There are many reasons to purchase a house. There are a great many more reasons to run for the hills from the prospect. After all, it’s not just that some houses are an unwise financial investment, but some houses are unsuitable for your own needs. There’s no point purchasing a fixer-upper, no matter how cheaply, if you need to restructure the building from the ground-up unless you’re only in it for the land. A house could be perfect, but if it has two fewer bedrooms than you need, the prospect is no longer relevant.
However, we cannot determine every personal consideration that may apply to you, and perhaps that’s for the best. That being said, we can suggest some warning signs that apply more generally, suggesting you should focus on the next possibility. This also saves you time, providing you room to work with companies that reduce your mortgage fees or go back to the drawing board to determine what you’re looking for.
With that in mind, please consider:
Significant Structural Issues (Outside Those You Plan For)
Purchasing a house with significant structural issues can lead to a financial nightmare. Of course, sometimes you’re prepared for this and are happy to reduce your offer accordingly. Yet sometimes, you’re not. Certain issues worth running a mile from include foundation cracks to roof instability, as these issues can be costly to repair and may compromise the safety and stability of the entire household.
Not a fun set of concerns to have while you celebrate a new property, unless it’s an explicit investment you’ve decided on. Use a house inspector, or even two for that second opinion, if you’re in any way concerned about the state of the property, or just to verify its standing.
Unmanageable Financial Burden Or Hidden Costs
Of course, a household costs a good deal of money, and that’s why a mortgage is often the most expensive loan a person will take out in their lives. That’s why using a service that can help spot hidden fees and warn you ahead of time, or even reduce your mortgage fees, can help a stretched-budget purchase turn into an untenable one from your particular financial needs.
Keeping that in mind can help you keep your purchase manageable, wise, and ultimately sustainable. If your sellers or their mortgage company seem to be vague about financial agreements or tack on unagreed hidden costs, be sure to run a mile.
Quick Reselling History
If the house has a constant purchase and selling history with frequent shifts between each one of those dates, well, there’s a chance that something is wrong and you’re unaware of it. Perhaps a huge housing development has been approved in the local area, or a neighbor is particularly aggravating. Either way, it’s good to speak to the neighbors and try to get a picture of the local area. One piece of wisdom could help warn you in advance, and potentially save you from a painful lesson.
With this advice, you’re sure to pay attention to warning signs when buying a house.
