Home-Buying Checklist: Things to Consider Before Making an Offer on a Home Property
What are some factors to consider before buying a resale flat house?
Chris just finished college and knows he’s got it all, a degree, a job, a car, a lovely wife and two kids. Chris decides to take his career to the next level by delving into real estate. He decides to buy houses from owners and put them back on resale.
Chris bought the first house, made some changes and then put it back on the market. Days pass, weeks pass, and even months but no one are making an offer on the home Chris purchased. This is because there are certain things Chris should have considered before buying and selling a house for profit which he didn’t.
Are you in such a predicament?
Are you wondering how come you just cannot seem to make one sale of the properties you have put on the market? Or are you simply into real estate and you are wondering what buyers look for before signing that check on a house for sale.
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Or you are a buyer who wants to purchase a house that has been lived in before, and you are wondering, what are the things you should consider before taking that leap and buying a house.
Well, here are ten things everyone in these situations should consider before buying a house for resale.
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If you are interested in buying a house for resale, the very first thing you should consider is the location of the house.
The location of the house is very important. Not very many people are keen on the idea of staying in a house that is far from other homes. Buyers consider things such as the things surrounding their homes, including the beach, industries etcetera.
Proximity to basic amenities is also another thing you should consider before buying a house for resale. Is it close to good schools, a market, a bank, the city, and the likes? This is because no one would love to spend hours on the road every morning before they get to where they are going.
3. How long has it been in existence?
Before buying a house for resale, it is important to consider when it was built. This gives you an idea of the condition and model of the facilities in the house and how long it has been used. It helps you to know if the facilities are outdated or recent.
4. Why is the House on sale?
Another important thing to consider when buying a house for resale is why the owner placed the house on sale. It could give you clues on how flexible the owner would be on the price, or help you avoid making mistakes.
5. The Condition of the House
It is also important to check the condition of a place before making an offer. You shouldn’t let the price; new paint or new furniture fool you. It wouldn’t be nice if you buy a house for resale for $75000 and end up spending $25000 on renovations or remodeling.
Having a good knowledge of the working facilities in the house helps you make estimates on the changes you will need to make after purchase.
6. Make Research on the Surroundings
Each house exists close to others. I once rented a house without proper research on the neighborhood, only to find out it was situated next to a rubber industry! The smells were nothing to write home about.
Before buying a house for resale, it is important to find out about your neighbors, the surrounding buildings, and the neighborhood in general. Find out if the noise, smells or sights are up to your taste.
Do you know the best time of year to buy a house? A good idea would be to visit the house at different times of the day or even different seasons in a year. Some places could become seriously waterlogged during the rainy season and if you purchased such a house during the dry season, you will find out the hard way.
7. Seek the Opinion of Others
Sometimes, when buying a house for resale, people make the mistake of going with their first instincts. You could be blinded by your attraction to the house or by the sweet talk of the seller.
Therefore, to avoid mistakes, it is important to seek second and third opinions from others. Your neighbors-to-be might be a good place to start.
8. Research the Market Value
Before buying a house for resale, it is important to note how much that house is sold. Find out other houses similar to your intended house that has been recently sold. This gives an idea of the perfect price to place on the house.
9. The History
It is important also to know the history of a house before buying it for resale. Ask around to know if something bad has happened there before including crime, fire outbreak, or other accidents. Your neighbors could also be helpful in this area.
10. How long has it been on Sale?
The longer days a house stays on the market, the lower the value of that house. Therefore, a good knowledge of how long a house has been put up for sale could help the buyer in determining the right offer to place on the house. This is one of the many important things to consider when buying a house for the first time.