Yes, interest rates for mortgages are still as low as they could possible get. Additionally, home prices are still low as well. However, it is important to understand that these two factors do not automatically make any property a good purchase. 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 plenty of red flags out there telling you to move away from a purchase. Some problems can be fixed, of course, but sometimes you should just move on. Two things are of particular importance in terms of red flags.
Always look through the neighborhood. Is the number of homes and businesses dwindling? Make sure that you speak to some of the residents and ask about what the community is like. Next, look at the land. If you find that the yard slopes downward towards the property, it is possible that rainwater would run down it and damage the foundations. Noticing bad smells, both in and out of the property is problematic too. Also look for bugs and insects. Make sure you speak to others in the street about this, as they are likely to know about pests.
There are also a number of things that can cause a lot of damage to a property that are almost irreparable. A few of the things you need to look for are signs of water damage, pest damage, asbestos, mold and faulty wiring. Unfortunately, it can be very difficult to spot any of these problems. The current owners may not even know that the problem is there. In the cases where they do know that these issues are present, they may take steps to hide them. It is incredibly easy to hide these significant issues through simple things such as cleaning and switching the power off. To find out whether these issues are there, you can organize a professional home inspection, but you can also speak to community members. They will quickly tell you whether any of these problems have occurred in the area in the past. Usually, problems like pests, water damage and mold don’t occur in just one home.
When it comes down to it, you are the only person who is able to decide whether or not to buy that property. Nevertheless, due diligence should always be exerted. Always make sure a professional inspector has looked over the property first. If some serious issues are identified, you can then decide whether this means the property is not for you, or whether you want to try and have the current owner reduce the selling price. Do be careful with this, however, as you don’t want to end up purchasing a money pit.