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December
20
20
First-Time Buyers: When a Home Sale Isn't Meant to Be
Every homebuyer dreams of walking into a certain home and knowing it's "the one." Our real estate agents love watching clients experience this moment. However, throughout your home search, you're also going to come across many homes that are definitely not "the one." How do you know when a home sale isn't meant to be? Here are a few red flags that generally mean you should walk away.
- The home needs more work than you're realistically able to do.
Buying a "fixer-upper" can be a good way to get more house for your money, especially if you're handy. However, if a home needs more work than you can realistically handle, be prepared to walk away. Tasks like repairing a foundation, replacing a roof, or rehabbing a leaking basement can be difficult and expensive. Don't take on a home that needs this sort of work unless you're 100% confident you can handle it, financially and otherwise. - The deed restrictions will cramp your lifestyle.
Look over any deed restrictions before you make an offer on a home. If the deed restrictions will keep you from living the way you prefer, walk away. For example, if the deed restrictions prohibit you from parking recreational vehicles in the driveway and you own a boat, this probably is not the best home for you. - The home is outside of your price range.
Determine how much you can realistically afford to spend before you start house hunting, and then say "no" to any homes outside of your price range. It's easy to get talked into buying a home that costs more than you planned on spending because you love its aesthetics. But in the long run, this is usually a mistake that can leave you struggling to pay bills later on. - Work was done without a permit.
If the home you're considering recently had renovations performed, ask to see a copy of the permits. If the seller does not have copies of the permits, there's a good chance they never got them. This means that the work may not meet building codes, which could prove dangerous later on. As the new homeowner, you may also become responsible for fines related to the non-permitted work. Save yourself the headaches and walk away. - The inspection turns up major issues.
You should always have a home inspection performed prior to purchase. Often, a home inspection will turn up small but easily modified issues like leaking faucets or a loose floorboard. However, if the inspection turns up anything major, like a clogged sewer main or a leak in the roof, you're generally best off walking away. Issues like these can be dangerous and expensive down the road. - The title search reveals a complication.
A title search is meant to reveal any liens or claims against the title to the home. A small tax lien is something you can work with the seller to address. However, if there is a substantial lien against the home, you're usually best off walking away. Similarly, if there is a deceased heir with a claim to the home or some other complicated situation, buying the home is probably not worth the legal hassle.Â
Keep the information above in mind as you look at various Rockford homes for sale. There are plenty of lovely homes for sale in the area, so don't be afraid to walk away from one that doesn't suit your needs perfectly. Contact us if you're looking for a reliable, professional real estate agent to guide you through the sale process.Â