Buying a house is supposed to be a fun and exciting time. However, because we are eager to make the purchase, we sometimes fail to notice see the various defects of a property. Although we do sometimes fall in love with a property, we should never purchase it without running a few necessary checks. Let’s review a number of these red flags.
First and foremost, think hard before you buy a “fixer up.” It is certainly true that these properties seem very interesting because they are so affordable. Many times, we believe that we can fix the problems ourselves. The truth is that most of these things can only be fixed by qualified professionals. Unfortunately, these professionals cost a lot of money, often more than you may have budgeted for. Next, you must be careful with properties that have modifications made that are clearly DIY. Although a DIY job can look great on the surface, it is likely that it actually has a whole lot of problems.
A number of things may also have happened to a property that are very hard to restore. A few of the things you need to look for are signs of water damage, pest damage, asbestos, mold and faulty wiring. Unfortunately, it can be very difficult to spot any of these problems. The current owners themselves may not be aware of the presence of these problems. If they do know any of these problems are present, they may do all they can to keep them hidden. All that needs to be done in order to hide problems like this is a bit of cleaning and reducing power usage. In order to find out whether these issues are present, you will need a professional home inspection; but you can also speak to community members. They will be happy to tell you about any historical issues that have occurred in the area. Usually, problems like pests, water damage and mold don’t occur in just one home.
The reality is that you are the only one who can decide whether or not to buy a property. It is also true that if you are looking for a true bargain, then a house with problems is what you are looking for. 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. Although it is certainly true that you should look into the condition of the actual property, focusing on the neighborhood is equally important. All you really have to do in order to find out whether the property itself is any good is hire a property inspector. When it comes to the neighborhood, however, you need to have a personal feel, something that cannot be achieved by a check box list.