Buying a home is a huge investment—one that is rewarding in every aspect. But as significant as it is, it can be overwhelming for first-time homebuyers and even seasoned buyers.
Navigating the housing market may be a problem, and it is easy to get carried away with the prospect of buying a home that you overlook significant red flags. More so now when housing inventory is at an all-time low and homes are receiving multiple offers.
With the current Arizona Housing market, first-time homebuyers may feel pressed and in a rush to buy a home. Therefore, it is likely they may focus on superficial-branded appliances. However, beautiful staging and a deep-cleaned home may sway a homebuyer into buying a riddled home with problems.
As a Veteran or an active Military homebuyer looking to enter the housing market, here is a list of red flags you need to look out for.
A freshly painted house
I know what you are thinking –what’s wrong with that? Understandably, the idea of having a freshly painted home is necessarily not a bad thing.
The new paint job may mean the seller wanted to elevate the home’s appearance before putting it on the market to attract more buyers. But it could also mean that the seller is trying to cover up something—a deal-breaker. For example, the newly painted accent wall could be covering up a patch of mold or water damage. So beware of any cosmetic enhancement!
Look out for any foundational issues
Seeing that the entire house lies on the foundation, it is crucial to ensure that the foundation of the house you intend to buy is in tip-top shape. This step is essential—making repairs on the foundation is expensive.
Any cracking on the foundation is a number one, a number red flag, experts advise. Small cracks may be easy to live with; they often indicate cement settling; however, larger cracks should be your cue to walk away from the house.
Questionable workmanship or Repairs
A seller may decide to DIY projects around the home. These may be fun for the seller, but they rarely possess the skillset to ideally execute the projects they have in mind. And as a buyer, you may walk into a home that needs insurmountable repairs.
So before buying a home, have the plumbing, carpentry, flooring, and electrical work inspected—areas where most DIYs are done. Have someone check it out if you hear that rumbling in the piping; it might save you thousands in repairs.
Deferred property maintenance
Something as simple as a burnt-out bulb, long grass, leaky faucets, and faded paint may be signs of deferred property maintenance. These issues may seem trivial but are likely to cause more problems down the road. Such issues are often only the tip of the iceberg; home inspections reveal much more severe problems.
A seller that sits on your offer for too long
In the current housing market, a seller may take a while before getting back to you on your offer as they might be sorting through the multiple offers they are receiving. But if you are offering a reasonable offer—above the list price, they should get back to you within 24 hours.
If the seller goes unresponsive for days, even after your real estate agent reaches out, it is better to walk away from the house than deal with an uncommunicative seller.
When buying a home, look beyond the staging, the branded appliances, and the freshly painted walls. Scratch beyond the superficial to see whether the house is as it appears. The experience of buying a home shouldn’t be the same as walking through an exhibition—your money is on the line. It is also important to remember that just because of the hot housing market doesn’t mean a seller should walk all over you. As a veteran, look through the financial options that are provided for you. VA loans have looser requirements than regular FHA loans. On top of that, programs such as the USDA down payment assistance give grants and down payment assistance.
About the Power Is Now Media
The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, headquartered in Riverside, California. We advocate for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph.: 800-401-8994 Website: www.thepowerisnow.com
Eric Lawrence Frazier, MBA.
President and Founder,
The Power Is Now Media
