There are many mistakes that people make when they purchase real estate. You want to make sure that you avoid these mistakes. While there is always a bit of risk in purchasing property, you can reduce these risks if you know what to look for. Here are some top tips to remember when purchasing real estate.
Tip #1 Beware of As Is Properties
There are some sellers, and even some banks, that will sell a property as is, which means they are not going to make any promises or fix any problems before selling. When you purchase this type of a home, you re taking a chance. However, if the seller won t allow you to have someone inspect the property, don t purchase it. There isn t a good reason they shouldn t allow you to have an inspection, and most banks will not even finance a piece of property if there is no inspection done on it.
Tip #2 Plan on Costs that are Unexpected
When you are purchasing real estate, you need to plan on costs that are unexpected cropping up. In fact, you should plan on paying about $2000 in costs you don t expect. Most of the time you ll pay a bit more in expenses than you think you will when purchasing, so you should just plan this amount into your budget.
Tip #3 Look in the Attic of the Home
Make sure that you look in the attic of the home or at least make sure your inspector does, especially if you are purchasing an older home. You don t want to purchase a home that leaks. Also make sure that the older wiring is updated. If there are bare wires up there, this should be fixed. Check into the insulation too and make sure you don’t see any signs of animals up there in the attic.
Tip #4 Look at the Land
Before purchasing your real estate, look at the land. Make sure you see how the land lays. You may not think about that small slope that goes towards the home, but it may mean that water pools up by the foundation of the home. Make sure there is proper drainage and ensure that there are not stains on the basement walls from water coming in.
Tip #5 Use a Real Estate Agent for Negotiations
It s not really a great idea to try negotiating yourself. It s better to go with a real estate agent to present the offer that you want to make. You may hesitate if you make the offer yourself, but a real estate agent will do the job better for you without emotions and feelings getting in the way.
Tip #6 Know the Costs
Last of all, one of the most important tips for purchasing real estate is to make sure you know the costs. Know what the ongoing costs are going to be so you can compare various properties. Think about the cost of insurance and the taxes on the properties as well, since they can vary from one piece of property to the next. Some homes may be more expensive to heat as well. Calculate all the ongoing expenses and this can help you to make a good decision for you.
Author Resource:
Dennis Frank writes informational articles on a variety of interesting subjects including information about Gillette Real Estate Agent. To learn more about Gillette Real Estate, please visit http://www.gillettebusiness.com
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