There were 764,000 houses sold in the United States in January 2020, according to the US Census Bureau. This was up 19.2 percent from the same time last year.
When buying a property, the location, price and size shouldn’t be the only factors you’ll consider. Several factors often get overlooked which can affect the overall livability and value of the house. Be sure to note the following red flags.
Not having adequate storage
While often overlooked, storage can be one of the most crucial elements to a happy and well-organized home. The U.S. News and World Report revealed that an average American spends one year of their life looking for misplaced items. Another survey found Americans collectively spend $2.7 billion yearly in replacing items they can’t find. Having enough storage ensures everything is in its proper place. Likewise, when you’re planning to have kids in the future, you won’t have to deal with shortages in storage.
Ignoring resale value
Don’t take future possibilities for granted. You can resell your house if you decide to move to another city or state. Buy a house whose value will quickly appreciate over the years. For example, a property in a developing area would likely sell higher in the future.
Forbes listed the top 25 US cities where home values are likely to appreciate by more than 10 percent in one year. These cities include Texas’ Midland, Beaumont, Odessa, Irving and Dallas; and New Jersey’s Newark, Paterson and Elizabeth.
Disregarding the neighborhood
Homebuyers often focus their attention only on their prospective house. A neighborhood can affect owners’ lifestyle and overall comfort, so it’s important to take it as seriously.
If the house is located in a neighborhood with a high crime rate, or doesn’t have nearby schools or grocery stores, it might be a good idea to reconsider. A good tip is to visit the property and the surrounding neighborhood at different times of the day. Visit in the mornings, afternoons and evenings to get a better picture of how the neighborhood behaves.
Overlooking important flaws
Sometimes, buyers resort to compromising especially if they’re on a tight budget. Overlooking important flaws can lead to future repairs that can cost a lot of money. Remodeling an old kitchen can cost about $25,000 while renovating a run-down bathroom can cost $11,000. Outdated paint and furnishings, bad landscaping and faulty air conditioning units are some of the most common things buyers usually compromise on, but haunt them later.
On the other hand, there are red flags you should never ignore. While cosmetic changes are easy to make, the following may pose threats on your family’s health and safety. These include:
- Mold – Mold can cause simple allergic reactions to serious respiratory problems.
- Outdated electrical wiring – This is a fire hazard, and could mean the entire house must be completely rewired.
- Issues with the sewage line – A simple hole could progress into something serious, which can cause problems like flooding.
- Foundation issues – Foundation issues can lead to destruction in an event of a storm or an earthquake.
When you’ve sorted out these red flags, you are now ready to purchase the house. If you’re from Daybreak UT, make sure to check the latest house listings to get the best bang for your buck. A safe and comfortable home is one of the greatest gifts you can give your family.