9 Costly Real Estate Red Flags To Watch For at the End of 2024
Think you’ve found your dream home? Not so fast. The experts at Palm Paradise Realty Group have seen too many buyers get starry-eyed over a pretty facade, only to wind up with a money pit. Here’s what they say you need to watch out for.
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Those ‘Little’ Electrical Issues
You know that one switch that doesn’t work? Or the outlet that sparks sometimes? Not so little after all. “Old wiring poses a danger to the homeowner’s safety,” Palm Paradise warned. Translation: You’ll be ripping out walls and spending big bucks to fix it.
The Roof That ‘Just Needs Patching’
Here’s some real talk from Palm Paradise: “A leaking roof can be patched, but that’s just borrowing time; eventually, the whole thing will have to be replaced.” That $5,000 repair could turn into a $25,000 replacement faster than you think.
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The Water That Won’t Go Away
Bad drainage isn’t just about puddles in your yard. It can turn your basement into a swimming pool and your walls into a mold farm. Even worse? “Drainage issues are rarely confined to one property,” the experts noted. Say hello to neighbor drama.
The Plant That Eats Houses
Japanese knotweed sounds exotic but it’s actually a nightmare. “It sharply drives down the value of a home and is a costly nightmare to exterminate,” Palm Paradise explained. Look for bamboo-like stems with heart-shaped leaves — then run the other way.
Those Fun-Killing Zoning Laws
Think you’ll just add that dream deck or home office? Check the zoning laws first. Some areas won’t let you cut down trees or make changes to your property. Nothing like finding this out after you’ve already bought the place.
The Neighborhood Surprises
“Taking a walk around the neighborhood and chatting to people should help you get a feeling for the place,” suggested Palm Paradise. Those weekend parties next door or that sketchy corner store? They won’t show up on the listing.
The Flood Risk Nobody Mentioned
Some states don’t require sellers to tell you if you’re buying in a flood plain. And with climate change? Areas that never flooded before are suddenly underwater. Pro tip: “Ask the neighbors,” Palm Paradise said. They know the real deal.
The HOA From Down Below
“We’ve seen HOAs so restrictive they dictated the color you could paint your mailbox,” Palm Paradise said. Some HOAs protect property values — others just protect power trips. Check those rules before you buy.
The Unwanted Roommates
Bug infestations aren’t just gross — they’re expensive to fix and can cause serious damage. “Worse still, you’ll never be quite sure if they’re really gone…” Palm Paradise warned. Check behind appliances and in attics — that’s where sellers try to hide the evidence.
Bottom line? “When purchasing a home, thorough inspections should be conducted before there’s any discussion of price,” Palm Paradise said. Better to spend a few hundred on inspections now than thousands on surprises later.
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This article originally appeared on GOBankingRates.com: 9 Costly Real Estate Red Flags To Watch For at the End of 2024
