Tips For Purchasing A Real Estate Property

Should You…or Shouldn’t You. That is the Question.

  • Is now is the time to buy the home you really want? Investors are divided on whether or not now is a good time to sell your house and upgrade to a larger one. Many are favoring the idea. Since the housing market is rising again, you might as well buy the house you’ve always wanted now. If you buy a smaller home instead, the house you really wanted may be too expensive for you by the time you’re ready to move.
  • What is the Appraised Value? A real estate appraisal is simply that, the expert opinion of a certified, state-licensed professional who determines the value of a piece of property. Picture this very common scenerio: The seller lists the house for $250,000, the buyer offers $200,000 and they settle on a $225,000 sales price. A week before closing, the appraisal comes in at $180,000, the maximum upon which the bank or mortgage company is willing to lend. A home appraisal not only provides you with a realistic figure of what a property is worth and protects you from paying too much for a house simply because you fell in love with it immediately, it also protects the bank from getting stuck with a property that’s worth less than they’ve invested. The home appraisal takes emotion out of the equation and provides a no-nonsense factor in the decision process for the buyer. If your $225,000 dream home is really worth only $180,000, then the home is overpriced.
  • Has the Property had a Home Inspection? Never buy real estate without getting the property inspected first. A professional home inspector can identify hidden issues of a home that you may not notice otherwise. Foundation issues may not been seen by the naked eye, but the inspector is looking for such issues. Electrical, plumbing or sewer problems can be hidden from view. With a proper inspection they are brought to light. Without the proper inspection, you could find yourself in a home that needs major repairs or, worse yet, a complete renovation from the ground up when you weren’t expecting it. This can be a serious problem if there are structural issues after you buy the home that you will be responsible for. The cost of a home inspection far outweighs most major repair costs, can identify issues you may have down the road, and can give you bargining leverage with the seller on the cost of the home.
  • Is a Home Appraisal the same as a Home Inspection? No, it is not. If you’re buying a home, you’ll want to hire an experienced home inspector to point out any potential problems that could turn into costly nightmares in the future. Property appraisers will likely make note of any obvious issues, but they won’t test your heat and air, check the chimney, or determine if your plumbing is up to code. That’s the job of the inspector.
  • Fireplaces are pretty, but are they necessary? Unless you reside in a climate in which it is really needed, refrain from purchasing a house with a fireplace in any other room than the living or family room. You will find that having multiple fireplaces is not only a hassle because they have to be cleaned regularly, they are rarely used, and can drive your heating and cooling dollars right up the chimney.

 

 

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