Buying a home is thrilling and stressful in equal measures, and it’s easy for some to ignore how much work a property will need if they’re in a rush to buy. Unfortunately, this can lead to regret and make homeowners wish they’d approached it differently. So here are the top five things not to overlook when you’re in the market for a home.
Major Repairs or Fixes
We all like to believe we can handle anything when it comes to a new home: but a house with many repairs is an expensive fix! If this is your first home, and you don’t have much experience updating homes or properties, it’s a good idea to get a property that requires as little work as possible. Of course, you can still put your mark on the house, with paint or updates: but don’t fool yourself into getting a project home if you can’t handle it.
It’s Been On the Market for Ages
How long has the home been on the market? Weeks or months isn’t so bad, but if the house has been up for sale for over six months, and Arlington real estate besides it is selling quickly: it might be a good idea to ask why. Look at the home’s history and ensure it isn’t prone to crime or nothing devastating has happened on the premises. Although some may not mind a tragedy happening in their new home, many are sensitive to that and keep looking elsewhere.
There Are Sudden Price Drops in its History
When looking at the history of the home, do you notice any startling price drops? Is there one year where the home loses its value by 10% or more? Look at the storm and city history of that time, and check to ensure it hasn’t been flooded or had major structural damage. Although some states require sellers to disclose this information, not all do, and it can be a red flag to look out for.
Windows Are Outdated and Leaky
Although it may seem small: leaky windows are something you shouldn’t ignore. A leaky window could mean that the heating and cooling costs will be astronomical or that the home may be prone to pests. Although replacing them is possible, replacing an entire home’s worth of windows can cost from three thousand to thirty thousand depending on the number of windows. So don’t fall for these expenses just because it’s a lovely home.
Sellers Won’t Budge On Price.
Don’t settle for the listing price, especially if you’re in a buyers’ market. If you think the price is too high, and the sellers refuse to lower it, you can bargain for other things. For example, ask if they’ll cover the closing costs or do any repairs or cleaning the property needs. If they refuse to budge still, the price is high for your budget: it’s okay to walk away. Don’t think that just because you put in an offer that you have to buy the home. If they’re unreasonable, you can let it go.
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