It is certainly true that mortgage interest rates continue to be at an all time low. 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 market is, at present, in favor of the buyer. However, never buy a property without having researched it. There are plenty of red flags out there telling you to move away from a purchase. These problems are not always significant enough to tell you not to buy, but sometimes they are. Two things are of particular importance in terms of red flags.
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. Many times, we believe that we can fix the problems ourselves. However, you are likely to find that you will need to bring in qualified professionals to really do the work. The fees of these professionals may be much higher than you had expected. Next, you must be careful with properties that have modifications made that are clearly DIY. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.
You should now look at the property itself and how it was treated. Check the property for maintenance as well. If you notice that there is a lack of structural maintenance on the outside, the inside will probably be the same. Check the wiring as well. Real issues can only be identified by a qualified professional, but you can get a good idea yourself. If lights flicker or outlets are warm, there is a chance that the wiring is faulty. Similarly, if you notice that there is a single wall, or just a few walls that have been painted very recently, where others haven’t, the owners may be hiding something. Also look at the windows. Windows that have mold or condensation or that open with difficulty may be signs of very expensive problems.If an owner declares certain rooms as “off limit”, then go find a different home to buy. If any structural work has been done on the property, you need to make sure that it was done by someone who was fully qualified to do this.
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. You do have to ask yourself whether that bargain is worth the potential financial hassle you are putting yourself through. Whether you purchase a property as an investment or as a home, it is always going to be a building that somebody will live in, and you need to make sure that the quality of life in that property can be pleasant and enjoyable. 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. This is different than a neighborhood inspection, which really requires a personal opinion and feel, something that only you can do and decide upon.