2 Things To Consider Before Home Buying
April 10, 2017
It cannot be denied that mortgage interest rates are very low at present. And yes, the prices of houses are still low enough to be very interesting. However, don’t let this lead you into believing that any home purchase is a good one. The market is, at present, in favor of the buyer. However, you do have to exert due diligence before you buy. The potential issues you may uncover when researching a property could be serious. These problems are not always significant enough to tell you not to buy, but sometimes they are. There are two things you definitely have to look into.
The first thing is that you must think twice before you purchase a “fixer upper.” Many people are interested in these properties because the price is so low. Most of us think that the things that do need to get fixed up are things we can mostly do ourselves. In reality, however, they are often things that must be done by qualified professionals. Qualified professionals are incredibly expensive and you may not have sufficient budget for that. Secondly, be very careful of properties that have clearly had DIY adjustments. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.
The second key factor to look into is for you to figure out whether you are looking at a foreclosure or short sale property. Although it is true that these are the cheapest properties, they are also often in poor condition and in bad neighborhoods.
When push comes to shove, you are the only one who can work out whether or not you want to purchase a property. Additionally, if you find that there are certain problems, you could use this as a negotiating point to drive the price down. However, if you find you have purchased a true money pit property, or that it is impossible to sell it at a later date, then is it really worth it? A home is a place where someone, either you or a tenant, will have to live and this means it does have to be an enjoyable property to seem extent. Naturally, it is vital that you also check the property itself, but don’t forget just how important the neighborhood actually is. To check on the actual property, all you really need to do is hire the services of a property inspector. In terms of checking out a neighborhood, there is no data available to do this right, only your own personal feelings.