Yes, interest rates for mortgages are still as low as they could possible get. Also, home prices are perhaps on the rise, but remain very interesting. This does not, however, mean that any home is bargain waiting to be snapped up. Yes, we are currently in a buyer’s market. However, don’t buy without exerting due diligence. The potential issues you may uncover when researching a property could be serious. These problems are not always significant enough to tell you not to buy, but sometimes they are. There are two things you definitely have to look into.
Firstly, always look at the neighborhood. Is the number of homes and businesses dwindling? Talk to your potential new neighbors and ask what the area is like. Look at the land as well. If the land slopes downwards towards the property, there is a chance that the foundations have been or will be damaged by flowing rain water. Noticing bad smells, both in and out of the property is problematic too. Look into whether there are pests. Ask community members of this, as everybody always knows when someone else has pests.
The second key factor to look into is for you to figure out whether you are looking at a foreclosure or short sale property. Of course, these properties are the cheapest, but they are also often in a bad condition and could be a sign of the community.
When push comes to shove, you are the only one who can work out whether or not you want to purchase a property. Also, homes with problems are often available at much cheaper prices. On the other hand, if you then have to pay even more money to fix it up, or if you can never sell it again, then it was a waste of money. Do always remember that a house is more than just bricks and mortar, but rather a place for people to build memories in, and those should be good memories. Although it is certainly true that you should look into the condition of the actual property, focusing on the neighborhood is equally important. A property inspector is all you really need in order to look into the condition of the actual property after all. When it comes to checking out the neighborhood, however, it isn’t so much about cold, hard data, but rather about personal feelings and emotions and whether or not you like it.