Red flags when buying property
You’ve found your dream home and you can’t be more excited, but there are few things to keep in mind before you sign the papers and pack your boxes.
It is important to remember that there are various “red flags” that you need to look out for before purchasing, as missing these “red flags” could have significant financial repercussions. Before signing, make sure to look out for the following:
When looking for your perfect home, always remember that you are not only investing in the property itself, but also in the neighbourhood. Make sure to ask enough questions about the neighbourhood. For example, if you move into a neighbourhood that is deteriorating or crime-ridden, it could have a significant impact on your return on investment.
Patches of fresh paint
A coat of fresh paint is an excellent and quick way to spruce up your home, but if there are random patches of fresh paint around the house, it could be cause for concern. It is possible that the seller is trying to hide something beneath the coat of paint.
An obvious sign of poor draining/grading is pools of water or a bouncy bathroom floor which could indicate that there is a leaking shower drain. Also, keep an eye out for overflowing gutters and water stains on the walls or the roof.
Faulty electrical wiring
If you are looking to buy an older home, make sure that the electrical wiring is not faulty, as house fires caused by faulty wiring is not as uncommon as we would hope. This is especially the case in older homes, as these homes don’t always have an ample supply of power and the number of electrical outlets like newer homes have. Also look out for any exposed wires, as this could cause significant harm to either the home or your family.
The most important part of the house, and arguably the costliest to repair, is the foundation of the house. Large cracks in the walls, door frames that don’t appear to be square and doors that struggle to close properly, are all the signs of structural problems with the foundation of the property.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)