Flags to Lookout for When Buying a Home
As you go about your next home search in South Florida it is an exciting time, but you will want to be cautious to avoid these potential red flags that leave have you stuck with a bad investment, along with meeting with a Fort Lauderdale residential real estate attorney for advice on any potential purchase:
You are probably better off skipping over listings that have limited photos; there’s usually a good reason(s) why the seller is hesitant to show off their property.
Neighborhoods That Aren’t Ideal
Even if you find a suitable home option, the surrounding neighborhood is one of the most important considerations for its future value and your safety and peace of mind. Are there high crime rates or noise from traffic or dogs barking? Make sure the neighborhood fits your goals as much as the home.
In South Florida where it rains a lot, you will want to avoid homes that have any potential drainage issues. Sign can include water pooling around the landscaping, water stains on the walls, or cracks in the foundation. Stay clear away from these homes, as drainage repairs can cost many thousands of dollars.
Large Price Drops
A price drop isn’t necessarily a red flag – but it should raise your curiosity to determine the cause. If you notice a recent drop of several thousands of dollars, try to find out why. Is there a severe property defect that was recently discovered? It could simply be the fact that it was originally priced too high, but you should find out what’s going on before you seriously consider a purchase.
You are taking a gamble on any property that has amateur workmanship – a common sign that the homeowner is a “do it yourself” who didn’t really know what they were doing. Or perhaps it is a property flipper who didn’t invest very much into repairs.
Even if you’re getting a discount on the property, consider the potential expenses to fix the poor workmanship. Look at areas like the bathrooms, flooring, paint, plumbing and electrical work for these problems.
Although a good property inspection will catch this, you will also want to be on the lookout for any mold in the home, as this is a major red flag. This type of problem is not always easy to find, but it can pose a significant health hazard in the future. Areas that are common for mold include basements, bathrooms or attics.
These are just a few of the red flags to consider when buying a home in South Florida. Schecter Law can answer your questions about the area and help you find a suitable choice while also assisting with your closing and title search for a reasonable cost. Contact a Fort Lauderdale residential real estate attorney at Schecter Law today at (954) 779-7009.