When you're shopping for a home to invest in, it is easy to fall in love with one right away; especially if the property comes with a price that's too good to be true. However, instead of deciding which property is the best right away, it may be in your best interest to wait and rethink your decision. You might not have realized it but the home you have fallen in love with may not be the best investment.
One way you can make credible decisions when shopping for a new property is to not allow your emotions get in the way. True, you can easily fall in love with a home, especially if it looks great. But there are some things you have to look out for when you visit the property. By acknoweldging these red flags, you'll be able to determine whether or not the home will be a good investment for you.
Red flags that you need to look out for when buying a new home
Red Flag #1: Sloppy Maintenance
Anyone who's selling a property knows that you need to make the home look presentable, no matter how busy they are. If the home has a number of neglected areas that you feel will take you extra effort and money to clean up, it may not be wise to invest in that home. Some of the things you need to look out for include:
- Ceiling stains
- 'Spongy' feel on the bathtub and toilet floors
- Low water pressure (indicative of a plumbing problem)
- Cracked window glass and torn window screens
- Signs of roof wear/ missing roof shingles
- Peeling paint/ plaster cracks
Unless you have an inspector who can help you assess the extent of the damage, you may need to put off your decision of getting the property.
Red Flag #2: Foundation Issues
Another important factor you have to look for is if there is any problem with the home's foundation. One way you can determin if there is a water problem is when the yard is sloping towards the property instead of otherwise. The condition is commonly known as 'negative grade' and calls for an expensive and tedious repair. Because the yard directs rainwater to the basement, it destroys the home's foundation. If this problem exists, you might be better off looking for a new property instead.
Red Flag #3: Declining Neighborhood
Finally, make sure to check out the neighborhood where the real estate property in Red Deer belongs to. Usually, there is an old saying that the real estate industry is knowledgable of-- if there is a home that goes on sale, a couple of others will follow. But if there are more than two properties for sale in that neighborhood, it's time to be alarmed. There just might be a reason as to why those homeowners have decided to sell their homes. Common issues include:
- Increase in crime rate
- Local government action
- New zoning restrictions
- Traffic rerouting
- Urban decay
- Fleeing businesses
- Bad neighbors
As your trusedt Red Deer real estate agent, I am always be on the lookout for these red flags so you don't have to be. After all, a home is not a simple investment-- you need to ensure that it's right for you and that it will stand the test of time. Call us today so we can help you find the right home for you and your family.