You’ve found a home that you absolutely love. It has just the right amount of space, it’s located in a great school district. Oh, and it has that backyard pool that the kids will love—it’s perfect. Although you might be smitten, beware of these three potential deal-breakers.
Your Midland real estate agent can help you avoid these potential pitfalls.
A thorough home inspector should comb through every detail of the house and provide a detailed report that addresses issues—from the minutia to the major. Minor fixes, such as leaky faucets, etc., may be negotiated with the seller—but aren’t likely to be deal-breakers. A structural failure, however, is major red flag.
According to Frank Lesh, executive director of the American Society of Home Inspectors, major foundation problems can manifest in the form of cracks in walls with bulges around them, cracks that run the horizontal length of a house, and cracks with “deflections,” meaning one portion of a wall is going in one direction and the other portion is going in the other.
Brokers, lenders, and insurance companies can catch most document-related issues. A title search can uncover things like judgments that remain attached to a property and not the seller, undisclosed issues such as a fire, or if a home is not owned by the individual who is selling it.
If a home is located near water, or in an area that has previously experienced a flood, a buyer will need a certificate indicating that the house is at the required elevation. If the home doesn’t meet the required height, a potential buyer will have to raise the house or pay high flood insurance, says Heather K. Colella, a broker who works in areas that were hit by Superstorm Sandy in 2012.
Although your potential neighborhood seems to be an idyllic setting, dig a little deeper to get a well-rounded view. How well are the surrounding homes maintained? What’s it like after the kids get out of school? Is it noisy at night? Is the air filled with the sound of barking dogs? What’s traffic like during the morning rush? Visiting during different times of day can help to answer those questions. Also, check out homeowners’ association or co-op maintenance fees. Beware of associations that are sued often, or ones that are very litigious, since lenders can be hesitant to finance these homes.
Are You Buying a Home in Midland?
Call our team of Midland real estate agents at 432-698-0411 today.
If you’re looking for a new home, search by school district or search Midland real estate listings by price:
- Midland homes for sale between $150,000 and $200,000
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- Midland homes for sale between $750,000 and $1 million
- Midland homes for sale over $1 million