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Three Things to
Avoid When Buying a Home
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Whether you're a first-time homeowner
or moving on up the property ladder, home buying can be tricky. How
do you draw the line between a money pit and a diamond in the rough?
Here are three things to keep in mind. Depending on the circumstances,
these might be reasons not to buy.
Neighborhood. Unlike the rental world, where neighbors last a year,
a house is a long-term commitment. Your neighbors when you move in may
very well be your neighbors for some time to come, and that's something
to keep in mind when looking at a potential new home. Also consider
proximity of the house to things like schools, stores, and major roads.
If there's a highway nearby, some questionable properties, an unfriendly
feeling, or anything else that feels uncertain, it might be wise to
give that house a pass. After all, you might be able to fix your house,
but you can't fix your neighborhood.
Major repairs. Many inexperienced home buyers make the mistake of not
checking out every aspect of the property thoroughly. Getting a great
deal on a house with a roof that needs replacing is not that great of
a deal. Check out the furnace, central air, and the plumbing and electrical
systems. Major problems don't necessarily mean you shouldn't buy the
property, but they should be included in the price negotiations. A good
realtor or seller will factor in such considerations, and you may be
able to buy the house for less if it's understood that you're responsible
for replacing the roof. Just don't get duped. Don't take anyone's word
that the furnace is new- make sure of it.
Water Damage. Check this one out- thoroughly. Is the house located in
a high-flood area? Is something important (like the roof or basement)
leaking? If water damage occurred once it's not likely to stop unless
the problem- aka the flow of water- is corrected. This could lead to
expensive irrigation systems and internal repairs. I heard a horror
story of a house that began with a water spot on a wall, and led to
removing the floor and vacuuming out two feet of water. Water damage
is often a sign of a bigger problem. Unless you can trace it to its
source and identify how to stop it, it might be best to steer away from
water-damaged property altogether. Why sign up for trouble?
Keeping your eyes open going into a real estate negotiation is the most
important thing. If something doesn't feel right, trace it backwards
until you figure out why, and then decide if it's worth it to go ahead
with the purchase. Sometimes you'll find it's easy to walk away from
a great house in a bad neighborhood. Other times, you can get your purchase
price substantially reduced if you can point out exactly what repairs
are needed. The trick is to catch those needed fixes- because the seller
may not point them out for you.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with real estate; visit
http://real-estate.online-business-idea.com
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