10 homes first-time buyers should avoid: MSN Money

26 07 2012

10 homes first-time buyers should avoidFrom hidden damage to crummy neighbors, beware these 10 signs that your dream home may turn into a nightmare — before you sign the contract.

Youve scraped together a down payment, with just enough money left over to pay closing costs. What youre unlikely to have, as a first-time homebuyer, is a big pot of cash to pay for repairs — or a clear understanding of how much certain home flaws can cost you down the road.With that in mind, I consulted with appraisers and inspectors from across the country to uncover the major home problems first-time homebuyers should watch out for and avoid.Novices should be particularly cautious about “bargain” homes, according to appraiser Dan Fries, of Daniel Fries & Associates in Cumming, Ga. They may come with problems that are expensive to repair or impossible to fix.”Avoid the killer deal, as the chances are good there is some issue that made the other owner walk,” said Fries. “Buying a dog of a house will always be less desirable than the cream puff with a good location.”Read on for some of the bigger issues of which to beware.

via 10 homes first-time buyers should avoid – housing & buying guide – MSN Money.

By Liz Weston, MSN MoneyShare

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