We all know that interest rates are still incredibly low. And yes, the prices of houses are still low enough to be very interesting. This does not, however, mean that any home is bargain waiting to be snapped up. The market is, at present, in favor of the buyer. However, you must make sure that you make careful considerations before you buy. There are a some red flags that you need to be aware of that could tell you that a purchase may not be the best way forward. Some of these are fixable, others tell you to look elsewhere. Two things are of particular importance in terms of red flags.
First, inspect the neighborhood. Are people seemingly leaving in a mass exodus? Make sure that you speak to some of the residents and ask about what the community is like. Also check out the land. If the land slopes downwards towards the property, there is a chance that the foundations have been or will be damaged by flowing rain water. Use your nose: bad smells in or out the property are a bad sign. Bugs and insects are a bad sign as well. If there have been bugs or insects, people in the street are likely to know about it, so ask them.
Next, make sure you know if the property has been foreclosed on or is going through a short sale. Yes, you can get an amazing deal on this. However, many of these properties are in terrible condition and it can also be a sign of trouble in the neighborhood itself.
At the end of the day, you should never purchase a property that you haven’t had inspected professionally. With the information above, you should be able to tell whether or not you might want to hire a professional inspector, or whether it is a clear no on the purchase. If any problems are present, you can choose to walk away from the property, or you can request a huge discount on the purchase price so you can arrange the necessary repairs. Also, always trust the advice of home inspectors. The goal of professional home inspectors is to make sure that you can truly get your dream home, and not some sort of money pit disaster.