red flag for buying a house

Here are a few things that should pique your attention and prompt further research:

Are you in the market for a new home? It's an exciting time, but it can also be overwhelming. That's why it's important to have a team of trusted professionals by your side to help guide you through the process. However, even with the best experts on your team, there are some red flags that you should keep an eye out for when buying a house.

*Current Owner Assumed Their Mortgage: While assumable mortgages can be a legitimate way to purchase a home, they can also be used by unscrupulous buyers who want to avoid going through a bank.

*Low Down Assumable Offered: If the terms of the mortgage seem too good to be true, they might be. Additionally, an overpriced home may have a low down payment option that could leave you with a mortgage that's higher than the home's value.

*Stained Basement Items: Water stains on any item in the basement should be questioned, as they could be a sign of past or ongoing water issues.

*Newly Finished Basement: This is a common way to hide past problems, especially concerning water penetration. Be sure to ask about any past water issues and request documentation of any repairs that were made.

*Odd Smell: Mold, mildew, water issues, or even a past drug operation could be the cause of an odd smell in the home.

*Exterior Cracking: Any unsealed opening on the exterior can cause water entry, which can lead to serious damage and costly repairs.

*Slope Toward the House: The grade of the yard should move water away from the house, not toward it. Poor drainage can cause water damage and other problems.

*Attached Homes Without Condo Fees: If you're considering an attached home without condo fees, be aware that you may be responsible for shared repairs and maintenance costs. It's important to know who is responsible for what before you buy.

*Hot Water Tank Damage: Any sign of wear and tear on a hot water tank should be addressed quickly, as it could be an indication of imminent failure.

*Dirty Furnace Filter: If the furnace filter is dirty, it may be working overtime to heat the home. Be sure to inquire about any other maintenance issues that need to be addressed.

*Cold Spots: Poor insulation or improper construction could lead to cold spots in the home, which could be a sign of more serious problems.

*Swellings Around Windows and Wall Seams: These could be a sign of water entry and should be investigated further.

*Water Staining: Water stains are a clear indication of past or present water issues that will need to be addressed.

*Restrictive Covenants on Title: These could limit your use of the property or restrict what you can build in the future. Be sure to review any restrictive covenants on the title before you buy.

*No RPR or Survey: The Real Property Report (RPR) or survey is your only protection against a home being built in the wrong location or on a smaller lot than advertised.

*Newly Built Deck or Fence: It's important to ensure that any new construction on the property has been done legally and has the proper permits.

*Soft Shower Walls: Rotten shower walls from long-term water leaks could be a sign of larger water issues in the home.

*House Feels Small: The square footage listed may not be accurate. Be sure to measure the home yourself to confirm the square footage.

*One Agent Represents Both the Seller and the Buyer: This is a conflict of interest, as it's impossible for an agent to get the seller the highest price possible while also getting the buyer the lowest price possible.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.