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7 Red Flags You Can’t Afford to Ignore When Buying a Home

By U.S. News & World Report

Buying a home is a huge financial commitment, so it’s important to know what you’re getting into before committing to a house. There are certain things that every homebuyer should be looking for when viewing a potential property.

From leaky faucets and poor drainage to infestations and mold, it’s important to address these warning signs right away, before they lead to bigger and more expensive problems later on. If you can’t afford to get a professional inspection while viewing potential properties, here are a few common red flags to be aware of when house hunting.

[See: 8 Types of Roads That Can Have a Big Impacts on Home Sales.]

Neighborhood Condition

When buying a house, you’re also buying a neighborhood. Assess the area for safety, walkability and easy access to local parks and businesses. Do nearby neighbors have their homes up for sale? Is there a lack of property maintenance and curb appeal? What’s the traffic and construction like in the area? Make sure the community you’re potentially moving into is the right fit for you and your family.

Cracked Foundation

While a cracked foundation or structural issue can seem like an obvious problem that needs to be fixed, many homeowners don’t pay attention to their foundation. When looking at a home, keep an eye out for small and large cracks in the foundation of an unfinished basement, ceilings, door frames and windows. If the floors are slanted or walls have large bulges or cracks, you’ll want to hire a professional to check for serious issues that could lead to expensive repairs.

Bug Infestations and Pest Damage

Pest infestations can easily go unnoticed in a home on a tour or first look. Check for dead bugs in basements and windows, pest droppings or signs of bed bugs, and any evidence of nesting by rats or mice behind appliances or inside cabinets. Because infestations aren’t always noticeable to the naked eye without opening up the walls, consider hiring a professional for a termite inspection or licensed pest inspector to rid of any pest issues before moving into a home.

[See: The Best Apps for House Hunting.]

Poor Drainage or Water Damage

During a house tour, keep an eye out for large water puddles near the foundation. This can be a sign the gutters or downspouts aren’t functioning properly. Some water damage is easy to spot in a home, but it can also be hidden between walls or in the attic. Check for leaky faucets and pipes, slow drains and any excess moisture or stains in the basement, walls, and ceilings.

If your potential property is in a flood hazard area or zone, you’ll also want to check if the home has ever been flooded prior to purchasing, You should also take additional homeowners insurance for flooding into consideration when determining the monthly cost of the home.

Warped or Soft Roof

Your roof is easily one of the most important aspects of your home. When looking at a potential home to buy, ask the seller how old the roof is. Look for broken or missing shingles and tiles, and check for warping or sagging, which can be a sign of dry rot.

Mold and Mildew

Mold and mildew are both serious conditions that should immediately be inspected by a professional if detected in a home. Look for the source of the mold near moist areas, like crawl spaces, attics, basements, bathroom vents, and windows. While mold remediation is possible in a home, mold and mildew can result in serious issues for both the health of your family and the health of your home. If your potential home has mold or mildew, you will need to consider if the home is worth the price to remove the problem before you buy.

[See: 12 Home Improvment Shortcuts That Are a Bad Idea.]

Amateur Repairs

Is your potential home a fixer upper? Most flipped properties have been flipped once before, so it’s important to check the workmanship and repairs that have been completed in the house. Keep an eye out for any DIY projects or neglected maintenance projects. Poor home maintenance and amateur repairs can end up costing you more money down the road.

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7 Red Flags You Can’t Afford to Ignore When Buying a Home originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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