Buying a home, especially at this time when economic experts say that the world is gearing for a far worse recession than the Great Depression, is more overwhelming than it usually is. After all, we are in an unusual time. Why do you choose to invest in a home right now? It’s for the reason that many business ventures are also being launched right now. The market is for anyone’s taking. Traditional businesses such as clothing stores, restaurants, and coffee shops have permanently closed. Now is the best time for smaller entrepreneurs to dive into the industries of their choosing.
It’s the same idea that people have about buying a home. This could be the best time to make that investment because families are selling their homes, taking cuts, and downsizing. They’re not even renovating. They just need to grab some cleaning rags and make sure the home looks presentable to the potential buyers.
But as a homebuyer, what are the red flags in a lived-in house? What questions should you ask the seller? How much should you be willing to go when buying a home?
Look at the Overall State of the Property
When a house is lived in, it could look messy and cluttered. But that’s no reason for you to slash the asking price in half. A messy countertop is easy to take care of. You just need a day to organize and fix these things. Besides, the current homeowners will box these up and take them when they leave the keys to you. So, you shouldn’t worry about how cluttered the house is, though it would be nice if the homeowners at least try to impress you.
Were there signs that the home used to be well-kept? Did the current homeowners fell in bad debts, and that’s why they weren’t able to take care of it anymore? Have weeds grown in the yard already? How’s the garage, roof, fence, and basement? These are the areas that not many people see can be problematic.
When the House Was Constructed
Sure, the land itself has been with the current homeowners for generations, but what about the house? When was it constructed? Most homes built before the 1980s have asbestos in them. This could be a deal-breaker, or you could ask for a discount since you have to get this removed from the house. It’s also worth noting that older homes might have structural problems already.
Most potential homebuyers hire a home inspector to make sure that the house is free of asbestos, radon, termites, pests, mold, and many other things. The inspector will grade the property, and from this report, you can make a better offer. Some homeowners already have this, so you can just ask for a copy of the report.
What Comes with the House
The homeowners might choose not to take some fixtures and furniture that will be hard to take out. Remember that you are not required to take them on. The real estate broker should explain this to you in detail. It is okay to pay for the things that you want, such as the gas range and oven. Those are hard to install, so you may want to take those on.
But what about those things you don’t have an interest in? If the homeowners are planning to leave their gym equipment behind in the garage and you don’t want that, what happens then? This is why you need to negotiate well with them. These shouldn’t be forced on you, and you certainly don’t have to pay for them. If you’re going to be the one to dispose of them because the homeowners are in a hurry to move away, then they’ll have to give you a discount for the trouble.
Why the Current Homeowners Want to Leave
The current homeowners will not easily open up to a potential homebuyer about why they’re selling the home. Whether it is personal or the neighborhood’s plain bad, you won’t hear this kind of information from them. So before even thinking about making an offer for the property, research about the area. Find out what other people are saying about the community. Be direct with your broker. The priority is your safety and security. Anything that will threaten that is a deal-breaker.
Don’t complicate the process of buying a home. It’s akin to buying an expensive handbag. You talk to people who know a lot about luxury handbags. You look at what kind of investment is this—whether it has good resell value—and you try to get as much as you can from its cost.
