probably be the same. Make sure to inspect the wiring. Although you probably won’t be able to identify all of the problems yourself, some red flags are easy to spot. If lights flicker or outlets are warm, there is a chance that the wiring is faulty. Check whether it looks like some of the walls have been repainted recently, which could be a sign of them trying to hide something. Also look at the windows. If a window is condensed or moldy, or it opens with difficulty, that may be a sign of very expensive problems.If an owner declares certain rooms as “off limit”, then go find a different home to buy. Additionally, if you notice that any structural work has been done, such as the removal of walls or floors, you need to find out whether that work was done properly by a qualified architect.
At the end of the day, you are the only one who an decide whether you will buy a property or not. Nevertheless, due diligence should always be exerted. Never purchase a property that you haven’t had professionally inspected. If you do find a property has significant issues, you have the option to simply walk away, or you can try to have the price decreased to compensate for this. Do be careful with this, however, as you don’t want to end up purchasing a money pit.