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. However, this does not mean that any home you come across would make a good investment. The market currently favors the buyer. However, never buy a property without having researched it. There are a some red flags that you need to be aware of that could tell you that a purchase may not be the best way forward. These problems are not always significant enough to tell you not to buy, but sometimes they are. There are two factors in particular to be aware of.
First, inspect the neighborhood. Does it look like everybody is leaving? Make sure that you speak to some of the residents and ask about what the community is like. Also check out the land. If you notice that the yard is on a downwards slope towards the property, the foundations could be affected by rain water. Use your nose: bad smells in or out the property are a bad sign. Look into whether there are pests. If there have been bugs or insects, people in the street are likely to know about it, so ask them.
You are now ready to see whether the property was looked after properly. You should be able to tell whether it was maintained regularly. If you find that the owners haven’t look after the outside properly, the inside is likely to be the same. Make sure to inspect the wiring. Real issues can only be identified by a qualified professional, but you can get a good idea yourself. If you spot that outlets are warm or that lights flicker, there is likely to be a wiring problem. Similarly, if you notice that there is a single wall, or just a few walls that have been painted very recently, where others haven’t, the owners may be hiding something. Also inspect the windows. Windows that have mold or condensation or that open with difficulty may be signs of very expensive problems.If an owner declares certain rooms as “off limit”, then go find a different home to buy. Additionally, if you notice that any structural work has been done, such as the removal of walls or floors, you need to find out whether that work was done properly by a qualified architect.
When push comes to shove, you are the only one who can work out whether or not you want to purchase a property. Plus, it is certainly true that a home with problems is often a home that can be sold at an even greater discount. However, you must also be very careful that you aren’t buying into a money pit, or a property that you will never be able to sell again. Homes, whether purchased as an investment or not, are places for people to live in, which means they have to be inhabitable. It goes without saying that checking the condition of the property itself is very important, but the area it is in must be focused on as well. All you really have to do in order to find out whether the property itself is any good is hire a property inspector. When it comes to the neighborhood, however, you need to have a personal feel, something that cannot be achieved by a check box list.