22 Jun Home buying Red Flags to Avoid
At City Creek Mortgage, we’re here to be more than just mortgage pros. Our experts are indeed experienced and well-trained in every area of helping you get the best mortgage rates, but they’re also here to help you with several parts of the actual homebuying process.
Especially for first-time buyers, there can be a few unexpected costs that arise during the purchasing process – often due to red flags a more experienced eye might have caught in advance. Here are some of these red flags to keep an eye out for, either during the home inspection or simply throughout the process.
Pests or Insects
Pests may seem like just a nuisance to some, but they can also be a sign that the home has already undergone structural damage. Many pests, such as termites, can cause huge amounts of damage to a home in a fairly short period of time – if you see signs of these around, how do you know the foundation of the home isn’t already in bad shape?
Foundational Issues or Major Repair Problems
Down similar lines, check the entire foundation during your inspection. The primary issue to look out for is cracking, particularly any larger cracks that may cost thousands to repair. The basement is the best starting point here.
You want to be on the lookout for abnormal smells – both of the positive and negative variety. There’s obviously a problem if the entire home smells like raw sewage, but some sellers will look to cover up a major odor issue with air fresheners or other compensation. Be on the lookout for over-the-top use of these kinds of products or any other signs of covering a major odor issue.
It’s normal for many sellers to include a fresh coat of paint throughout the home as part of the sale process – this isn’t anything to worry about. On the other hand, if you notice patches of paint in certain individual areas either inside or outside the home, this could be a sign of a repair that went wrong that the seller is trying to cover up. If you notice any inconsistency here, make sure it’s inquired about.
Not only can mold signal a leak or other moisture issue in the home, it’s a health risk to humans. Removing mold can be costly and a lengthier process than you might think, so if you see even token signs of it, be thorough in your investigation.
To learn more about telltale red flags at a property, or for information on any of our mortgage or refinance programs, speak to the staff at City Creek Mortgage today.