Home Lifestyle 10 reasons why you shouldn’t buy that home

10 reasons why you shouldn’t buy that home

by AEA Staff

You’ve been to 10 open homes. The carpet is horribly stained, the walls are covered in musty yellowing wallpaper, and the listing is dropping in price. You think you’ve hit the jackpot! But before you sign on the dotted line, here are 8 other reasons why you may want to reconsider.

  1. The amount of work needed to renovate the property. This will range from minor changes or substantial renovations, like replacing multiple roofs, removing and replacing a garage, and exterior paint.
  2. The reputation of the builder. You may have heard some of the horror stories about cut corners and shoddy workmanship in the industry. Make sure to do your homework before plunking down your money.
  3. The age of the home. When you consider the price of materials from over 25 years ago, the wear and tear takes on a whole new meaning.
  4. The price of appliances. The price of appliances has skyrocketed over the past two decades while many have dropped in quality.
  5. Calculation of utility obligations. This will cover things like electricity use, municipal assessments, and property tax.
  6. Wasting your money on costly alterations. Some remodels won’t be considered an investment, like adding an additional bathrooms or an updated kitchen.
  7. Maintenance and upkeep. Repairing a roof is expensive ― with many active rooftops on pre-1940s housing, replacing a roof can cost around $7,500.
  8. Foreclosure or repossession. Recently there has been a trend of financially struggling people defaulting on their loans and properties.
  9. The possible sale of your future property. Real estate markets can be fickle, and it’s impossible to say where you can expect property values to head.
  10. Costs and upkeep of the property. You’ll need to factor in maintenance and upkeep needs, property taxes, mortgage payments, and utilities.

related posts

Leave a Comment