When buying a home, you want to make sure you’re making a solid investment. But what if there’s one type of home that might cause more headaches than it’s worth?
A viral video by a TikTok user, Hard Money Man, has warned potential buyers about purchasing homes from owners who are downsizing.
He claims these properties could be some of the worst homes you can buy due to years of neglected repairs. Downsizing is common, especially for older homeowners looking to move into smaller spaces.
But, according to this real estate expert, there are hidden risks in buying from downsizers that many people overlook.
Understanding these issues before making a purchase can save you from unexpected costs and frustrations down the line.
Why Homes from Downsizers Might Be the Worst to Buy
Buying a home from an owner who is downsizing can come with hidden problems. According to the TikToker, these homes may have been neglected for years as the owners, often older couples, might not have bothered with small repairs.
This neglect could lead to larger issues down the line, costing you more in repairs after the purchase.
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The TikTok user emphasizes that these homeowners didn’t suddenly decide to sell; in most cases, they were living in a large house that no longer suited their needs, and because they were planning to downsize, they avoided making necessary repairs, assuming the next owner would handle them.
Older homes often come with a history of wear and tear. This could mean outdated systems like plumbing, heating, or wiring that require costly upgrades.
These homeowners may not have invested in regular maintenance, knowing they wouldn’t be staying in the house much longer.
While buying from downsizers might seem like a good deal at first, it’s crucial to look deeper into the home’s condition to avoid expensive surprises.
Why Downsizers Avoid Renovations
Many homeowners who plan to downsize choose not to renovate their homes before selling. This could be for various reasons, but one common explanation is that they know buyers will likely remodel the property themselves.
House flippers, for example, often buy homes that need some work, then renovate and resell them for a profit.
For this reason, sellers may skip upgrades, figuring the next owner will tear everything out and start fresh.
In some areas, such as Long Island, the high cost of living and taxes forces many people to downsize simply to make ends meet.
These owners are often reluctant to invest in renovations they won’t benefit from. Even though the home may need updates, they believe buyers will handle those changes once they move in.
While this can sometimes work in your favor, offering the opportunity to customize your new home, it can also mean you’re walking into a property that hasn’t been maintained properly for years.
Mixed Reactions from Home Buyers
Home buyers have shared mixed opinions about purchasing homes from downsizers. Some argue that these homes are often located in desirable neighborhoods, and while they may need work, the investment is worth it for the location alone.
Others point out that inspections can reveal any major issues, allowing buyers to factor repair costs into their purchase decisions.
The upside is that you may be able to buy the home at a discounted price and then invest in upgrades to make it your own.
On the other hand, some buyers have had negative experiences buying from downsizers. One buyer mentioned that the first six months in their new home were spent dealing with maintenance issues that had been ignored by the previous owners.
Another buyer found that their home inspection revealed extensive problems after the downsizing couple had lived there for 40 years without addressing necessary repairs.
These experiences highlight the importance of thorough inspections and being prepared for unexpected repairs when buying from downsizers.
The Importance of Home Inspections
Whether or not you decide to buy a home from someone who’s downsizing, getting a thorough home inspection is essential.
A professional inspector can identify issues that might not be immediately visible, such as structural damage, outdated electrical systems, or plumbing leaks. This will help you avoid costly repairs after you move in.
An inspection gives you leverage to negotiate the price or request that the seller make repairs before closing the deal.
If you know that downsizers often neglect upkeep, this is even more crucial. It ensures you’re fully aware of what you’re walking into and gives you a chance to make an informed decision about whether or not the home is worth the investment.
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Conclusion
While buying a home from a downsizer isn’t always a bad idea, it’s important to be cautious. These homes may come with hidden issues, especially if the previous owners didn’t invest in maintenance or renovations.
By getting a thorough inspection and understanding the potential risks, you can make a smarter decision and avoid unnecessary headaches.
Whether you’re looking for a fixer-upper or a move-in-ready home, being informed about the condition of the property is key to making a good investment.