Having a dream home always stays at the top of the priority list of individuals/families. However, not every time you will get the perfect property of your choice. While homebuyers are willing to make updates and renovations of the properties before moving in, the cost of correcting a home’s flaws can outweigh the value of that property investment. If the damages are beyond repair, then the same home can be your worst nightmare, as fixing the property’s flaws in all likelihood; will drain your money out.
Loren Howard, founder of Prime Plus Mortgages, and Shri Ganeshram, founder and CEO of Airbnb property-management company Awning, listed signs of broken homes, which may not be worth the buyers’ money.
Structural Issues, A Big No-No
Howard told the Business Inside that structural flaws like cracks in the building foundation or walls, along with the prospect of having uneven floors, are good indicators that the property has a list of fundamental, hard-to-solve problems.
Shri Ganeshram also identified structural issues like cracks in the floors as a big no-no for the property buyers. He also believes that homes with structural problems may not be worth the buyers’ investments.
“A house may seem like a dream come true, but if the foundation is crumbling beneath you, it’s a nightmare in the making,” he said.
“A house is only as strong as its foundation,” the Awning CEO added further.
Keep An Eye On The Property’s History Of Electrical Problems
For Loren Howard, one of the crucial aspects a potential homebuyer must take into his/her consideration while inspecting the property, is whether the building has a sound electrical history or not. The Prime Plus Mortgages founder also advocated to take professional help, in terms of having a foolproof home inspection.
“Outdated or faulty electrical systems can be a major safety hazard,” Howard said, while adding, “In addition to putting a buyer’s safety in jeopardy, repairs to malfunctioning electrical systems can be costly”.
Ganeshram agreed with Howard’s point of view, saying, “If you’re walking through a home and the electrical system looks like a tangled mess, that’s a clear sign that you may be in for some shocking surprises.”
Poor Insulation Can Cost The Buyer Dearly
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, according to Howard.
Be Cautious Of Leaks & Water Damage
“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.
Take Note Of The Poor Ventilation Issue
“Houses are like people; they need to breathe. A poorly ventilated home can be a breeding ground for mould and mildew,” Ganeshram said.
When it comes to mould, excessive patching on the walls can be a cause for suspicion.
“When the walls of a home appear to be hiding secrets, there’s a good chance that they are,” Ganeshram concluded.