Buying a house is one of the biggest purchases we will make in our lives. So it’s understandable that we want to get it right the first time. Even if the house you’re considering seems like it’s a great deal, you may accidentally buy the wrong property for your forever-home. Here are 10 big red flags to watch out for before you commit to buying a house.
10. Closed Businesses & Empty Storefronts
After the financial crisis and current events, it is all too common to see stores shutting down across the United States. Hopefully this will be temporary, but with so many businesses closing for good, this just might be the “new normal”. After the 2008 recession, many towns began to bounce back with new life. In 2020-2021, we have a similar issue with many businesses shutting down because of the global crisis, and the economy. However, even in the recent crisis, many of those vacated properties were quickly bought up by more successful businesses.
Never assume that close businesses in a town are only temporary. If you see a lot of closed shops in town, this may be a sign that the local economy will continue to suffer for a long time. Even if you plan to commute to work and do your shopping elsewhere, these towns may have a higher crime rate, poverty, and generally poor infrastructure. For example, in my local area, a lot of businesses like GNC, Game Stop, and Kmart shut down. But that space was quickly purchased and replaced with businesses that are booming right now like Marshall’s, Big Lots, and Chipotle. If it’s a good area, businesses will always want to open there.