Buying a new home requires much more work than simply saving money and checking listings on Zillow. To purchase the perfect home, you need to conduct research, and one way to do so involves reading up a real estate agent's red flags in home buying. In one of the more positive sides of Reddit, realtors reveal red flags you should look out for when buying a house. Additionally, a few homeowners share the red flags they encountered when they bought their home.
Aspects of a house, from the interior's smell to the condition of the basement, all deserve examination and consideration before you ever sign your name on a dotted line. That said, keeping an eye out for open-house red flags can be difficult with all of the various factors involved. On occasion, previous homeowners leave stuff behind or fail to disclose their newly built secret panic room that conflicts with zoning laws.
It goes without saying that purchasing a new home demands a great deal of research, time, and effort on the part of the buyer. But thanks to these helpful tips and tricks from real estate agents, you might just land the home of your dreams.
From Redditor /u/Paretio:
As a construction guy, [I advise you to] please, please, please check the attic. People buy houses and never check the actual attic. If you go up there and smell a burnt smell or see big, silvery tubes that look crumpled, those are issues.
If there is any strong smell, don't buy. No one spends $80 on Glade plugins unless they are trying to hide something.
From Redditor /u/_PM_ME_YOUR_SMILE:
If your realtor says "built to code," that means they made the building as crappy as legally possible.
From Redditor /u/Yvgar:
Go to showings when it's rainy as f*ck, then check out the basement.
This will expose any water issues with the foundation... One house I was shown had a cable run into the basement from outside at the dirt-level and never sealed - so there was a stream of water pouring over the circuit breaker box onto the basement floor.
Passed on that house.
From Redditor /u/NWBoomer:
Wife was a realtor - we have bought and sold many of our own properties including investment properties. Don't just sign a bunch of papers at closing thinking it is all boilerplate. Documents get written up with errors, some glaring, some not so. We had the wrong terms and interest on a loan once. Another time, they had the name wrong on the recording title.
Also, I cannot believe how many people buy a property covered by and HOA, and then are totally surprised that they have to pay assessments or that they cannot dig up their front lawn and put in an herb garden. All that stuff you are signing, you are agreeing to in a contract. That you "didn't know" doesn't cut it.
Also, people often keep paying mortgage insurance long after they have over 20% equity in the house. You want to keep paying it, [and] they'll keep collecting it until you tell them it is no longer needed.