A group of real estate professionals recently spoke to the media to discuss the signs prospective home-buyers should look for when determining if a home is worth the money or not.
Investing in a home is a serious decision that should be made intricately, with the buyer being as well-informed as possible on the property they’re looking for. A group of real estate experts recently spoke to Business Insider about the signs one should look for when determining if a home is worth the price or not.
More times than not, many homebuyers look for a place that they can add their own personality to through renovations and updates. These updates, however, can seem easy enough at first glance, but turn into a whole list of new projects that could cause the buyer to spend more money than they initially anticipated.
Loren Howard, the founder of Prime Plus Mortgages, stated that buyers should look out for cracks in the foundation or walls, as well as uneven floors, which could indicate a larger structural issue. Shri Ganeshram is a real estate professional who’s also the founder and CEO of Awning, an Airbnb property-management company who spoke with Insider about some of the structural signs to look for in a property that might not be worth your investment.
“Homes with structural problems may not be worth the investment. A house may seem like a dream come true, but if the foundation is crumbling beneath you, it’s a nightmare in the making, a house is only as strong as its foundation.”
According to Howard, any electrical issues should absolutely be evaluated by a professional before any further decisions are made. “This is one aspect of home inspection that absolutely must be evaluated by a professional.”
“Outdated or faulty electrical systems can be a major safety hazard. In addition to putting a buyer’s safety in jeopardy, repairs to malfunctioning electrical systems can be costly,” Howard told Insider.
“If you’re walking through a home аnd the electrical system looks like a tangled mess, that’s a clear sign that you may be in for some shocking surprises,” Ganeshram added.
“Drafts, cold interior walls, and uneven temperatures across the home — for example, cold temperatures in some rooms, and warm temperatures in others — might be signs of poor insulation. This issue could lead to high energy bills once you move in.”
Additionally, water damage in the ceilings and walls needs to be closely monitored, “If you’re constantly playing catch-up with leaks and water damage, you’re not investing in a home, you’re investing in a money pit,” Ganeshram said.
“Houses are like people; they need to breathe. A poorly ventilated home can be a breeding ground for mold and mildew. When it comes to mold, excessive patching on the walls can be a cause for suspicion,” Ganeshram said.
“When the walls of a home appear to be hiding secrets, there’s a good chance that they are,” he added.
Overall, when it comes time to make the decision to invest in a property, don’t try to take the easy way out, and be as tedious as possible. This is your future, so investing in it is important, and ensuring that you’re spending your money wisely is integral to a happy future in your future home.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at firstname.lastname@example.org.