It’s easy to fall in love with a home and overlook some of its flaws. If the flaws are minor, like updating paint or decorations, that’s no big deal. However, overlooking major flaws can be a costly mistake. While you should always hire a professional home inspector before purchasing your home, there are several red flags that warn you to think twice about even pursing an offer on it:
Does the roof have missing or warped shingles? Is there moss growing on it? Is the area by the chimney missing flashing? Roof damage is a major issue that can cost tens of thousands of dollars to repair as well as cause extensive damage throughout the home. Not only will you need to repair or replace the roof, you may need extensive renovations to the walls and ceilings inside the home if water has seeped in and caused damage.
A dark spot on the wall or ceiling is the telltale sign of water damage. Other signs include a mildew smell, bubbling or peeling paint, warped floors or low water pressure. As noted above, water damage can be caused by a damaged roof. It also can be caused by a cracked pipe, or overflow from a bathtub, shower or faucet. Depending on the length of time that the water has been sitting, it can also cause mold. Unless you are already planning to demo the house or open the walls and completely renovate it, you may want to skip making an offer on a home like this.
You can see a cracked foundation by looking for wide cracks in the brick or cement of part of the foundation above ground. If there are cracks in the walls above window frames or door frames, that is also a sign that the foundation may be having problems. This can lead to the home becoming structurally unstable and unsafe to enter. Foundation problems can sometimes be fixed by simply filling in the cracks. Other times, the foundation may need extensive repairs, which can be one of the costliest and most challenging home repairs.
Old Water Heater and/or HVAC System
Old HVAC systems use more electricity, are repair-prone and are closer to end of life. If the HVAC needs to be replaced, it can cost thousands of dollars. Buyer beware.
Old Electrical System
If the home you are considering is older, it may not have an upgraded electrical system. Signs of this include damaged or bare wires, lack of GFCI outlets in the kitchen and bathrooms, and flickering lights. An outdated electrical system can lead to a regularly tripped circuit breaker, damage to your electronics, and most importantly, a significant fire and electrocution risk.
While walking away from a home you love is hard, undertaking costly, unanticipated repairs is even harder. Choice Mortgage Group is here to support you throughout your homebuying journey and provide you with financing options to make your dream home a reality.
Since 1995, Choice Mortgage Group has been providing homeowners with the best real estate financing programs available. As a licensed lender, we offer a wide variety of services and programs that satisfy the unique needs of each of our clients.
Specializing in residential mortgage lending for over 25 years, our programs include conventional and government lending, purchases, and refinances. We also offer portfolio lending for self-employed borrowers and borrowers with complicated tax situations. South Florida is where Choice Mortgage Group started, and we like to call it home. We are devoted Florida Atlantic University Owls fans and are proud to be the official mortgage lender of FAU Athletics. We also support numerous other local organizations. For more information about Choice Mortgage Group, visit www.choicemortgage.com.
Choice Mortgage Group
2424 N Federal Hwy, Suite 100
Boca Raton, FL 33431
© 2023 Choice Mortgage Group. All Rights Reserved. Web Managed by IWD Marketing
To help the government fight the funding of terrorism and money laundering activities, Federal law requires us to obtain, verify, and record information that identifies each person who applies for a mortgage loan or other financial services with this establishment. We will ask for your name, address and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.