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 buyers currently hold all the cards. However, never buy a property without having researched it. The potential issues you may uncover when researching a property could be serious. Some problems can be fixed, of course, but sometimes you should just move on. Two things are of true vital importance, however.
Always look through the neighborhood. Are people seemingly leaving in a mass exodus? Talk to your potential new neighbors and ask what the area is like. Also check out the land. If you notice that the yard is on a downwards slope towards the property, the foundations could be affected by rain water. Noticing bad smells, both in and out of the property is problematic too. Next, check whether there are pests. Make sure you speak to others in the street about this, as they are likely to know about pests.
Now, you need to see how the property was looked after. Find out whether it was maintained properly. If you notice that there is a lack of structural maintenance on the outside, the inside will probably be the same. Check the wiring as well. Real issues can only be identified by a qualified professional, but you can get a good idea yourself. If you spot that outlets are warm or that lights flicker, there is likely to be a wiring problem. Owners may be trying to hide a problem if you notice that single walls have been painted very recently. Also inspect the windows. If a window is condensed or moldy, or it opens with difficulty, that may be a sign of very expensive problems.Naturally, never view a property that you are not allowed to see in full. If there have been any structural changes to the original property, you need to check whether these were done in accordance with various building regulations.
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 any problems are present, you can choose to walk away from the property, or you can request a huge discount on the purchase price so you can arrange the necessary repairs. Do also consider the opinion of your home inspector. Their goal is to make sure you get a good deal on a property.