Homes are the priciest investments many of us will ever make. So, whether you’re purchasing your first home or your fifth one, it pays to look for assorted red flags and do sufficient research before signing any paperwork. Needless to say, buyer’s remorse is the absolute last thing you want to feel in response to such a massive purchase. Homebuyers looking to ensure that they don’t get stuck with a lemon would do well to take the following measures.
Always Opt for an Inspection
Considering how much money is in play, you should never leave things to chance when it comes to the condition of a home. With this in mind, abstain from getting started on any paperwork until the home you wish to purchase has been examined by a certified home inspector. A seasoned home inspector will be able to identify a broad spectrum of issues that range from inconsequential to highly pressing. For example, if there are any problems with a home’s electricity, plumbing or overall structure, it pays to know about them before committing to a sale.
As an added bonus, a home inspection stands to provide you with quite a bit of bargaining power. If issues that the seller was unaware of are discovered by a home inspector, you’ll be in a good place to request that the cost of repairing those issues be taken off the asking price.
It’s possible that you’ll encounter sellers who aren’t amenable to inspections. Whether they’re actively trying to conceal old problems or they simply don’t wish to be made aware of new ones, you should take their reluctance as a sign to walk away. This is too important a purchase to roll the dice on.
Don’t Allow Sellers to Downplay Problems
Should you or a home inspector discover a hitherto-unrevealed problem with the property, there’s a good chance the seller will actively attempt to downplay it. In some cases, they may refuse to acknowledge the issue entirely. Regardless of how much you want a certain home, you should never allow sellers to get away with behavior like this.
Even if you’re determined for a deal to go through, make the seller aware of how the issue in question stands to inconvenience you and why it should be deducted from the asking price. Should the seller refuse to accommodate, it’s probably a good idea to walk away – especially if the issue is fairly large. If the seller truly wants to make a deal, they’re likely to contact you in the near future, particularly if they’re unable to find a buyer who’s willing to purchase the property as-is. The absolute last thing you want to be stuck with is a house with a plethora of preexisting problems.
Thoroughly Research the Home’s Location
It’s important to research a home’s location for a variety of reasons. First off, researching home prices in the area can help ensure that you don’t overpay for the property. Secondly, familiarizing yourself with the area can provide you with a good sense of what it has to offer. For example, what’s the local economy like? Are there an abundance of businesses? How good are the schools? Most people don’t want homes that are located a fair distance from grocery stores, shopping centers and other important centers of commerce. It also stands to reason that you don’t want a home that’s inconveniently far away from where you work. Floridians looking for homes for sale in Tampa, FL should keep this in mind.
It’s also a good idea to research the area’s crime rates. Even if you find the home of your dreams, living in an area in which the safety of your home and family are consistently at risk should never be on the table.
The larger the purchase, the more devastating the buyer’s remorse. And since purchases don’t get much larger than homes, it’s in every homebuyer’s best interest to make educated, informed purchasing decisions. If this is your first time purchasing a home, this is liable to strike you as a difficult undertaking. While there’s no denying that you’ll have to put in a bit of work, preventing yourself from getting stuck with a lemon is well within your abilities. So, to ensure that your first home is a purchase with which you’re fully satisfied, put the previously discussed measures into practice.
