When it comes to buying a house, the contract seems simple enough. It basically says that the house will be bought by certain terms, how much the seller will receive and who is paying for what.
When you are trying to buy a home to make money in the real estate market, it is important that you do not just buy the home that costs the most money. The homes that cost more money, are more likely to depreciate, which can cause you to lose money.
Good lists are organized by area of the house, usually starting outside. Walk around and then through the home, checking each item on the list. Take notes. If a gutter is coming loose on the side of the house, write it down, along with notes about rotting wood or anything else you notice.
When your real estate agent introduces you to your ideal house, it’s important to get a professional home inspection syracuse. Some inspectors will charge a flat rate and others will charge by square footage, but on average, and inspection will be in the region of $300 to $1000 for the average property. An inspection report is well worth the investment as it could identify potential problems with the house.
It often works like this. For one reason or another, you find yourself visiting a networking event. As you walk within the door, you scan the space and realize you do not know a soul within the room. You explore for the bar, thinking a drink may be the most effective thing. You find something to drink and a place to stand. Eventually someone walks by and you strike up a conversation. You trade business cards and drift apart. This may or might not be repeated. At the top of the evening you may have a little pile of business cards that you just toss on the corner of your desk. You marvel if anything can come of the event, and shortly it fades from your memory.
When shopping for the perfect home to buy there may be some things that are important to you such as finding a home in the right location with a good layout, in good condition. On the other hand you may be looking for a bargain and be planning to do an extensive remodel. There are many choices and this is something to consider. You can buy a home to remodel or buy a home that is already remodeled so you don’t have to do any work.
It has happened twice in my experience that when in escrow previous owners in transactions involving Income property with section 8 tenants the previous owners like to keep the money from section 8 that comes to them after the close of escrow. If they can get away with it they will, watch for this. Another thing that is important is to find a property that is well maintained and kept up because you the owner will be responsible for ongoing maintenance and repairs. Also as tenants move out you will have to renovate the units paint and replace the carpet as required and do cleaning and maintenance before you can rent the vacant unit. It is easier to prepare a well maintained unit for rental than it is to prepare a unit that needs to be completely redone.
Hopefully my top five deal breakers when purchasing a home will save you time and grief, or at least make you stop and think. Look past the pretty porch and lovely garden, look at the bones, find out what the costs are and be an educated consumer.