The rising cost of real estate makes finding the perfect home rather challenging. When you spot a house with an unusually low price it’s very easy to be tempted into closing a deal without asking any more questions.
However, settling for a property based solely on price is a huge risk; you could be getting into a really bad real estate deal that may cost you in the long-run.
Here are some warning signs you should look out for:
The Listing Price Doesn’t Seem Right
The price of a house on sale depends on the market, the seller and its value. If you’ve found a listing with a shockingly low price, it’s probably because the house doesn’t have great value.
There’s a reason the seller has put such a low price on the property. Usually houses that are priced suspiciously low have structural issues that can’t be seen on the surface. Its roof and foundation may require costly repairs.
The property can also have zoning challenges or unpaid property tax bills that prove to be problematic for you.
The Property Has a Questionable Past
If a property has a history of huge repairs, take it is a red signal. Housing repairs can get very expensive, especially when they are related to its foundation or structure.
Ask your seller for a disclosure packet; if they fail to provide it then you have the right to ask your real estate agent to further investigate the property.
It also helps to collect information about former inhabitant; most people don’t want to live in a house that was the site of a crime, for example, so if there’s a chance you could have a hard time selling the house in the future.
Also, houses with a high ownership-turnover can indicate problems.
Cosmetic Fixes
If you spot a number of quick fixes around the house, take it as an indication that the seller is trying to cover up something more serious.
Two cosmetic fixes you need to look out for spray-painted hedges and the use of paint to cover up water damage. When moisture is trapped in walls, it leads to the buildup of mold.
A Bad Neighborhood or Risky Surroundings
A house’s value is also dependant on the neighborhood and its surrounding area. The house itself maybe in pristine condition but the fact that it is located in a bad neighborhood can make it difficult to sell.
Is it worth buying a cheap house in a flood-prone location? Probably not!
Before you settle on any property, have your real estate agent to investigate it from every angle to ensure you’re not making a mistake.
Searching for a real estate agent in Mechanicsburg or real estate agents Camp Hill, PA? Get in touch with Smith Top Team. We’re a father-son real estate duo that has been providing exceptional real estate services in these areas for decades.
Contact us for a free consultation.