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. The buyers currently hold all the cards. However, never buy a property without having researched it. There are plenty of red flags out there telling you to move away from a purchase. Some of these are fixable, others tell you to look elsewhere. Two things are of true vital importance, however.
First of all, you must be wary of the “fixer upper.” These properties are listed as being incredibly cheap, which does make them attractive. Often, we believe that the things that need fixing are things we can do with our own DIY skills. However, you are likely to find that only qualified professionals are able to actually fix the problems. 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. A DIY job can look as if it was completed properly, but you can’t see inside the structures where it is likely that a lot of problems exist.
Then, you must look into historical problems that may have caused problems that simply cannot be repaired. Some of these issues include water damage, pest damage, asbestos, mold and faulty wiring. Sadly, in order to see these problems, you may require quite specialized skills yourself. The current owners may not even know that the problem is there. If they do know any of these problems are present, they may do all they can to keep them hidden. All that needs to be done in order to hide problems like this is a bit of cleaning and reducing power usage. To find out, you can arrange for a home inspection, but do also make sure you speak to members of the community. They can tell you about the history of various properties in the area. It is safe to say that most major problems like pests, water damage and mold will occur in more than one home.
At the end of the day, you should never purchase a property that you haven’t had inspected professionally. 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 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. Also, always trust the advice of home inspectors. They are there to make sure you don’t buy something that isn’t worth your while.