5 Reasons to Walk Away From a Home Sale… And Fast
When you’re on the hunt for your first new home, not every one of them will be perfect- and some will be down right questionable. Here are some good reasons you should walk away from a bad home deal.
The appraisal reveals the home is worth significantly less than what it’s listed for.
Even if you’re in love with a home and couldn’t dream of living anywhere else, you should never pay more than what it’s worth on the market– it’s just not a wise financial move. If you discover the home you want to buy is worth less than what you offered, chances are you can negotiate with the sellers to lower the price. However, if the market is hot and there are probably a handful of other offers pending (that are likely willing to pay more than you are), it may not be worth the trouble. While walking away may seem painful, your wallet will thank you in the long run.
The home inspection uncovered major problems.
Conducting a home inspection may very well be one of the most important steps in the home-buying process. While a home may appear perfect on the outside, there could be a world of problems underneath the surface, invisible to the naked eye, like mold. Not only are these problems harmful to your health, they can be extremely costly and not worth the trouble. If your home inspection reveals any of the following, walk away… and fast.
- Termites or other pests
- Structural problems
- Major water damage
- Mold and asbestos
- Faulty electrical work
The roof is on its way out.
While you may love the interior of a home, if the roof is in bad shape, it may be best to walk away. If a roof shows serious signs of aging like curling, lifting or is even missing in sections, chances are it will be a real problem in the future. You don’t want to get stuck replacing the roof– it can cost anywhere from $5,000 to $12,000 depending on where you live.
The neighborhood is on a steady decline.
When you buy a home, you’re not only buying it to live in but you’re essentially investing in your future– and the neighborhood that your home sits in matters. If the neighborhood is up and coming, the value of your home will likely rise allowing for you to make some money should you want to sell your home in the future. On the contrary, a neighborhood that is going downhill will devalue your home in the future. Before you buy a home, do everything you can to learn about the neighborhood’s past and present state; including crime reports and what other homes in the neighborhood are selling for.
Too many DIY additions.
If the home you’re interested in features a handful of additions, it’s in your best interest to look into them to make sure they are all up to code. If additions like a backyard deck or a converted garage don’t pass necessary regulations, they could be a major problem down the line and cost a lot in repairs. Make sure certain additions don’t actually devalue your home when you decide to sell it in the future– like a garage turned into a bedroom.
Have you ever had to walk away from a home you wanted to buy due to issues you weren’t willing to compromise for? Tell us about in the comment section below.