Red Flags to Look For When Buying a Home

Author
YNM Real Estate
Date
19 December 2021
Category
News

Buying a home is perhaps the single biggest investment you would make in your life. The decision therefor could be a daunting challenge. Given the complications of purchasing a property, with all the legalities, financial nitty-gritty and the painstaking process of finding the ideal home, it can be safely inferred that most homebuyers will have an uphill task. Such a quest can be simplified with the help of your YNM expert. But also, we advise looking out for red flags when looking at potential homes – here are some to look for when buying a home that will make your search simpler and help you to make an informed decision.

  • If a property is too expensive, it is not desirable enough. Reasonability cannot be compromised regardless of what features the property has. Unless you can justify the cost or the ask price of a property with something very substantial or tangible, there is no reason why you should consider an expensive property. Any property that is priced right could be unaffordable for some people but it would not be more expensive than similar properties with similar features in similar neighbourhoods.
  • Affordability is another aspect you must not compromise. Do not try to buy a home that is unaffordable. Do not imagine that you can do with the skyrocketed mortgage. You must not overburden yourself. But, always factor in affordability in the present context. Don’t expect to buy a property at a price that you thought it would be pegged at.
  • You must be convinced about the location. You don’t need the most convenient location in the city or the most pristine neighbourhood in the outback. As long as the location ticks off the quintessential checkboxes, it is acceptable. Compromising on location will lead to regret, unless you are saving a fortune.
  • If you are expected to make certain compromises that will affect your personal or professional life, then you should think seriously. Very few people are happy in the long term when they make such compromises to become a homeowner.
  • Do not consider a home that has been listed on the market for a long time. There is more than one reason why the property hasn’t been sold yet.
  • Do not consider a property that cannot be inspected. You must not toil to find the ideal time to visit or to organise a professional property inspection. Whenever you have to do a bit more running around than necessary, something is not right about the property.
  • Reject properties that don’t seem to have great quality construction. Do not purchase properties right next to development projects or when constructions are on nearby.
  • Do not buy in any part of a city or in any region where the building codes are going to be revised.

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