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What are red flags when considering a home purchase?
Hi, I love the idea of a fixer-upper. All the home shows on HGTV have me thinking I can do this, but I'm also really worried that I'll get in over my head. What are red flags or deal breakers when buying a fixer-upper?
Asked By Amber N. | Grand Junction, CO | 294 views | Buying | 2 years ago
Answer(3)
Brian DiMaggio
Atlanta Communities
Everyone has a different tolerance level and budget so this depends. I typically advise my clients to avoid situations with foundation issues, major termite damage, issues with neighboring properties, bad locations, mold or water damage.
- 2 years ago
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Jennifer Davidheiser
The Real Estate Professionals, Inc.
Additionally, the type of financing you are considering may factor in. If you are buying a property cash it is completely up to you. If you are financing your purchase, the type of loan you are utilizing may prevent you from buying certain “fixer uppers” based on their condition.
- 2 years ago
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Jeff Seman
Ironwood Fine Properties
Great question. With any home purchase through a Real Estate agent, you will be given a grace period for inspections. Even if the home is being sold "As Is" you should have a period to bring in a licensed inspector to inspect the property. The small cost (under $500) will give you all you need to know good and bad about the property. With this knowledge you can determine if the home is worth the "fixing up". When I do flips I look at 4 major things (roof condition, mold, termites, HVAC/furnace). If you decide not to move forward you can cancel during this period and get your earnest deposit back. The cost for the professional inspector is worth it to see what is behind the walls. Best of luck.
- 2 years ago
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