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. However, don’t let this lead you into believing that any home purchase is a good one. The buyers currently hold all the cards. However, you must make sure that you make careful considerations before you buy. The potential issues you may uncover when researching a property could be serious. Some of these are fixable, others tell you to look elsewhere. There are two factors in particular to be aware of.
First and foremost, think hard before you buy a “fixer up.” Many people are interested in these properties because the price is so low. Often, we believe that the things that need fixing are things we can do with our own DIY skills. In reality, however, they are often things that must be done by qualified professionals. The fees of these professionals may be much higher than you had expected. You should also be wary of properties that have had DIY fixes. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.
Now, you need to see how the property was looked after. Check the property for maintenance as well. If you find that the owners haven’t look after the outside properly, the inside is likely to be the same. Make sure to inspect the wiring. You are not likely to be an electrician, but there are certain things you can easily notice yourself. For instance, flickering lights and hot or warm outlets are signs of a bigger problem. Owners may be trying to hide a problem if you notice that single walls have been painted very recently. Check the windows. If a window is condensed or moldy, or it opens with difficulty, that may be a sign of very expensive problems.If an owner declares certain rooms as “off limit”, then go find a different home to buy. If there have been any structural changes to the original property, you need to check whether these were done in accordance with various building regulations.
In the end, it is only you who can decide whether or not you will buy a property. Nevertheless, due diligence should always be exerted. Do only purchase a property once you have had it inspected by a professional inspector. If any issues are found, it is up to you to decide whether you then want to step away from the property, or whether you want to use it as a bargaining tool to bring down the price. However, always be careful that you do not get tied into a money pit.