You might be a first time home buyer who might worry about the price of houses in your area. While it is true that house prices have risen a lot in recent years, there are still some great deals to be had. One way you can potentially lower your mortgage payments and get a good price is by buying a former rental home or a home that is currently being used as a rental property that is for sale. There are a few things you should know before buying that will make the purchase easier.
View the Property When Vacant
It is not always possible to visit a house when no one is living there, but the best time to check out a rental property you wish to buy for your own living space is to see it when it is vacant or at least when no one is home. Tenants might feel uncomfortable with strangers looking around the property while they are there, or you might not like them following you around the house. And it's also easier to check out cabinets, possible minor fixes, and the entire property as a whole when you are alone with the agent.
Home Inspection
Like with any property purchase, a home inspection is a definite must. It is important to check out the heating and cooling systems, plumbing and electrical systems and to see if there are any cracks in the foundation walls, leaks in the basement, or any other problems you should be aware of.
The owners of the home might not have taken as good care of the property as they would have their own residence and this could lead to some concerns you may have to fix should you buy the home. If there are any repairs that need to be completed, you could possibly negotiate a lower price or ask that they are done before closing.
Budget for Repairs
Always ensure that the home you are going to buy doesn't have any serious issues you need to take care of. It is possible that your inspection might discover that there are repairs that need to be done before you can move in so always budget for any unexpected expense before you make your offer.
You should include in your offer the cost of those repairs which should bring your bid down rather than up due to the work that will need to be done. If you are in need of a repairman, ask your real estate agent for a reputable company. Your real estate agent can also help you buy property in your area that will best suit your needs.
Share19 October 2017
Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.