It is certainly true that mortgage interest rates continue to be at an all time low. Also, home prices are perhaps on the rise, but remain very interesting. This does not, however, mean that any home is bargain waiting to be snapped up. Yes, we are currently in a buyer’s market. However, you must make sure that you make careful considerations before you buy. There are various red flags that will tell you not to buy a property. Sometimes, this means that you need to fix a problem, but at other times it means that you shouldn’t buy. Two things are of particular importance in terms of red flags.
The first is the neighborhood. Very few things are more important than this. Is it a growing community, or is it in decline? If there are many foreclosed homes and businesses, the community is going through tough times. Do also come back to the neighborhood on different days and at different times. This is also a great opportunity for you to get to know the traffic. Don’t forget to schedule one evening visit, to see whether there is nuisance on the streets at night. Speak to the police and ask for statistics on local crimes.
Then, you must look into historical problems that may have caused problems that simply cannot be repaired. Make sure you check for signs of the presence of water damage, pest damage, asbestos, mold and faulty wiring. But it often takes a professional eye to actually spot these problems. The current owners themselves may not be aware of the presence of these problems. Those home owners that do know the issues are there will try to keep them hidden. It is incredibly easy to hide these significant issues through simple things such as cleaning and switching the power off. To find out, you can arrange for a home inspection, but do also make sure you speak to members of the community. They will be happy to tell you about any historical issues that have occurred in the area. Generally speaking, big issues like pests, water damage and mold happen in more than one house at the same time.
When push comes to shove, you are the only one who can work out whether or not you want to purchase a property. Plus, it is certainly true that a home with problems is often a home that can be sold at an even greater discount. You do have to ask yourself whether that bargain is worth the potential financial hassle you are putting yourself through. Homes, whether purchased as an investment or not, are places for people to live in, which means they have to be inhabitable. Naturally, you do also have to look at the property itself, but the importance of looking into the neighborhood cannot be denied either. In terms of the condition of the property, you can simply ask a property inspector to come and check it out, after all. When it comes to checking out the neighborhood, however, it isn’t so much about cold, hard data, but rather about personal feelings and emotions and whether or not you like it.