You’re buying a home? Congrats!

By this point, you have found the house of your dreams and are ecstatic to move in.

Suddenly you receive a dreaded phone call that something isn’t right with the house you chose.

When buying a home, it’s important to make sure you avoid a money pit.

Keep reading to learn when to walk away from a house.

When to Walk Away from a House: 5 Deal-Breakers to Avoid

The following are red alerts of when to walk away from a house you are looking to buy:

1. Sewer Problems

Dealing with a clogged sewer or a sewer backup is one of the most dreaded problems for a homeowner. Tree roots growing into sewer lines are usually the cause of sewer backups. Silver maple trees are known for having invasive roots; keep an eye out for these while house shopping.

2. Termites

Termites have to be disclosed by the seller if they are aware of any. Unfortunately, many owners have no idea they have a termite problem or if they know about termites they don’t know the extent of how infested the house is. Termites have the ability to live in dark areas causing unseen damage that can be costly to repair. 

There could be costly damage done to the structural frame of the house and unless walls, floors, and ceilings are removed accurate repair costs can’t be given. Termites damage about 600,000 homes in the United States every year.

If you love the house you chose and decide to go on with the home purchase then you will want to reach out to One Oak Exteriors if the roof was affected by termites.

3. Electrical Problems

The following are red flags for homebuyers:

• Fuse panels with 60-amp capacity or less
• Improperly modified electrical panels
• Aluminum wiring

If the home being bought is an older home, keep in mind they weren’t designed to handle the number of amps required today. Old residential electrical systems are not electricians’ favorite because they don’t conform to present-day codes. This creates a problem when doing necessary electrical repairs.

4. Mold

If there has been inadequate ventilation or longterm leaks anywhere in the home, mold can be a problem. All homes have mold to a certain degree but the problem comes in when there are large areas affected by mold. 

Indoor exposure to mold has been linked to upper respiratory tract symptoms, coughing, and wheezing in healthy people. Those with respiratory health issues have worse consequences due to mold.

If a large amount of mold is found it has to be removed and have a prevention plan for the future. 

5. The Appraisal Is Less Than the Offer

Once you have made the offer for your home, the mortgage lender will require an appraisal to confirm the market value for the house. In some cases, the appraisal comes back showing that the house is worth less than the offer made. This means overpaying on the house plus coming up with a larger down payment. 

We don’t recommend buying a house that’s worth less than what you’re paying because it will immediately put your house upside down. Walk away from it unless the seller is willing to drop the price to the home’s worth. 

Never Ignore the Signs

If something comes up that doesn’t feel or sound right during the buying process that’s when to walk away from a house. You don’t have to get in over your head when the red alerts listed above come up.

Ready to move into your new home? Check out our article on 10 things to do when moving into a new house.

For more advice when buying a new home, check out some of our other blog posts.