Check closely: 'Perfect' home may have hidden flaws
You're in house hunting mode - touring homes and hitting open houses. The new appliances, granite countertops and fresh paint make a good impression, but don't let that keep you from giving the home a closer look. Some serious issues may be lurking beneath the surface.
Purchasing a home is often the biggest financial investment people make during their lifetimes. And just because interest rates are low and home prices remain attractive, it doesn't mean every home on the market is a good buy, said Mark Nunez, real estate loan officer with Consumers Credit Union based in Lake County with service centers in Lake County and Northwest Cook County.
"Experts recommend that homebuyers do their own pre-inspection to spot potential problems before deciding on a home to purchase. After they find their dream home, that's the time to call in the professionals for a thorough inspection before they sign on the dotted line," Mark said.
Here are some red flags to look for when deciding what home to buy.
Big-ticket items
The biggest red flag waves for big-ticket items. If the HVAC system is 20 years old, it's beyond its useful life and will need replacement soon. If the roof is so old that the shingles are curling, it's close to needing replacement. And if there is mold growing in the house, this must be addressed for health concerns. Check for signs of mold on basement walls and in laundry rooms.
Water control
Water intrusion can be one of the most destructive and expensive problems to have. Check for well-maintained gutters, downspouts, and proper grading around the foundation to direct water away from the home. Inadequate drainage around the exterior of a home leads to water intrusion in basements, garages, and crawl spaces. This can compromise the foundation of a home and create mold problems. Also, if there are stains on a wall or ceiling in the home, it's important to find out what has caused the stains.
Foundation cracks
Examine the foundation inside and out and look for any cracks bigger than one-third of an inch, which could mean serious structural problems that could be expensive to repair.
Rotted wood
Wood that's exposed to moisture rots over time. Inspect wood in the kitchen and the bathroom, including the tub surround, toilet seat, countertop and flooring. Don't forget to check the exterior of the home, including the deck, eaves, and trim, for signs of rotting.
Electrical safety issues
Dated or insufficient electrical systems can cause breaker tripping or a fire. Check to make sure all the switches and outlets in the house function properly. Flickering lights, circuits that don't work, and warm outlets or faceplates are all symptoms of wiring problems.
Plumbing problems
The pipes under a sink can be made of incompatible materials that lead to dripping faucets, leaking fixtures and slow drains. Address all plumbing problems before you buy a home to save yourself from costly repairs in the future.
Environmental hazards
With limited technology and fewer building restrictions in the past, an older home may contain lead-based paint, high levels of carbon monoxide, radon, toxic molds, or even asbestos. Any of these require professional testing and monitoring to ensure the safety of the homeowner.
Window condition
Windows should keep dampness out and help keep heat and air conditioning in; their condition can have a significant impact on utility costs. Foggy windows can be a sign their seal has broken and that they're not functioning properly. In some cases, this is easy to repair. In others, you may need to replace windows or sliding doors.
Locked doors and blockades
Ask about any rooms that are "off limits" during your home tour, and arrange to see them later if you're interested in the house. The homeowners may be trying to hide something.
The neighborhood
When you purchase a house, you're also buying into a neighborhood. Investigate the neighborhood to see whether it's growing and vibrant or showing signs of decline and deterioration. If it's going down rather than up and coming, that could be a red flag.
Experts suggest visiting a neighborhood at different times of the day to get a realistic sense of the community and to commute to work from the home during the morning to get a sense of normal traffic. Visiting a home in the afternoon and evening also helps you learn about the area and whether there are problems with noise or traffic.
This article is sponsored by Consumers Credit Union.
For more information, contact Mark Nunez, real estate loan officer at (847) 672-3416