4 possible deal breakers to watch out for when house hunting

Category: Housing

Couple Dealing with a Bill

It’s hard to find something that’s absolutely perfect and without flaws, and that includes a home. Prioritizing what you need in a home can help you narrow down your choices and find that near-perfect choice, and while it’s important to know what you want, you should also figure out what you definitely don’t want. Of course, everyone will have their own opinion as to what’s considered a negative, and many things can be changed after you’ve taken ownership of the home. But the following are some things to be on the look out for during your home search, as they can definitely be deal breakers:

Title disputes

You might want to avoid any homes that currently have title disputes going on as the result of a divorce, foreclosure, or other complex scenario. This can be a frustrating ordeal for any homebuyer, and especially troublesome for someone buying a home for the first time. And not only can a title dispute cause endless aggravation, but you could possibly end up losing the home if the situation is not completely resolved by the time you close.

Infestation problems

Try to steer clear from any homes that have serious infestation issues, such as terminates, scorpions, and other pests. Although minor infestation can be resolved, more severe issues might take a lot more time (and money) than you think. Even if you can convince the seller to fix the situation entirely before you the buy home, it can be difficult to know for sure if the problem has been taken care of completely, and it might become an issue soon again.

Potential for serious flooding

If you’re looking at homes that are located in major flood zones, you may want to try looking in a different area. Severe flood damage can be devastating to a home, and a much higher home insurance premium might not be worth it, either. Even worse? Homes that are already have extensive damage due to flooding.

Faulty construction

If a home inspection reveals significant issues that are related to construction, you might want to keep looking. These are often the most difficult, time-consuming, and costliest issues to fix. Even if the home is priced accordingly, it usually isn’t worth the hassle and money. Unless the seller is willing to fix all the issues and absorb the costs, you might want to move on, especially if you can’t wait a long time for those problems to be addressed.

Do you want to become a homeowner, but need the extra cash for your down payment and closing costs? Peachtree Financial Solutions may be able to help if you’re receiving long-term annuity payments. By selling all or some of those future payments to Peachtree, you can receive your money sooner and in a lump sum. For more information and to receive your completely free quote, contact Peachtree Financial Solutions today.

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: buying a home, home insurance, titles

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