It is certainly true that mortgage interest rates continue to be at an all time low. Additionally, home prices are still low as well. However, don’t let this lead you into believing that any home purchase is a good one. The market is, at present, in favor of the buyer. However, you must make sure that you make careful considerations before you buy. There are various red flags that will tell you not to buy a property. Some of these are fixable, others tell you to look elsewhere. Two things are of true vital importance, however.
Firstly, be very careful before you buy a property listed as a “fixer up.” These properties are often very cheap, which makes them very attractive. Many times, we believe that we can fix the problems ourselves. However, you are likely to find that you will need to bring in qualified professionals to really do the work. Unfortunately, these professionals cost a lot of money, often more than you may have budgeted for. Next, properties that have had DIY repairs can also be a red flag. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.
Next, make sure you know if the property has been foreclosed on or is going through a short sale. Although it is true that these are the cheapest properties, they are also often in poor condition and in bad neighborhoods.
Basically, you should not purchase a property that has not gone through a professional inspection. However, the hints and tips above should tell you whether or not it is worth investing in an inspection at all. If you find that there are indeed serious problems with the property but you don’t want to simply walk away, you could consider asking for a large discount so that you can pay for repairs. Do also make sure you listen to professional inspectors’ advice. The goal of professional home inspectors is to make sure that you can truly get your dream home, and not some sort of money pit disaster.