Beware hidden problems when buying a home

By Dan Rafter, MortgageLoan.com

Buying any home involves risk. And taking out any mortgage type to pay for that home will likely be the biggest debt you take on. You want to make sure, then, that you can minimize the most hidden risks of owning a home.

Hidden water issues

Water, and flooding, can cause plenty of damage to a home, and can do it quickly. That's why Peter Di Natale, president of Cold Spring, New York-based builder and general contractor Peter Di Natale & Associates, recommends that buyers and their home inspectors look for signs that a home isn't prepared for bad, stormy weather.

For instance, floods, whether from storms, melting snow or water-main breaks, will hit homes sitting on downhill slopes the hardest, Di Natale said.

"If you're buying in an area known for bad weather, you should check or have someone check how level the ground is," Di Natale said. "It's not difficult to re-grade the dirt and grass near the house to create a downhill slope away from it. Seems like a reasonable alternative to a flooded basement."