The Dangers of Buying a Cheaper Home
Are you searching for a new home or a place to live? If so, then you might be considering a cheaper property. This could be an older home and one that has perhaps seen better days. It could have aesthetic issues as well as deeper problems that have led to the owner struggling to sell it at a higher price. Before you jump on this opportunity as a fantastic investment, there are a few things that you must consider.
Is It A Money Pit?
The last thing you want is to end up with is a money pit. If you are unfamiliar with this term, then it’s basically a home that needs a wealth of repairs and renovations. These probably aren’t going to fit into the typical home buyers’ budget. Usually, all the changes that need to be made won’t be apparent when you buy the property either. Instead, they will slowly reveal themselves as time goes on. Before long, you will realize that you need to spend thousands on the home to get it in a livable condition.
There are numerous issues that often need to be dealt with when you have this type of property. This includes structural issues, as well as pipes that are shot. Usually, you’ll find that the home will end up costing more or just as much as buying one brand new on the market. To avoid purchasing a money pit, you need to complete an extensive investigation of your property. You should not avoid a survey.
You might find that a home is selling at a low price because it could have issues that may be potentially threatening to your health. An example of this would be a property with asbestos in the walls. Asbestos was once commonly used as a form of insulation. However, more recent research has shown that it is linked to rare health issues such as mesothelioma. It is important to be aware that if you are exposed to asbestos or you purchased a property and were not informed of its presence then you may have rights to claim damages. You should, therefore, consult with a mesothelioma attorney. They will be able to offer you the right advice on this matter.
Is It In The Wrong Area
Sometimes, there might be a property on sale for a low price when there is nothing wrong with the building itself. If this is the case, it’s usually in a poor area. You should research and check out the crime rate. You might find that it’s well above average and if that’s the case it can make the insurance costs on a property like this an absolute fortune. Alternatively, you might also want to explore government developments in recent years. A telltale sign of a poor area will be there are are no signs and indeed no plans to develop the infrastructure. Areas like this have essentially been abandoned by a local government and it causes the value of properties to become more or less worthless, at least in terms of real estate.