As mortgage interest rates climb again, many prospective homeowners are scuttling to purchase a home as quickly as possible. But remember what your father used to say: Haste makes waste.
It is not a good idea to rush into buying a home just because other prospective buyers may snap it up before you. You need to be cautious and careful. Otherwise, you might wind up with a lemon, filled with problems that are easily overlooked. Failing to do due diligence will be stuck with thousands of dollars in repairs and wonder just how truthful the real estate agent and previous homeowner were.
There are some key things to look for when buying a home. Here are some of the most significant concerns that are often overlooked, or unnoticed:
- Cracks in foundation: Cracks wider than 1/2 inch should get careful examination from a foundation contractor. These large cracks signify a sign of an unstable foundation.
- Aging heating, ventilation and air conditioning (HVAC) units: The furnace or boiler may be on its last legs and need replacement sooner than you think. Same for the ventilation and air-conditioning systems. Old units are not so efficient and may not effectively heat or cool the home.
- The scent of mold: While the walls may be clean of mold, its scent is undeniable. Inhaling mold spores may lead to illnesses such as respiratory problems and headaches. Check for leaks underneath sinks, along windows and basements. Another warning sign: strong air fresheners. The homeowner may be attempting to mask mold and other smells.
- Insect and pest infestations: Look for signs of termites, which can cause severe damage. Ants, bees and wasps may have nests, too, and their presence may lead to a sagging ceiling. Do not forget mice, which can chew up drywall, electrical work, and nest in insulation
- Water stains: One issue that comes to mind: the home has a leaky roof, which can lead to rot in the wood and a sagging ceiling. Yellow and brown water stains are a sign of plumbing problems.
There are many other problems to keep an eye out for, and they may include wondering why a home has been on the market for so long as well as do-it-yourself additions. Remain careful and cautious.
Do your research
Congratulations on taking the steps to purchase a home. Make sure to do your research regarding potential problems that may surface. Do not take risks when buying a home. The attorneys at Gudeman & Associates work hard to ensure your interests are well protected, and have over 100 years in combined experience protecting Michigan families. We have successfully resolved many real estate disputes, and help our client’s understand and negotiate even the most complicated real estate transactions. Contact us today to schedule a free 30-minute consultation.