You found a home with the right number of bedrooms, ample garage space and a beautiful master suite, so you're ready to buy right away. Not so fast. When buying a new home you don't just have to look at the good, but also the bad. Keeping your eye open for red flags is just as important as looking for the characteristics you want in a home. Here are just a few red flags you should look out for.
An Old Property with a New Agent
If you're looking at a home that has been on the market for a long time, but has yet another agent, this might be something to think about. More than likely the agent isn't the problem, but rather the seller. No, you won't have to live with the seller and you don't necessarily have to meet them. However, you will have to negotiate with the seller.
If the seller can't maintain a relationship with their agents, you can pretty much assume you will also have a hard time negotiating with them. Whether it's getting them to make needed upgrades or accepting your offer, it could be challenging.
Make sure you don't just focus on the house, but also pay attention to the rest of the neighborhood. In particular, the number of vacant properties on the block. Unless it's a brand new neighborhood, numerous vacancies aren't typically a good sign. This means that people want out of the neighborhood.
Find out from other people in the neighborhood why everyone is leaving. High crime, decreasing home value or dangerous traffic are just a handful of reasons a neighborhood might experience a mass exit. Find out the reason before you make an investment and find yourself wanting to leave too.
When you're touring a home, you should have all access. A room that is locked or blocked off should always serve as a red flag. If the owner doesn't want you to access the area, it's for a not-so-good reason. It could be a room with mold damage, a sunken ceiling or a host of other issues.
Have the agent contact the seller right way to see if you can get access to the area. If the seller asks you to wait until a later date or says no, this isn't a good sign and it may be time to look elsewhere.
Purchasing a home isn't meant to be a swift process. Make certain that you are taking your time to recognize any obvious and not obvious red flags as you look at potential homes for sale.