While there are good deals in real estate, the truth remains that not every real estate property is right for you. It is quite natural to want to snatch a house or property with an affordable price tag but it is important to keep in mind that the value is most likely proportional to that price. If a house is listed at a cheap price, there has to be a reason and it is your place to do your thorough findings.
Home buying these days is no easy feat and if you’ll be buying at all, it is only right that you buy not just a home but also, the quality living experience that comes with it. Here are some warning signs a real estate property is not right for you.
It is true that prices tend to reflect value oftentimes; if the house seems cheaper than others in the neighbourhood, then something may just be amiss. It could be that there are expensive structural repairs that are not obvious that you’ll have to make or just maybe, the house has incurred bills and liabilities that the seller wants to pass on to the prospective buyer.
Chances are that you are already familiar with the neighbourhood in which you are buying. This means that you can guess how much homes tend to cost in that area, so if the price tag doesn’t match in comparison to others in the neighbourhood, try and figure out why.
Also on the flip side, if a house seems priced beyond your budget or means, that may also be a practical sign that the property you are considering is not right for you. It may just be wise to consider a relatively more affordable piece of real estate that will not pose such risk to your financial security, after all, your budget was set for a purpose.
No matter how great a house is, it is not right if the location is not great. Look beyond the aesthetically pleasing structure and focus on the surrounding area. Getting a house in a high-risk flood zone or a high crime rate zone is more of a liability than an asset.
Find answers to questions like; Is the property in an already well developed or developing area? What are transportation costs to the neighbourhood like? Are there schools or businesses around? Visit the house, take a tour of the neighbourhood, and ask questions because these factors are crucial.
3. Inadequate information
If the seller cannot provide adequate information about a property, that’s a red flag that should not be overlooked. Whether it’s paperwork relating to title documentation or those detailing permits for major structural and electrical works in the house, ask to see documents.
Make sure that the titles are clean, and there are no disparities in who is listed as owner and who is selling. Gather as much information as you can and make sure to diligently check the documents provided. If you really have to make a decision in the dark, buying a property should not be that decision; ask all the necessary questions and get all the required answers.
4. A long list of fixes to make
While it is true that some things can be overlooked when buying a house, do not buy a property if there appear to be too many repairs to be done. Whatever renovations that are required should be those you’ll need to do to make the house as aesthetically pleasing as you’ll want, rather than having to restore basic amenities.
It is important to be conscious of the fact that there’s is an incredibly thin line between a good real estate property and a money gulping liability. Do not be in a hurry to buy a property, do your due diligence and do not ignore the warning signs.