It is a thrill when you’ve finally found your dream home. Maybe it’s located in a highly desired school district. Perhaps it is right down the street from your favorite Bellbrook, OH shops and restaurants, or maybe it’s the perfect square footage to downsize your lifestyle. Whatever the reason, finding a home in the right location with all of the amenities you’re looking for sounds too good to be true. Unfortunately, sometimes it is.
There are several factors involved in searching for homes for sale, and the process of buying a house is not without risk. About 3.9% of housing contracts fall through before they are complete. From housing market trends to the house itself to financial agreements, a lot has to go right for the sale to be a good value. Sometimes, even though you feel you’ve found your dream home, it is in your best interest to walk away from a home deal.
Whether you’re building a home or are shopping for move-in-ready homes, purchasing a house is a huge commitment. It is advisable to approach the process with caution to protect your financial standing. If a deal isn’t as good as it seems, you should be prepared to walk away. Here are five signs it is time to abandon that home purchase.
1. Home Inspection Issues
Cosmetic issues are generally easy to fix and are overall not a big deal. Structural issues are an entirely different story. If your home inspection uncovers some major problems with the home, you should seriously reconsider your purchase. It’s not uncommon for a home inspection to reveal minor concerns, like a leaky faucet or a blocked air duct. But when you start finding sagging floors, mold, or drainage issues, these could just be the beginning of an endless list of costly repairs.
If you love the home despite its issues, seek some quotes to learn what it would cost to repair the problems. See what you can negotiate with the seller. If they’re going to have the repairs made, be sure that an experienced, licensed team will be doing quality work. The last thing you want is any surprises after you’ve already signed on the dotted line.
2. Surprise Claims
By law, a person must own the property rights to the home they sell. That’s why a title search is conducted on every real estate deal to ensure there are no claims on the house. A clear title is crucial to a smooth home purchase. Otherwise, you’ll inherit any existing claims, like another party with a claim on the house, or a boundary dispute. Look at your title search carefully to avoid having to absolve someone’s debt or battle a missing heir who shows up to take ownership of the house.
The good news is title insurance is mandatory for most home purchases. This helps protect you should the title search uncover some surprise claims. If a title company refuses to cover your property with title insurance, it is most likely in your best interest to walk away.
3. Overly Customized
Whether the former owner used creative home builders or they made their own changes to the home, a customized house can be interesting. So many neighborhoods consist of cookie-cutter houses that look the same. Something that has been customized adds personality and charm. However, there is such a thing as being overly customized.
Although you may like it, consider the challenges you could face in selling it down the road. A home can be so tailored that it doesn’t appeal to a large buying pool, therefore minimizing your opportunities to find a buyer in the future. If you are drawn to an eccentric home, you should only buy it if you plan on living there for a while. If there’s a chance you’ll need to move due to work or family obligations in the near future, you may want to pass on this deal.
4. Outside Your Budget
When you find your dream home, it’s easy to justify the price tag and convince yourself you can make the payments. Think about whether you can meet those financial commitments if something else were to happen, like a broken-down car or refrigerator, or consider what your monthly payment will look like if property taxes increase next year.
No matter how much you love the house you’ve found, if it’s too hard to make the monthly payments, you need to let it go. Living in a house you love isn’t worth the risk of bankruptcy, damaged credit, or foreclosure.
When shopping for new homes for sale, consider building your dream home with experienced professionals. Oberer Homes specialize in new construction homes built in a developed community or on your own lot. We lay the foundation and provide you with 23 home designs to choose from. You customize it to your lifestyle and we’ll make your vision a reality. From Washington Township to Sugarcreek Township, Oberer Homes can build a home you’re sure to love.
Contact us today to learn more about our offerings and products, and how we can build something amazing together.
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