Buying a house can be exciting, but you don't want to be so eager that you don't take the time to negotiate the price, and you don't want to overpay. You want to tell your real estate agent what your budget is after you have gotten a preapproval letter from your lender, and when you know what you can afford.
If you are looking at homes for sale that have been fixed up and updated, although they were built years ago, you have to be careful. Here are things to keep in mind and talk with your agent about.
Listing Prices Aren't Sale Prices
When you look at comparable properties that are for sale on the market, those are the listing prices. That's not likely what other people are paying for similar properties. Talk with your real estate agent and tell them you want to see comparable sales prices, not active listings. This can help you with negotiating, and help you decide if you want to pay what the asking price is for a listing.
Upgrades Aren't Always Worth a Lot
Just because the previous owner decided to put in new carpeting or upgrade all the appliances doesn't mean that you should be paying for the full amount that they invested in the property. You may want to replace the carpeting, and most houses usually come with appliances. Talk with your agent about what changes they are trying to get top dollar for, and what the value is really worth.
Get a Detailed Home Inspection
You don't know how many of the upgrades that you see and like are DIY projects that the homeowner didn't get permits for, and that weren't examined by the city. An inspection will help to show you what areas are a risk as a buyer, what needs to be repaired or replaced, and what is in good condition. If the house was built mid-20th century, you might want a lead or asbestos test completed.
If you are shopping for a home and a lot of the properties that you're looking at have been updated and worked on by the homeowner, be sure that you keep all of these things in mind. You want to know that you are investing in a property that is worth the money, and that you are buying a home that you aren't overpaying for just because you want to get into a house or because you see newer features. Talk with your agent and start going through listings.
To learn more about local homes for sale, contact a realtor today.
Share11 November 2019
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