5 Warning Signs New Home Buyers Should Look Out For
Buying a house for the first time is both exciting and nerve-wracking. Not only do new home buyers have to navigate the mortgage application process, but they have to find a home in the first place. If you’ve never bought a house before, you might end up biting off more than you can chew. Here are a few red flags to watch for during your search that should tell you a house isn’t as good of a deal as it seems.
5 Tell-Tale Warning Signs New Home Buyers Should Watch For
You don’t have to be a real estate expert to know when a house isn’t the right choice for your family. Here are some of the most important warning signs to watch out for when looking at homes.
1. Overly High Asking Prices
Sometimes, a seller thinks their home is more valuable than it is. Pay attention to the prices for similar homes throughout the entire area and make sure the price fits that trend. If it’s too high, keep looking. These sellers likely won’t be receptive to fair offers and you could get stuck paying more than you can afford.
2. Visible Signs of Water Damage
When you’re walking through a house, keep an eye on the structure itself. If you see warping in the floorboards or staining on the walls and ceilings, it might be best to keep looking. These are signs of water damage and, if you buy the house, you could end up with costly repairs.
3. Bad Neighborhoods
Buying the right house in the wrong neighborhood is never a good idea. Pay attention to the houses surrounding the one you’re looking at and think about how safe the neighborhood feels. If the neighborhood has a high crime rate, keep looking.
4. It Has an Old Heating System
Furnaces don’t last forever, but the older they are, the more likely it is that they’ll need frequent repairs. If the furnace is original, you’ll have to budget thousands of dollars to repair and update the house.
5. It’s Been Listed Forever
If a house sits on the market for months on end, there’s almost always a reason for it. Pay attention to how long it’s been on the market and proceed with caution if you don’t walk away.
Get Financing Today
The best thing new home buyers can do is get prequalified for a mortgage before they start looking. Contact us today or apply online to get started.