|
|
If you're buying a house strictly for financial reasons, look at each house you're considering as you would evaluate a purchase of stocks or bonds.
To buy a house as an investment, look for one that is selling for below the fair market value, because of special circumstances such as a divorce, a relocation, or a foreclosure.
Don't buy one of the first houses in a subdivision. The developer may go bust and be unable to complete the development.
Check out the reputation of the builder by talking with people who live in some of the builder's houses.
Make any offer on a home contingent on its passing an inspection. The purchase also should be contingent on your ability to get financing at or below a set interest rate.
Get an owner's title insurance policy that covers you, not the lender, if your ownership is successfully challenged.
Hire a real estate attorney to review the closing papers and, if you're buying a house still under construction, to draft or review the purchase contract.
Use a real estate agent who represents your financial interests, not the seller's.
Before you buy a house, try your commute to work during rush hour.
Learn about the area surrounding a potential purchase, including the potential for new roads or new development.
Look at a property while it's raining to see how water flows across it. Look for signs of poor drainage and danger of flooding.
Buy a house that's fundamentally sound, in construction and materials, even if it doesn't have the latest, greatest design features.
|
|
|
|
|
Home
