Buying a house is one of the biggest decisions to make in life because it involves a lot of money. A small mistake or setback can result in losses. One of the best ways to avoid facing problems when buying a home is by looking out for the red flags.
If you are looking for an affordable property in Dubai, you should consider off plan projects by Emaar or Port De La Mer by Meraas Holdings. These projects are placed in ideal locations that promise good returns. If you prefer completed properties, you can look out for the numerous City Walk apartments on sale.
Here are some of the common red flags you need to watch out for when buying a property:
- Lack of photos on the listing
Nowadays, online listings are very crucial in the real estate industry. Therefore, it is important for sellers to make sure they post plenty of photos and information about the property. The photos showcase the type and condition of the property. You should be very cautious if the listing does not have any photos. This can mean the seller is hiding something about the property such as the appearance.
- Extremely high or Low price
Even though every home buyer is looking for the best deal, some deals may seem too good to be true. You should be very alert if the seller drops the price drastically below the prevailing market price. Some sellers lower the price to lure unsuspecting buyers into buying faulty properties. Also, this may be because no one is making an offer and the seller wants to dispose of the property as soon as possible. On the other hand, you should avoid properties that are priced above the market prices. Consult with a buyer’s real estate agent to know the prevailing prices in the neighbourhood.
- Sold ‘as is’
You should be very careful with a home that is marked ‘sold as is’. This is because it means that no work will be done before the house is sold. Essentially, the buyer gets what they see. Even though this may not be a major concern, it is a concern that the home is sold without the opportunity to inspect. It is during inspection where the buyer discovers problems with the house. So, if the seller is refusing you to inspect the house, it may be because they don’t want you to notice any problems that might compromise the deal.
- Signs of moulds
Moulds can cause a lot of health problems and cost you a lot of money to remove them. Therefore, when buying a house, keep an eye for mould signs.