We all know that interest rates are still incredibly low. Also, home prices are perhaps on the rise, but remain very interesting. However, this does not mean that any home you come across would make a good investment. The market is, at present, in favor of the buyer. 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 factors in particular to be aware of.
First, inspect the neighborhood. Is the number of homes and businesses dwindling? Speak to others in the street and ask them about the community. Look at the land as well. If the land slopes downwards towards the property, there is a chance that the foundations have been or will be damaged by flowing rain water. Use your nose: bad smells in or out the property are a bad sign. Look into whether there are pests. Make sure you speak to others in the street about this, as they are likely to know about pests.
A number of things may also have happened to a property that are very hard to restore. These things include water damage, pest damage, asbestos, mold and faulty wiring. Unfortunately, it can be very difficult to spot any of these problems. The current owners may not even know that the problem is there. If they do know any of these problems are present, they may do all they can 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.
When it comes down to it, you are the only person who is able to decide whether or not to buy that property. However, make sure you exert due diligence at all times. Never purchase a property that you haven’t had professionally inspected. If an inspector does find significant issues, you can decide whether you want to leave the property behind, or whether you want to bargain and bring the price down substantially. However, be very careful when trying the latter option, as you may just find yourself with a house that requires a lot of very expensive repairs.