It is certainly true that mortgage interest rates continue to be at an all time low. Plus, although they are rising, home prices are still affordable. However, don’t let this lead you into believing that any home purchase is a good one. The market is, at present, in favor of the buyer. However, you must make sure that you make careful considerations before you buy. There are various red flags that will tell you not to buy a property. These problems are not always significant enough to tell you not to buy, but sometimes they are. There are two factors in particular to be aware of.
First and foremost, check the neighborhood. It cannot be underestimated how important it is to check on this. Look into whether the community is growing and thriving, or whether it is declining. Seeing a lot of homes in foreclosure and boarded up businesses is a sure sign of trouble. Make sure you visit the area on two different occasions. This will also give you an idea of what traffic is like at different points. Purposely visit the neighborhood once at night, just to get a feel for what the streets are like at that particular time. Also make sure that you get a local crime report from the police.
Then, you must look into historical problems that may have caused problems that simply cannot be repaired. These things include water damage, pest damage, asbestos, mold and faulty wiring. But it often takes a professional eye to actually spot these problems. It is possible that the present owners do not even know that these issues are there. And if they do, it is likely that they will try to keep them hidden. By simply ensuring the property is very clean and no sockets are used unnecessarily, you are not able to see the problems are there. Besides organizing a professional home inspection, what you can do is speak to members of the community. Unless they are selling themselves, they will generally be happy to tell you whether there have been problems in the past. Generally speaking, big issues like pests, water damage and mold happen in more than one house at the same time.
In truth, you are the only person who can really make a decision in terms of whether or not to buy a home. It is also true that if you are looking for a true bargain, then a house with problems is what you are looking for. However, you must also be very careful that you aren’t buying into a money pit, or a property that you will never be able to sell again. 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. Naturally, it is vital that you also check the property itself, but don’t forget just how important the neighborhood actually is. A property inspector is all you really need in order to look into the condition of the actual property after all. In terms of checking out a neighborhood, there is no data available to do this right, only your own personal feelings.