Low home prices may seem like a steal, which may then tempt you into calling the seller to make an offer. While affordable homes can sometimes be a good deal, they could also trick into purchasing a property that will require more costs or expenses in the long run.
This is why you should carefully evaluate the true state of the home before making a decision. Mortgage companies in Guildford suggest not letting the price fool you into buying a house that is not truly worth it. Here are a few situations where purchasing an affordable home is a bad move:
The house demands a lot of repairs.
Some houses that are below the median price of the city may not be move-in ready. This means that it probably needs lots of repairs to make the house livable. While there is nothing wrong with buying a home that requires repairs, the cost of rehabilitation should not go beyond the value of a move-in ready property. Be sure to assess the condition of the home and take note that depending on what needs to be done, that renovation may take several weeks or a few months to complete.
The neighborhood has a low quality of life.
If you come across an affordable property with a nice kitchen and rooms, it may be good to be true. Do some research about the neighborhood and find out about its quality of life. Keep in mind that some properties may be cheap because the area lacks services like utilities, garbage pickup, police protection, and others. In a case like this, the money you’ll save will never justify the poor quality of life in the neighborhood. It is best to forget the house and move on.
There are lots of extra/hidden expenses.
In some cases, cheap properties have lots of hidden expenses that you may not know of until closing. Be sure to ask for such costs like unpaid utility bills and property takes. You should also take note of the minor renovations needed to be completed. While there is nothing wrong with buying an affordable property, make sure that the extra/hidden expenses will not ruin a supposedly great deal.
Affordable homes will always be appealing, but you shouldn’t overlook their flaws. Get in touch with a reliable mortgage company to find out the amount of loan you can qualify to buy the home that is right for your needs.