What should I look for when buying a house, are there any hidden problems in a home I can look out for?

Question

I am currently searching for a home and fear being bamboozled by a seller. I fear finding my perfect home only to find it has a fatal defect.

Answer 1

Look at the big ticket items first. Roof, furnance, applicances (if included), plumbing and electrical system. These are very hard to update and/or replace. Paint, wallpaper, carpeting are all easy fixes and really should be overlooked. You have to also feel comfortable with the layout of the house, but even walls (if not supporting walls) can be removed or rearranged. If represented by a real estate agent, they MUST present you will a disclosure statement. This is where the owner will list all known problems with their house, such as lead, etc. These are things that the laws required be disclosed by the seller. If you are still unsure about a home, but really love it. Require a home inspection. It is money well spent and you won't fall into a money pit as far as fix ups. Also PLEASE take time to look at the neighbor's and their property from the property you are considering. You will have to live next to these people. If you can't stand looking at their place or them now, imagine what it will be like after 5, 10 or more years. You can make your place look nice, but if they don't mow their lawn for years on end, you will have to learn to live with that. And believe me...these people will affect the future resale value and marketability of your home if you decide to sell. I have looked at many, many homes. First look at the big ticket items that would cost bundles to repair or replace. Then look at the neighbors....lastly look at the cosmetics and the layout. Good luck....home ownership is wonderful when it all comes together.

Answer 2

Make sure you have a qualified home inspector give you a report on the house. The inspector should have some background in construction or general contracting. The inspection I received before I purchased was very helpful; it showed items that were cosmetic and those that were health and safety issues. He tested all the systems (heating, electrical, etc.), took pictures of any defects and provided information on items that weren't an issue at the time but could evolve into one over time. When you decide to make an offer on a home, make sure your offer is contingent on the home inspection. Depending on your agent and the Seller's willingness to sell the property, you can negotiate a reduced sales price or have the Seller pay for corrective items. Unless you are an experienced contractor, you should have a professional inspect the property for you.

Answer 3

Simple... First Home values were jumping up at a 20-30% a year pace. Income levels were not rising during this time but due to refinancing equity cash outs there was a lot of spending liquidity for the consumer. Second The lending market allowed no qual, income stated loans which used to be the exception to become the standard because the ratios were becoming so obscene that very few people would qualify for a loan. Couple that with a ARM and now you've set up a time bomb. Solution is... Let the market correct itself. It's going to be a bloody mess in all sectors but it needs to correct. The Fed infusing more cash and lowering interest rates is just killing our currency value and also just putting off the inevitable collapse. In about 8-12 months there will be some nice properties for savvy investors to buy. I still love the Dick Cheney quote, "Deficits Don't Matter" Explain that to the Marshall on the Tuesday the bank forecloses on you/

Answer 4

You will want to look for rotted wood, especially on the porch, around the foundation, and around the joists.

Look for discoloration too: That might be a sign of water damage.

Look for cracks in the walls: The foundation might be settling.

Do the faucets work? How does the wiring look?

Be especially careful with the wiring. I have a friend who lives in an old place who can't have an AC because the old wiring simply won't support it.

If the house is coming with appliances, do the appliances work?

If the house has a basement, inspect that for seepage and make sure the sump pump works.

If you don't have the confidence to inspect the house yourself, ask a knowledgeable friend or a professional house inspector to look with you.

Good luck!

Answer 5

As many other people have said, get a home inspection. I don't think this was mentioned though: You can put a purchase agreement on the house and make it contingent upon a satisfactory inspection report. Meaning, you make an offer and then see what's wrong with the house. If the inspector finds things wrong, you can go back to the drawing board and either ask them to fix the problems or offer a lower price to compensate for the problems. Good luck!!!!

Answer 6

Well you should not fear purchasing a house. There are things that you need to know but buying a house is a great experience.

I suggest hiring a house inspection company. This is good advice because they will independently tell you everything about the structure.

If you don't want the expense you can look for some things yourself. If you inspect the house yourself make sure to check, the foundation for cracks, sags or shifting. Check the roof for age, check ceilings for leaks or brown spots, check windows for operation (if doors or windows don't open freely the building may be moving), check walls for vertical cracks (building shrinking or expanding, and also for horizontal cracks (be careful if you find horizontal cracks), check heat and air conditioning equipment, plumbing, electrical and flooring for water damage or structural damage.

Well there is a lot to check but it will be well worth your time if you inspect your possible new purchase thoroughly.

I do except email if you need more info.

Answer 7

This is why you would get a home inspection prior to buying a house. There can be any number of hidden defects in a house that looks perfectly lovely that even the seller is not aware of.

Answer 8

This is not physical to the house, but look at which way the house is sitting on the property. If you Love a shady cool backyard in the afternoon, don't buy a house where the backyard is facing west. The Sun is hottest in the mid/late afternoon. If you want to wake up with the Sun shining through your bedroom window, buy a house with the bedroom(s) facing East. When you get interested in a house, go see it at different times of the day.

Answer 9

I'm in TX, so this may not apply so much to you, but the folks who were going to buy our house had a professional engineer come out, and he said our house was 2" lower at the front than at the back (foundation problems) and that the soil and drains (and flower beds and deck) had not been arranged to provide sufficient drainage, especially during heavy rain (he was right). Even the inspector they hired didn't catch all that.

Answer 10

Yes! If you notice a lot of strong scented candels burning everywhere, it might mean that they are trying to hide a smell in the house. Look for things that would need to be replaced like lights. Make sure everything is clean, they might try to hide a big stain in the carpet or on the wall with a peice of furniture. Good luck!