So, you found your investment property and tied up time and money, only to find out there was an issue located during the inspection and the deal fell through, Wouldn’t it be nice to know what to look for when you are in the market to buy a home to avoid buying a lemon property? We will cover 4 red flags in Reno real estate deals that should make you run the other way.
Quite literally, for sale signs are red flags in Reno real estate deals that should make you run the other way. Take a look around the neighborhood as well for a high number of homes for sale. This could be a sign that there is an issue with the location that you will want to be aware of. It may behoove you to further investigate the area’s crime statistics. You may also want to look into any upcoming projects in the area with high tax assessments, or changes in the works that could affect your wallet or the standard of living for the neighborhood. As you likely know, when it comes to location, there is nothing more important to the value of the property.
Real estate placement in the landscape is very important, a property with land sweeping downwards towards the home is a red flag in Reno real estate deals that should make you run the other way. Properties can also begin to sink. You will want to note any areas where the soil is washing away around the foundation, known as scouring. Also, be aware of where the ground is shifting or moving as this can also cause foundation issues as well. You will also want to note any signs of the foundation cracking or being in a state of disrepair. Be sure to note if any doors have been shaved to close properly, or there are windows or doors without square frames, this could be another issue with the foundation settling. Unless you are planning on buying a home in the Mystery Spot.
New paint on only one wall or one area of the ceiling is a red flag in Reno real estate deals that should make you run the other way. Mildew, water damage, or some unknown source of stain could be to blame if the entire home isn’t repainted. If you do smell mold, look for leaks under sinks and other water outlets as well as around any openings to the exterior. Often, people will attempt to hide an issue from unsuspecting buyers, however, to the trained eye, this is more like a neon sign that there is likely a problem. A new coat of paint can also cover over the highly offensive odor that cigarette smoke residue leaves behind, but without further steps to completely clean the interior, the smell will return and overtake the residence.
You should also plan to put your nose on high alert for odors the seller may be trying to cover, which are big red flags in Reno real estate deals that should make you run the other way. Are there scented candles, wax melters, and air fresheners at every turn? Mold can be hidden in flooring, behind walls, and in the ceilings. It is extremely costly, not only in safe remediation processes but in the very health of the residents. If you are not highly experienced in this area and all of the potential hazards mold presents, it is recommended that you work with reliable professionals.
Those are the major red flags you should be worried about when buying a new investment property. Hopefully this article gave you some insight to purchasing a new or your first investment property here in the Reno area. Have questions or comments? We’d love to hear them! Give us a call at (775) 391-5236 or send us a message.