It is certainly true that mortgage interest rates continue to be at an all time low. Additionally, home prices are still low as well. However, it is important to understand that these two factors do not automatically make any property a good purchase. The market currently favors 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. 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.
Firstly, always look at the neighborhood. Is the number of homes and businesses dwindling? Speak to others in the street and ask them about the community. Next, look at the land. 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. Next, check whether there are pests. Ask community members of this, as everybody always knows when someone else has pests.
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. The issue is that identifying these types of problems can be very difficult. 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. It is incredibly easy to hide these significant issues through simple things such as cleaning and switching the power off. To find out whether these issues are there, you can organize a professional home inspection, but you can also speak to community members. They can tell you about the history of various properties in the area. Usually, problems like pests, water damage and mold don’t occur in just one home.
The bottom line is very simply that a home should never be bought unless a professional inspector has given you the green light. 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. The goal of professional home inspectors is to make sure that you can truly get your dream home, and not some sort of money pit disaster.