Chapter 7 - Things To Stay Away From When Buying A Home

There are a few things you should stay far away from when buying a new home. They include the following:

Mobile homes. A total waste of money. You might as well live in your car. Mobile homes depreciate in value just like a car and you never really own it because you have to pay a fee for the lot. The only exception to the mobile home rule is if you are planning on living in a retirement community that is all prefabricated homes (these are more stationary than true mobile homes) or if you own a lot of land and want to construct housing that can be removed at a later date. Other than that, you are better off renting. At least if something goes wrong in the home, someone will fix it.

Blighted neighborhoods. Areas where there is a lot of gang graffiti are not a good investment. There was an American television show that broadcast in the late 1970s about a couple who decide to sell their home in an upscale neighborhood and buy a run down home in the gang infested area where the father grew up. It was about the kids assimilating themselves with their new “culture.” This was a fabrication and even the public wouldn’t buy it because the show only ran one season. People want to move out of neighborhoods that are crime ridden and gang infested because they fear for their safety. Stay away from blighted areas.

Unsightly Menaces. This can be anything from the air raid siren sitting in the back yard to a water tower in the back yard. Also stay away from homes backing up to electrical wiring. These homes might be cheap, but there’s a reason why they’re cheap. And that’s because no one wants to live in them. Stay away from homes that have unsightly menaces or, are themselves, an unsightly menace. If the home is covered with different colored stones that would be impossible to remove, or has two different color brick or something else that is permanent and makes it look unsightly, you are better off to stay away from such a house because it will be tough to unload.

Toxic mold and structural defects. When you are buying a home, get a home inspection. If the inspection reveals that the home is sitting on a cracked foundation or has toxic mold, pass it up. Unless you are prepared to tear down the structure and rebuild, leave this to someone else. Toxic mold can make you and your entire family very sick. It is not worth living in a house that is overrun by toxic mold even if it’s free. A house that has severe structural defects will end up costing you a lot more money than it’s worth. Make sure that the house is structurally sound and that you can afford anything that is seriously wrong with the property.

No land. There are some homes that have no backyard and a large front yard or virtually no yard. They usually sit awkwardly on a corner lot and were built before the property values increased and the municipality had a chance to make some rules about how much ground each house should have. If all the homes in the area have backyards and the one you are considering does not have a backyard, you should consider a different home. Even if you have no children or pets, you should think about resale value.

Flood plain. Do yourself a favor and stay away from houses that are in a flood plain. You need special insurance for these houses and unless you’re a duck, you probably won’t like the idea of having water in your house every time it rains. Houses located in a flood plain may also have toxic mold as mold needs moisture to grow.

Houses on a busy street. Stay away from houses that are located smack dab on busy streets. These do not sell as well as those located on quiet streets and generally are priced below the market. If you want to make a good investment, choose a home that is on a quiet, residential street.

Try to look for a home in a nice, quiet neighborhood that does not fall into the categories above. Remember to look for resale value when you are buying your home. Even if you are planning on staying in your home forever, you should realize that times and circumstances change and that you might, at one time, have to sell. You do not want to be sitting on the property for a long time because it is not up to par with the other houses in the area.