With home prices beginning to rebound, more and more people are beginning to take the plunge into homeownership. In order to keep upfront costs low, many folks are realizing the benefits of purchasing a fixer-upper for their first home. While there are many benefits to buying a fixer upper, there are also some warning signs to watch out for to ensure you don’t get in over your head. Learn more about the red flags that you should avoid when purchasing your home.
Buying a fixer upper can either be a great investment or a total flop. Learn the red flags to look out for.
What to Look Out For When Buying a Fixer Upper in Maryland
Foundation Issues
Problems with a home’s foundation can lead to water damage, wall separation from the ceiling, and even wall collapse if left too long unfixed. Foundation issues can also be a major headache to repair with costs easily exceeding $10,000 depending on the extent of the damage. Avoid these problems by knowing the signs of foundation problems before you put in an offer. Red flags to look out for include:
- Vertical cracks in interior or exterior brick
- Water in the basement
- Cracks in walls, floor,
If you see any of these issues, think long and hard about whether that is the type of repair you are prepared to handle.
Roof Issues
Roofs are one of the single most expensive components of a home, with a new roof costing anywhere between $20,000-$60,000 or more. Depending on the material they are made from, roofs are generally meant to last between 20-40 years so if you are buying an older home, make sure to have a roof inspection done before submitting your offer so that you can gain an estimate of when it was last replaced. And remember: just because a roof isn’t leaking doesn’t mean it’s still in tip-top shape. Often a leak is the final warning sign in a long deterioration process so a proper inspection is always needed for the sake of safety.
Water Damage
Previous water damage can negatively impact a home’s foundation, leaving it structurally unsound, and cause mold and other health hazards. These are a few signs to look out for when considering the purchase of a fixer-upper in Maryland:
- Water stains
- The smell of mold or mildew
- New paint that may be covering up problems
- Crumbling wood
Sell Your Home with Grays Home Solutions
Consider selling your home with Grays Home Solutions. We’re a home buyer working throughout Maryland and the Tri-state area. Some of the benefits of working with us include:
- We’ll make an offer no matter where your home is, what condition it’s in, or how much you owe.
- Once you accept our offer, we buy within 7 days. So even if your foreclosure date is coming up fast, we may be able to help.
- You won’t need to do any repairs on your home.
- We may be able to pay you in cash.
Interested in learning more? Use our fast response contact form or call us at 240-347-3141. We’re a free service and we’re here to help.