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5 Signs It’s Time to Walk Away from a Home Purchase

With the cost of rent continuing to rise in Tacoma, you may find yourself considering buying a home. Regardless if this is your first home purchase or your 5th, the investment always brings emotion, stress, and endless decision-making.

Chances are you have already created a list of wants and needs with your realtor, but have you written out a list of pros and cons for the home you’re interested in? It’s normal to feel nervous or stressed when the process is in motion, but sometimes the cons outweigh the pros and it’s time to simply walk away. Keep an eye out for any red flags and always keep in mind that while saying “goodbye” to a home you want may benefit you in the long run. Don’t get stuck in a home that you may regret buying later.

Don’t Be Fooled – It’s Not Love.

So, you LOVE the exterior and backyard. Or the winding staircase and front porch are what you’ve always desired in a home. But, what really needs to be taken into consideration is that leaky plumbing system or the mold that won’t stop peeking through on the ceiling.

You may be infatuated with certain parts of the home, but do not let your infatuation rule out the negative aspects. Most of these issues are not going away without a battle – is it worth the headache for the multiple (and potentially expensive) repairs to have that staircase?

Unfortunately, that state of love you find yourself in could be quite conditional. When the honeymoon stage of home-buying simmers down, you will realize what may be more important. Having a change of heart is absolutely acceptable!

Shady Sellers

When a large investment is at stake, honesty should be the number one policy. Keep in mind that not all home buyers are created equal. Be on the lookout for sneaky and quick fixes that may not last long. Always have a home inspector on call before signing on the dotted line. If you’re working with a trusted realtor, they will work to get all repairs (potential and otherwise) on the seller’s disclosure.

The secret damages may not stand out to you right away but after going through your everyday routine for a while, you begin to notice things. Different lighting and angles can do a deal of deception on the eyes.

Bottom line: If you cannot trust your home seller (or their realtor), ditch the deal.

Simply Too Expensive

Start your house hunting with a cap on sale price in mind. Begin by looking for homes that are mid-range so you can see what to expect and what you may want in a future home. Keep in mind that a bidding war could also surface with the market being pretty competitive in San Diego. That treasured home may end up selling for over asking price when it’s all said and done.

Listen to your intuition on this one. Usually, your original plan is the best. Don’t let the stress of a bidding war get the best of you. Make sure to consider all financial factors before raising personal budgets towards your future home. If the increase in price becomes too overwhelming, it is time to look for another home. Save yourself the stress!

Mediocre Repair Work and Updates

If it looks like the owners did the repairs themselves, chances are they probably did. If you’re head over heels for the home, plan to put contingencies on the sale after you make that initial offer. A home inspector can and will point out areas that you as the potential buyer would need to take care of. The current owners may be willing to make the repairs if that means selling the home to you. Otherwise, plan to put those repair costs into your home budget so you plan on those upcoming costs.

The Neighbors

While it’s not essential to be best buds with your neighbors, their actions could affect your home value and even your happiness. If you prefer a quieter location where you can leave windows open all day, living next to a daycare or someone who practices playing the tuba daily may not be your best option. It also doesn’t hurt to go knock on doors and introduce yourself to a few neighbors and ask how they like the area. You could even track down the mailman and ask him what his thoughts are of the neighborhood!

A few factors that could affect your home’s market price:

  • Noises and excessively loud music
  • Misbehaved animals
  • Unattractive exterior and landscape
  • Unpleasant smells

The factors listed above are easy to detect, without becoming too intrusive. It may be hard to get to know the neighbors on a personal level before moving in, but you can get to know some of their living habits by sight. Whether you are skeptical of the neighbors or not, you should consider visiting the home often in search of these red flags.

Don’t get discouraged, this process is tough! Your dream home is out there – Don’t get stuck in a home you’ll regret! The perfect home for you is well worth the wait.

For more info on how to find your dream home in Tacoma, contact the Chunyk Group today. Paul Chunyk is the managing broker at Morrison House Sotheby in Tacoma.

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