Yes, interest rates for mortgages are still as low as they could possible get. Plus, although they are rising, home prices are still affordable. However, this does not mean that any home you come across would make a good investment. Yes, we are currently in a buyer’s market. However, never buy a property without having researched it. The potential issues you may uncover when researching a property could be serious. Sometimes, this means that you need to fix a problem, but at other times it means that you shouldn’t buy. 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. Make sure you visit the area on two different occasions. 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.
You should now look at the property itself and how it was treated. Find out whether it was maintained properly. A home that is run down on the outside will probably be in a similar state on the inside. Also, look at the wiring. Only a qualified electrician can identify real problems, but you can have a general look. Flickering lights and hot outlets are major red flags. Owners may be trying to hide a problem if you notice that single walls have been painted very recently. Also look at the windows. If a window is condensed or moldy, or it opens with difficulty, that may be a sign of very expensive problems.Naturally, never view a property that you are not allowed to see in full. Additionally, if you notice that any structural work has been done, such as the removal of walls or floors, you need to find out whether that work was done properly by a qualified architect.
The bottom line is very simply that a home should never be bought unless a professional inspector has given you the green light. However, the hints and tips above should tell you whether or not it is worth investing in an inspection at all. If the property does have problems, you can decide to walk away from it, or you can demand a substantial discount in order to pay for the repairs. Also, always trust the advice of home inspectors. Home inspectors will tell you honestly whether or not a certain property is worth investing in.