Yes, interest rates for mortgages are still as low as they could possible get. Additionally, home prices are still low as well. 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 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 true vital importance, however.
First and foremost, check the neighborhood. This is one of the most important things you will do. Is it a growing community, or is it in decline? If you notice many homes are being foreclosed and local businesses are closing, then the community is declining. Make sure you visit the area on two different occasions. This is also a great way to find out what traffic is like. Don’t forget to schedule one evening visit, to see whether there is nuisance on the streets at night. Also make sure that you get a local crime report from the police.
You should now look at the property itself and how it was treated. Check the property for maintenance as well. A home that is run down on the outside will probably be in a similar state on the inside. Also, look at the wiring. Real issues can only be identified by a qualified professional, but you can get a good idea yourself. Flickering lights and hot outlets are major red flags. If you notice that only a few of the walls have been painted recently, it is possible that the owners are trying to hide something. Check the windows. If there are signs of condensation or windows don’t open properly, it could be a sign of serious damage that will cost you a lot to repair.Never even consider purchasing a property that you cannot see in full. If any structural work has been done on the property, you need to make sure that it was done by someone who was fully qualified to do this.
The reality is that you are the only one who can decide whether or not to buy a property. Also, homes with problems are often available at much cheaper prices. You do have to ask yourself whether that bargain is worth the potential financial hassle you are putting yourself through. Do always remember that a house is more than just bricks and mortar, but rather a place for people to build memories in, and those should be good memories. Naturally, you do also have to look at the property itself, but the importance of looking into the neighborhood cannot be denied either. To check on the actual property, all you really need to do is hire the services of a property inspector. This is different than a neighborhood inspection, which really requires a personal opinion and feel, something that only you can do and decide upon.