Real Estate Problems To Check Out Before Buying

27 July 2017
 Categories: Real Estate, Blog


It can be a financial disaster to buy a house that has significant problems or is valued incorrectly. To avoid making that mistake, you'll definitely want to check on these things when looking at single family homes for sale.

What Is the Market Doing?

One of the things a real estate agent can do is give you a sense of the local real estate market. Even a few miles away, the real estate climate can be pretty different from the property you're looking at. Don't make the mistake of buying a property in a hot city but in an area that's going downhill.

When Are Major Systems Scheduled to Be Replaced?

Your water heater, your air conditioning unit, and your circuit breaker all have at least one thing in common: they have a finite shelf life. Most of these appliances will tell you their expected lifespan directly in the user manual. It's important to gather some info on how all of these systems are doing in terms of their shelf life. Is one of these major appliances destined to break 3 years from now? That is something to consider when pricing the property. Of course, you'll want to have a thorough inspection done to see how the property is actually holding up, but the guidelines written in the owner's manuals should not be ignored.

What Major Repairs Have Been Done?

If there have been several repairs on plumbing, electrical systems, or another specific part of the house, you will want to get a contractor to take a deeper look at that area. Several repairs in a short span of time are not a good sign, and you might find yourself spending a lot of money to replace that system shortly.

What Is the Social Climate?

It's tempting to just focus on the property itself without getting to know the people that come with it. Get a good reason for why the owners are moving, and try to meet some of the neighbors before you close the deal. Nosy, demanding, or litigious neighbors can really ruin an otherwise great property.

Long story short: you may be in love with a property, but just make sure you get all of the details to back up your opinion. Buying a property is more like a marathon than a sprint, and making the most informed decision you can will lead to you being most happy with your purchase in the long run.