Types of Homes First-Time Buyers Should Avoid
Since purchasing a house requires a lot of time and effort, it's important to ensure that you get the best deal in the market. As a first-time home buyer, you must be aware of the kind of homes that you should avoid because being a novice people may take you for a ride. A clear understanding of certain flaws can save you from investing your time and money in the house.
Keeping this in mind, PropGuide brings a list of homes one should avoid:
- Homes with structural problems
It is important to find structural problems before you purchase a new home. The best way to do is to drop a marble on the floor and see the speed with which it rolls and how far it goes. Sloping or sagging floors have foundation problems and fixing it cost a bomb. Minor vertical cracks can be easily fixed with a sealant. On the other hand, horizontal cracks are indicators of severe problems. If the inspection indicates any foundation issue, it is better to go consult a structural engineer.
- Homes with geological problems
Homes constructed on improperly compacted fill soil can have geographical issues. Pay more attention if the home is constructed on a slope. Fractures from door or window frames, cracked siding, doors that have problems while shutting are a matter of concern. It is important to take the advice of geo-technical engineer before you make the down payment.
- Homes that are tough to finance
A first-time home buyer should keep in mind his budget and do not go for options that are tough to finance. The home could be difficult to finance because of its size, location, amenities or some flaw in the title. A home buyer should go for the home that is easy to finance.
- Homes that are difficult to get insured
Avoid homes that are difficult to get insured. This includes older homes as it is harder to repair an older home. Homes that are prone to more natural disasters are difficult to get insured. Homes in areas such as wildfires, tornadoes, hurricanes and earthquakes are difficult to get insured. Vacation homes are difficult to get insured because homeowners are not present through the year. As a result, the property is more prone to theft and issues such as roof damage or water leaks go undetected.