Yes, interest rates for mortgages are still as low as they could possible get. Also, home prices are perhaps on the rise, but remain very interesting. This does not, however, mean that any home is bargain waiting to be snapped up. The market currently favors the buyer. However, you must make sure that you make careful considerations before you buy. There are plenty of red flags out there telling you to move away from a purchase. Sometimes, this means that you need to fix a problem, but at other times it means that you shouldn’t buy. There are two things you definitely have to look into.
First, inspect the neighborhood. Are people seemingly leaving in a mass exodus? Ask people who live in the area whether it is a good place to live. Have a look at how the land is shaped. If you find that the yard slopes downward towards the property, it is possible that rainwater would run down it and damage the foundations. You should also look into whether there are any weird smells in and out of the property. Also look for bugs and insects. This is also something to ask others in the neighborhood about as they are likely to know all about past insect, rodent or other pests problems.
Now, you need to see how the property was looked after. You should be able to tell whether it was maintained regularly. A home that is run down on the outside will probably be in a similar state on the inside. Check the wiring as well. Although you probably won’t be able to identify all of the problems yourself, some red flags are easy to spot. If lights flicker or outlets are warm, there is a chance that the wiring is faulty. Owners may be trying to hide a problem if you notice that single walls have been painted very recently. Also inspect the windows. Windows that have mold or condensation or that open with difficulty may be signs of very expensive problems.Never even consider purchasing a property that you cannot see in full. If you notice that walls have been changed or other structural work has been completed, you must find out whether this was done by someone qualified to do that type of work.
The bottom line is very simply that a home should never be bought unless a professional inspector has given you the green light. With the information above, you should be able to tell whether or not you might want to hire a professional inspector, or whether it is a clear no on the purchase. If there are any existing problems, you may want to consider not buying the property at all, or asking for a very significant discount as you will have to invest in the repairs sooner or later. Do also make sure you listen to professional inspectors’ advice. Home inspectors will tell you honestly whether or not a certain property is worth investing in.