You’ve spent most of your weekends looking at houses. You have finally found the house of your dreams. Unfortunately, something came up in the midst of the homebuying process. Now, you’re wondering whether or not you should push through with the transaction.
Here are 3 signs it’s time to walk away from a home purchase.
Not everyone is on board
If you’re buying a house with your spouse or partner, then both parties should be on the same page. Before you start looking at houses, we suggest that you make a list of the features you want and need in a house.
Even if you think you have found the perfect house, if your partner doesn’t think it’s the one, then you shouldn’t push through with the transaction. Since both of your names are on the mortgage, both parties should walk away happy.
Even if you have already sent the contract to the seller’s agent, you are free to withdraw the offer. Let the agent know that you changed your mind. This is acceptable, provided that the seller hasn’t signed yet.
There are serious inspection issues
If the home inspection report comes back with some major issues, you may want to think twice about buying the house. Major issues such as structural damage, water damage, roof problems or faulty electrical systems are not only costly to fix; they can also pose a threat to the health and safety of your family.
If you find any of these issues on the home inspection report, it may be time to hit the brakes on your home purchase.
You can’t afford it
Some people fall in love with a house because of its appealing features or because it has character. The last thing you want is to fall in love with a house, and then find out later on that you can’t afford it.
Before you start house hunting, sit down with your partner and crunch some numbers. It is also a good idea to get pre-approved for a mortgage. Not only will it give you a good idea about how much you can afford, it can also prevent disappointment down the road.
If you can’t afford the house, it is best to back out of the real estate deal. There is no point in buying the most attractive house in the neighborhood if you’ll end up living like a peasant in the coming years.