So, you found your investment property and tied up time and money, only to find out there was an issue located during the inspection and the deal fell through, Wouldn’t it be nice to know what to look for when you are in the market to buy a home to avoid buying a lemon property? We will cover 5 red flags in Houston real estate deals that you shouldn’t buy.
Quite literally, for sale signs are red flags in Houston real estate deals that should make you run the other way.
Take a look around the neighborhood as well for a high number of homes for sale.
This could be a sign that there is an issue with the location that you will want to be aware of. It may behoove you to further investigate the area’s crime statistics.
You may also want to look into upcoming projects with high tax assessments, or changes in the works that could affect your wallet or the standard of living for the area.
As you likely know, when it comes to location, there is nothing more important to the value of the property.
Real estate placement in the landscape is very important, a property with land sweeping downwards towards the home is a red flag in Houston real estate deals that should make you run the other way.
Properties can also begin to sink. You will want to note any areas where the soil is washing away around the foundation, known as scouring.
You will also want to note any signs of the foundation cracking or being in a state of disrepair.
Be sure to note if any doors have been shaved to close properly, or there are windows or doors without square frames, this could be another issue with the foundation settling.
New paint on only one wall or one area of the ceiling is a red flag in Houston real estate deals that should make you run the other way.
Mildew, water damage, or some unknown source of stain could be to blame if the entire home isn’t repainted.
If you do smell mold, look for leaks under sinks and other water outlets as well as around any openings to the exterior.
Often, people will attempt to hide an issue from unsuspecting buyers, however, to the trained eye, this is more like a neon sign that there is likely a problem.
A new coat of paint can also cover over the highly offensive odor that cigarette smoke residue leaves behind, but without further steps to completely clean the interior, the smell will return and overtake the residence.
You should also plan to put your nose on high alert for odors the seller may be trying to cover, which are big red flags in Houston real estate deals that should make you run the other way.
Are there scented candles, wax melters, and air fresheners at every turn? Mold can be hidden in flooring, behind walls, and in the ceilings.
It is extremely costly, not only in safe remediation processes but in the very health of the residents.
If you are not highly experienced in this area and all of the potential hazards mold presents, it is recommended that you work with reliable professionals.
It’s Too Cheap
Yes, believe it or not, a deal can be too cheap if it comes at a cost to you.
Many times the cheapest deal is all most always hiding a monumental disaster for the person who buys the property.
However, sometimes you may find really cheap deals that are solid.
Properties may simply be far cheaper in that market, or the seller might be motivated.
Still, prices tend to reflect value oftentimes. It could be that there are expensive structural repair issues under the surface, often including roofs or foundations.
Or there could be zoning challenges or large past-due property tax bills and association dues that the seller is expecting you to take on.
What you nee to do is find out why it’s priced so cheaply. Look at the value, and price any issues or unknowns into your offer.
Sell Your Homes Houston is very familiar with all of these and many more extremely telling red flags in Houston real estate deals that should make you run the other way.
Let Sell Your Homes Houston make the process easy and help you avoid any problems when buying property. Send us a message or call 832-535-2034 today!