Yes, interest rates for mortgages are still as low as they could possible get. And yes, the prices of houses are still low enough to be very interesting. This does not, however, mean that any home is bargain waiting to be snapped up. The buyers currently hold all the cards. However, you must make sure that you make careful considerations before you buy. There are a some red flags that you need to be aware of that could tell you that a purchase may not be the best way forward. Some of these are fixable, others tell you to look elsewhere. There are two things you definitely have to look into.
First and foremost, check the neighborhood. It cannot be underestimated how important it is to check on this. The community is either growing and decline and you need to find out which one it is. If there are many foreclosed homes and businesses, the community is going through tough times. Experts say that it is best to visit the same neighborhood at different times and on different days. This will also give you an idea of what traffic is like at different points. Don’t forget to schedule one evening visit, to see whether there is nuisance on the streets at night. Contact the police as well and ask them for crime statistics on the local area.
A number of things may also have happened to a property that are very hard to restore. Make sure you check for signs of the presence of water damage, pest damage, asbestos, mold and faulty wiring. Sadly, in order to see these problems, you may require quite specialized skills yourself. It is very much possible that the sellers don’t know these problems exist. Those home owners that do know the issues are there will try 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. Besides organizing a professional home inspection, what you can do is speak to members of the community. They can tell you about the history of various properties in the area. It is safe to say that most major problems like pests, water damage and mold will occur in more than one home.
Basically, you should not purchase a property that has not gone through a professional inspection. The information above, therefore, is not designed to help you decide whether or not you want to buy, but rather whether or not you want to have it inspected. If you find that there are indeed serious problems with the property but you don’t want to simply walk away, you could consider asking for a large discount so that you can pay for repairs. Do also consider the opinion of your home inspector. Home inspectors will tell you honestly whether or not a certain property is worth investing in.