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Tips from a Real Estate Agent Why You Should Avoid Buying That Property
As a real estate agent I often see people buy properties that they really should not have bought, but their heart was set upon buying that particular property for whatever reason.
Then there is the sad realization that your dream property is not as great as you first thought. Honestly, finding out that you have several thousand dollars’ worth of home repairs is no one's idea of fun is it.
This is why when you are buying a property you should not buy with your heart or emotions but with your common sense and a practical mind.
Don’t you think this is the best way to buy real estate property, rather than falling in love with someone else’s nightmare?
While a complete home inspection and a good dose of common sense will help you avoid the worst, here are some things that you should also be cautious of.
Here are some warning signs to heed before you sign that contract to buy your dream home:
Problems on the inside
With a careful inspection most of the internal problems for properties up for sale are quite easy to identify.
Things such as termites, damp spots, and cracks in the walls and ceilings.
Other problems are equally as serious yet often hidden by the sellers. For example, cracked tiles in bathrooms may indicate water damage, mold that there are ventilation problems, and brown areas that the wiring connection is poor.
Also other things to consider include water pressure, sticking windows, pipe and drain leaks, insulation levels, and pests of various kinds.
It is best to run through these items like a checklist, seeing which areas you may need to obtain a professional inspection to check.
Honestly it really is best to obtain the help of professional building inspectors before you even consider buying what you think is your dream home, they are trained to know what to look for and how to advise their client’s on what to do.
Problems on the outside
As well as the internals of the property you are considering buying, there are various external problems for real estate properties that are hidden from the overexcited homebuyer buying with their emotions not their common sense.
Also for the first home buyer it could just be a lack of experience when it comes to buying real estate properties.
One crucial element is orientation. For example, if you will be working from home and yet the property's study receives very little natural light, you may want to reconsider.
Other elements include the condition of the fuse box, signs of asbestos ( illegal in Australia), blocked drains, roof damage, garden watering systems, condition and age of nearby trees (possible termites), and pollution levels (consider yours and your children’s health and your own, don’t buy near heavy industry or any industry for that).
Once again, when you have done an initial assessment, you can then hire a professional for an official assessment.
Incomplete documents
If you think you can't be a victim of fraud, think again it can happen to the best of us at any time. If you choose to buy your property without having all the necessary documents, you could be in a very dangerous situation, not just financially, but legally and emotionally too.
Also it is a very stupid thing to do; it is extremely dangerous way to purchase a real estate property.
Have a trusted real estate agent or a trusted real estate buyer’s agent assist you as they know what should be amongst the documents that should be available for your to look at.
The best bet to avoid such a scenario is to hire a solicitor to help with your purchase.
The couple thousand that you may pay is well worth it compared to how much you could lose if you go about it by yourself.
Don’t be a cheap when it comes to buying a real estate property.
Professional are there for you assistance if you just go and ask them for help.
Shady property history
Here are some things you should ask the seller before you even consider buying that piece of real estate:
When the property was first built?
What was on the land before?
Why have there been so many different tenants?
If you are unable to find out the answer to these questions, either because you cannot access the information physically or the seller is giving vague answers, think twice.
There is a high chance they may be trying to cover up a shady past or incident. Such as a murder, it was a drug outlet house or it may have been a brothel in the past. No good if you have a family or are a single parent or elderly. You are best to avoid such properties.
Unprofessional sellers
Furthermore, if the sellers you are dealing with, whether a person or real estate agency, cannot answer even basic questions regarding the real estate property for sale, you may want to reconsider your purchase.
It could be a nightmare to purchase such a property, consider it careful or avoid that particular real estate property.
An unwillingness or lack of knowledge in answering questions suggests that either the sellers are hiding something or else not interested in selling the property.
You should not consider pursuing any such properties further; give them the bum steer.