No matter if you are purchasing your first home or your seventh, the process can feel daunting. When you invest in a new house or property, it can be difficult making a confident decision that comes with a very high price tag. While you can’t know every sign that could point to a poor purchasing decision, you can keep your eyes peeled for these somewhat common warning signs that could make you pump the breaks on your next house or property purchase.
If you are looking at a home that is situated in a neighborhood that doesn’t have everything you need, it could be a warning sign of a bad decision. Be sure the home you are looking at has the schools you want, as well as plenty of green space. If trails are important to you, be sure to find a neighborhood that is well connected to the Chicago or suburban trail system. If you don’t drive to work, assure the neighborhood has plenty of public transportation nearby.
Too Many Projects
If you are looking at a home that touts itself as a “fixer-upper”, be sure you know just how many projects you will be undertaking upon closing. It can seem fun to make a home just the way you want it, but if you haven’t completed a home improvement project in the past few months (if at all), taking on a home with too many weekend projects could start to become a money trap.
If the house or property you are interested in gets a poor report from the inspector, slow the process down. Work with your real estate attorney as you develop a plan for correction with the current owner. If you try to do this without an experienced attorney, you run a real and significant risk of purchasing a home that is dangerous or full of potential structural problems.
Before you begin your home purchasing process, partner with the team at Bell & Shah. Our attorneys are ready to assist you and advocate for your best interests as you search for your next property.