Isn’t buying a home exciting? It can get so exciting that you can get caught up in the hype and fall in love with every property. As a result, you’ll probably overlook certain warning signs that will cost you financially in the future. So while you probably think you’ve found a hidden gem of a property, there are particular red flags you need to avoid when buying a home.
Here are the red flags to avoid when buying a home:
1. Psychological Stigmas
When you are searching for your home, you might want to do some research first. Research to see if there are any psychological stigmas associated with the area or the home you are looking to buy. Psychological stigmas include death or a violet act in the home. These can have huge implications on the future value of the home since it affects the demand for it.
2. Price Drop
People may drop their asking price for their home once a month or once a quarter by a couple of thousands of dollars. However, if you see a crazy price drop on the home you’re looking to purchase, this is a red flag. There could be many reasons to the crazy price drop and you’ll need to dig your feet to find out why.
3. Lack of Home Inspections
Don’t buy a house without a professional home inspection. The home inspection fee will pay fo your peace of mind or when you ask the seller to fix something that you wouldn’t find out about until after the close of escrow.
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4. Neighbouring Properties
Your neighbouring properties surrounding a home can affect the resale value. When you tour the home you’re looking to buy, check if there are things that will bother you. For example, if the neighbors have a dog that is constantly barking, is this something that will bother you? Since this is uncontrollable, it’s something you can’t change. Make sure you observe your neighbouring properties, not just the home.
5. School Ranking & Crime Rates
When looking to buy a home in a neighbourhood, choosing a neighbour hood with reputable schools and low crime rates should play a significant role in your decision making process. To check how schools rank, the Fraser Institute is a good resource as they have a ranking report that compares schools based on academics. To check the crime rates in the neighbourhood, you should visit the local police station to examine the report of crimes.
Related Article: Top Rated Schools in Toronto
6. Characteristics that Affect Resale Value
There are certain characteristics that affect resale value of a home. These include busy streets, leased property, and cemeteries. If this doesn’t bother you, it could bother another buyer.
7. Missing Photography or None At All
There’s probably a reason for omission if you see a real estate listing that contain missing photography or not at all for a kitchen, washroom, or master bedroom.