7 Red Flags that Homebuyers Should Look For
When buying a home at the Lake of the Ozarks, it's important to view potential homes with a realistic mindset. In order to make a smart buy, don't base your decision on your emotions. Think realistically of all the potential maintenance expenses that could arise after the purchase. To better help you make a good choice when considering a home, we've come up with a list of 7 red flags to keep an eye out for before buying a home.
1. Roof
Well-maintained roofs can last up to 30 years with very little problems. But as a buyer, until you have the roof inspected, you're not going to know the true condition of the roof just by glancing. The last thing you want to do is buy a home and find out shortly after that you have to spend thousands of dollars replacing the roof. Ask the seller how old the roof is, and inspect the gutters to make sure the drainage systems are in good working order. Get a roofer to do an inspection, either before making an offer or during the contingencies phase.
2. Flood Zone
When buying a home at the Lake of the Ozarks, this is an extremely important aspect to be aware of beforehand. Buying a home in a high-risk flood zone can mean a dramatic increase in insurance costs, as well as more difficulty selling the home in the future. Check with your insurance agent to determine whether the home is located in a floodplain and to see what coverage is available to you if you do move forward with buying a home within a flood zone.
3. Plumbing
Plumbing issues may not be immediately evident, but can be hugely expensive. Some more apparent issues could be indicated by water stains, sagging floors and mildew. So if you notice any of these red flags, it'll give you the opportunity to have reason to investigate. However, to be proactive on potentially less noticeable issues, it's a good idea to have a professional plumber inspect the sewer lines and septic tank before closing on a deal. Run the water in the kitchen and bathrooms, as well as flush the toilets, to see that they drain properly and have good water pressure. Also check the age, location and condition of the water heater.
4. Electrical
It’s not uncommon to encounter outdated electrical work in older homes, which can be a fire hazard. Before committing to buying the house without any electrical updates being made, check the main fuse box to make sure it’s in good working order. Also pay attention to any exposed wiring and wires that don’t lead to anything. Upgrading electrical wiring is often not a cheap task, and you don't want to get stuck with the bill if it can be covered by the seller or if the seller is willing to come down on the sale price to compensate for the work that'll need to be done.
5. HVAC
If the home you're looking at has a heating and cooling system that is older, ask the seller for any maintenance records that they have and review any notes the technician may have made. The more you know about the system, the better you can determine whether it's worth moving forward or not. Since an HVAC system can be pretty expensive, you don't want to get caught with an unexpected expense if it does go out on you once the sale is final. Have an HVAC professional do an inspection on the unit to determine the remaining life of the system and to provide you with an estimate of replacement cost just in case.
6. Structural
When you’re looking at homes, you’ll need to know whether there truly is a bad foundation or whether those cracks are from normal house settling. Small hairline cracks are pretty typical in the settling of a home. Larger more prominent cracks or displacement could indicate potential foundation problems.
7. Upgrades
When considering a home, determine ahead of time all the upgrades this home will need to be up to your standards. You may be surprised to find that the cost to cover all the upgrades needed are far more than you're willing to spend, and can push your total expenses over your budgeted amount. Not to mention, if you have plans to add on and the subdivision the home is in doesn't permit additions, you could find out too late that an add on isn't an option.
Once you've addressed these 7 red flag items, you'll feel much better about your choice to purchase a home at the Lake of the Ozarks. By working with the best real estate team at the Lake of the Ozarks, you can rest assured that we'll help guide you through the process every step of the way, and that we'll have your best interest in mind. For all of your real estate needs, contact eXp Realty!
1. Roof
Well-maintained roofs can last up to 30 years with very little problems. But as a buyer, until you have the roof inspected, you're not going to know the true condition of the roof just by glancing. The last thing you want to do is buy a home and find out shortly after that you have to spend thousands of dollars replacing the roof. Ask the seller how old the roof is, and inspect the gutters to make sure the drainage systems are in good working order. Get a roofer to do an inspection, either before making an offer or during the contingencies phase.
2. Flood Zone
When buying a home at the Lake of the Ozarks, this is an extremely important aspect to be aware of beforehand. Buying a home in a high-risk flood zone can mean a dramatic increase in insurance costs, as well as more difficulty selling the home in the future. Check with your insurance agent to determine whether the home is located in a floodplain and to see what coverage is available to you if you do move forward with buying a home within a flood zone.
3. Plumbing
Plumbing issues may not be immediately evident, but can be hugely expensive. Some more apparent issues could be indicated by water stains, sagging floors and mildew. So if you notice any of these red flags, it'll give you the opportunity to have reason to investigate. However, to be proactive on potentially less noticeable issues, it's a good idea to have a professional plumber inspect the sewer lines and septic tank before closing on a deal. Run the water in the kitchen and bathrooms, as well as flush the toilets, to see that they drain properly and have good water pressure. Also check the age, location and condition of the water heater.
4. Electrical
It’s not uncommon to encounter outdated electrical work in older homes, which can be a fire hazard. Before committing to buying the house without any electrical updates being made, check the main fuse box to make sure it’s in good working order. Also pay attention to any exposed wiring and wires that don’t lead to anything. Upgrading electrical wiring is often not a cheap task, and you don't want to get stuck with the bill if it can be covered by the seller or if the seller is willing to come down on the sale price to compensate for the work that'll need to be done.
5. HVAC
If the home you're looking at has a heating and cooling system that is older, ask the seller for any maintenance records that they have and review any notes the technician may have made. The more you know about the system, the better you can determine whether it's worth moving forward or not. Since an HVAC system can be pretty expensive, you don't want to get caught with an unexpected expense if it does go out on you once the sale is final. Have an HVAC professional do an inspection on the unit to determine the remaining life of the system and to provide you with an estimate of replacement cost just in case.
6. Structural
When you’re looking at homes, you’ll need to know whether there truly is a bad foundation or whether those cracks are from normal house settling. Small hairline cracks are pretty typical in the settling of a home. Larger more prominent cracks or displacement could indicate potential foundation problems.7. Upgrades
When considering a home, determine ahead of time all the upgrades this home will need to be up to your standards. You may be surprised to find that the cost to cover all the upgrades needed are far more than you're willing to spend, and can push your total expenses over your budgeted amount. Not to mention, if you have plans to add on and the subdivision the home is in doesn't permit additions, you could find out too late that an add on isn't an option.
Once you've addressed these 7 red flag items, you'll feel much better about your choice to purchase a home at the Lake of the Ozarks. By working with the best real estate team at the Lake of the Ozarks, you can rest assured that we'll help guide you through the process every step of the way, and that we'll have your best interest in mind. For all of your real estate needs, contact eXp Realty!
2011 REALTOR Salesperson of the Year
Missouri Association of Realtors
752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049
Office | 573.365.1555
Fax | 573.365.1766
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