Forget It: When Low Home Prices Aren’t Worth ItInk Well Mag August 31, 2016 0 COMMENTS
Affordable homes today are a little difficult to find. This is why when you spot a low-priced property, it is tempting to call the sales agent and make an offer before somebody gets it. While this may be a great move sometimes, low home prices could also be fooling into buying a home that will demand more expenses in the future.
Americanloans.com and other home loan companies share some situations where an inexpensive house is not worth it.
A house offered with a price that’s too good to be true may have a downside. Be sure to research the area to find out the quality of life in the neighborhood. Sometimes, homes are discounted because the city lacks services. Never give in to a low-priced house if the neighborhood lacks police protection, garbage pickup services, and other utilities. The money you will save won’t justify the lower quality of life the area has. It is better to choose a more expensive house that won’t compromise living your quality.
Not Move-In Ready
Many homes that are below the city’s median price may probably need a lot of repairs. Rehabilitation cost should not exceed the price of a home in a good condition. Make sure you are getting a good deal by assessing the true condition of the property. It is also important to note that renovation or rehabilitation may take weeks or months to complete, depending the work that needs to be done. You may not be able to move in as early as expected.
Other Hidden Expenses
Sometimes, super affordable homes have hidden costs may not come up while negotiating a deal. There may be unpaid utility bills or property taxes in the homeowners’ association fees. There may also be renovations that were not apparent during home inspections. Keep in mind that it is fine to buy an inexpensive home, but make sure that the extraneous costs that arise at closing cost will not ruin a supposedly good deal.
Don’t let low prices fool you into buying a home that is not worth it. Get help from mortgage companies to find how much house you can afford and buy a property that you deserve.