Real Estate 101: Avoiding Toxic Bargain Properties
Although a good price for the home that you are interested in is likely right on the top of your checklist of things to look out for while searching for the perfect new home, it definitely shouldn’t be the only thing. The sales price of the property that has caught your eye is only the first part of the puzzle that needs to fall into place in order for you to receive the best value for all of your money. Even a home that is priced well below the average price per square foot can prove to be toxic, if there are internal problems that aren’t revealed before the purchase of the property. Plumbing or structural problems, for example, can under the right circumstances cost a substantial amount of money to fix. Even a property priced well below the competition in the area can easily end up costing more than its worth. This makes it so important to find all of the shortcomings of a property before you sign on the dotted line.
Seeking Professional Help
Let’s face it: even the most careful buyer that tries to inspect as much of the property as possible can be fooled by a deceitful seller who knows about the problems of their property, and then actively tries to hide them in an attempt to raise the selling value of their home. Going to home inspections and visits with your realtor – and in some cases, an appraiser – is an important part of the property buying process. They know what to look out for, and more importantly they can guide you and help you ask key questions. Those who believe that saving cost by cutting out the professionals are often the same buyers who end up overspending on a property that looked like a bargain at first glance, but turned out to be a money pit full of issues. With all of the experience that realtors, home inspectors, and appraisers bring to the table, any purchase will be much safer with less of a chance for negative surprises after you purchase.
Bottom line: do your research, ask questions, work with your realtor, and remember the old saying – if it looks too good to be true, it probably is!