Nothing is worse than moving in a home you love only to discover you’ve got some expensive repair bills ahead. You can lessen the chance of that happening if you know the red flags that show there’s a problem with a house. And that’s what this video is about – the 7 things that should be on a Red Flags List — at the end I’ll give you a copy so you can take it with you to each house you preview.
The smartest way to begin the process of finding a home is to have a plan. Step 1 – get preapproved by a lender so you know how much you can borrow. Step 2 – Do a budget so you know how much of a payment you can afford. Step 3 – Decide the location and type of home you want. Then it’s time to start home shopping.with a Red Flag List in hand when you preview homes so you don’t buy a lemon.
When you visit a property, first thing is to determine if it appeals to you – and that happens pretty fast – usually within the first few minutes. If it does, then pull out your red flags list and take a closer look. And by the way it’s a good idea to take a red flag list to each house and note any of these problems so you can eliminate homes that show big problems – especially homes that are being sold as is. And when you do go under contract on a home, you can ask the home inspector about the things you noticed.
First on list – Foundation problems. One of the most important parts of a home is the foundation which can be very costly to repair. So here’s some things to look for.
Cracks. Most houses have hairline cracks, which simply indicate that the house is settling as it ages, but large gaps signal a bigger issue. Cracks on the interior or exterior that are larger than a quarter inch that and horizontal are concerning.. Look for visible cracks above window frames, and door frames that seem not to be square or the doors won’t close. .Also an obvious sloping floor – rolling a marble on the floor can help see that. And A big red flag is a foundation wall that is bowing inward . All that can indicate an unstable foundation.
Second Item: Electrical Problems. Some of the things that indicate there might be a problem with the electrical system are buzzing sounds when you flip a light switch on, Warm or sparking outlets and switches. If a light switch is warm to the touch or an outlet is sparking, that could indicate the wiring needs repairs.. Flickering lights could indicate the electrical system is unable to handle all the demands on the system from appliances and all the other items that use electricity.
Number Three: plumbing issues. If water pressure is low in one faucet, that usually not a problem – probably an aerator needs cleaning – but if it’s low in several spots around the home, that could be a sign of a problem at the water main. Here’s another red flag: An odor that smells like sewage- that could indicate a cracked sewer vent. Also, If there’s been an obvious attempt to cover up odors – like scented candles everywhere, lots of plug in air freshners and a strong presence of artificial scents – then that’s another red flag. It may not be a sewer vent leak, but it could be an attempt to cover pet odors, mildew – it’s something to note.
Number 4. Water issues. That’s usually caused by Poor drainage on the outside of the home.. An obvious sign of poor drainage is pooling water. If the yard of a home has mini lakes, it likely has poor drainage, which can lead to water problems inside the home. Other signs of poor drainage can include overflowing gutters, water stains on basement walls, and cracking in the foundation. Mold on basement walls and in corners are signs that water has invaded the foundation. Mold remediation can be expensive so if you notice any of these signs, note it on your Red Flags List.
Number 5. The roof. Checking that out is not really possible during a home preview because you’re not going to be able to climb up there. But there are a few things you can observe on the ground. A big one is sagging in parts of the roof which could indicate several problems. Could be insufficient bracing or poor drainage so water pools in spots and decays the roof Fixing a roof that is sagging isn’t easy and can be expensive. So that’s a big red flag. Also, If you see water stains that extend across inside ceilings or run down walls, the cause is probably a leaky roof. It may be an old problem that’s been fixed but you’ll want to find that out.
Number 6. Heating and Cooling. Besides the obvious signs of the house being hot in the summer and cold in the winter even when the HVAC is running, there’s a few other things to check. If you hear a rattling or grinding noise when it’s running that could be a sign of a problem. Also if there’s a strong odor from the unit or there’s water puddles around the unit. The age of the system has a lot to do with how well it functions so be sure to find that out.
And then finally, the neighborhood. Buyers should look for things such as boarded up properties and a high number of vacant properties in the neighborhood. Good idea to tour the neighborhood at various times of the day and evening. There are websites that monitor crime rates. crimegrade.org. is a good one. Buying a home in a neighborhood that is decreasing or that has crime problems can be a costly mistake. Also if you have children, check out the schools for that address. The local school board website can provide that information.
So those are the main Flags on the Red Flag list.. And this is not a detailed inspection – like a home inspection – it’s meant to serve as a quick way to determine if the house looks like it’s going to be a black hole for money. So before you go under contract on a home and spend the $500 dollars or so for a home inspection you may want to rethink making an offer on a home full of red flags – especially if it’s an As Is Sale.
You can download a copy at meetmeinthepanhandle.com/redflags.
Print several copies so you can take it with you to each home you preview.. It will help you remember to check out the signs that there could be major problems.
