Getting new property whether for investment or residential purposes can prove to be quite difficult sometimes. Sourcing trustworthy agents and finding the property that’s just right for you is a lot of work already, talk more of finding the best property without major issues. In this article we explain four most common signs you can use to figure out bad property deals.
Property being on the market for too long
Sometimes a property being on the market for too long can mean a couple of good things, but let’s focus on the not-so-good.
A property being on the market for too long can mean that there are underlying problems, such as hidden structural issues or bad history. In climes that are quite superstitious, something such as someone losing their life mysteriously in a home can be enough reason for the property to be untouched for a long period. If you’re buying such a property for investment, it might be a bad deal. Tenants would run off without batting an eyelid once they hear the rumours.
Inspection difficulties from seller interference
If your seller seems to be hoarding a lot of information from you, he probably is. This is bad news. Your seller is supposed to be empathic and answer all your questions, ideally. Ask as many questions as you can, and if your seller is acting all sneaky, you probably should take a walk.
Title issues are a big deal, especially in places like Lagos where ‘omoniles’ tend to give a lot of problems. If the property you’re buying doesn’t have clean title documents, you might want to step back to avoid touching stories in the future.
Price too good to be true
A property that is crazily cheap might be a deal. Perhaps it’s a distress sale. But then again, it might not be a deal. While a cheap property might not spell outright disaster, always do yourself a favour by trying to find out if there is a bad reason for the price being so low. It could be that it has foundation issues, or that it has bad structural fixes that the seller intends to pass on to you.
Read also 4 Common Mistakes Made By Homebuyers
It is worthy of note that if you’re buying property to invest, these red flags might not necessarily mean bad business. Sometimes it might be a good deal for you if you play your cards right. For example, a property that is located in a swampy area might be sold for so low because of its obvious disadvantage, and might have been on the market for long. An investor with great foresight might see a land he can fill and a monumental structure sitting on it. Bottom line is for you to weigh your pros and cons before closing.