So you think you found the perfect new home. You’ve walked it through, assessed the floor plan and the condition of the home, and you’ve decided it will fit your family’s needs perfectly.
Here are some big deal breakers to be on the look out for. It may look like the perfect house, but any one of these obstacles can be a sign that you should look elsewhere.
The home inspection shows big problems: True, almost any home inspection will turn up problems, but it is the big price tag problems you’ve got to look out for. Things like foundation issues, water damage that can lead to mold, plumbing problems, or an insect infestation can come with hefty price tags to fix.
The neighborhood is sub-par: Don’t just research the house, make sure you research the neighborhood and general area. Do your homework to know what areas are on the decline and what areas are on the rise, what school districts are desirable, and what is around in the overall community. The last thing you want to do is buy a nice house in a not-so-nice area. You may think you are getting a good deal, but the area/neighborhood can bring down your property value.
The house is stretching your budget: All too often people fall in love with too much house, make an offer before securing pre-approval, and then are desperate to make their finances work. Homebuyers who find themselves in this situation can end up with bad financing options, and can be stuck in a considerable amount of debt for a long time. Not to mention, spending (or overspending) your entire budget on the house leave nothing for repairs, updates, and/or new furniture to go in your new home.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation. *This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
