Using a free online home value estimator like the one on the Freedom Mentor website can save you money if you want to sell your home or buy a new property. It doesn’t matter if you live in Denver or Alabama, knowing the value of your home before you sell or before making an offer is important. If you want to save money, then follow the instructions below. If you are buying a home then you will need to know the value of that home before making an offer. Don’t make the same mistake so many others make. Most buyers just offer less than the listing price, but if you really want to get a good deal then you need to offer less than the actual estimated value of the home.
Many times people offer less than the price and then find out after getting an official home appraisal that the home doesn’t even appraise for the contract price. If you are selling a home then you need to know the actual value before setting a listing price. Most people guess this price based on what other homes in the neighborhood are listed for.
The moment we buy a home is a momentous occasion. The problem, however, is that because we want to buy a home so badly, we sometimes don’t see the flaws the property has. Although we do sometimes fall in love with a property, we should never purchase it without running a few necessary checks. Let’s take a look at a few of these red flags.
Firstly, be very careful before you buy a property listed as a “fixer up.” These properties are listed as being incredibly cheap, which does make them attractive. Many times, we believe that we can fix the problems ourselves. However, you are likely to find that only qualified professionals are able to actually fix the problems. Qualified professionals are incredibly expensive and you may not have sufficient budget for that. Next, properties that have had DIY repairs can also be a red flag. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.
Next, make sure you know if the property has been foreclosed on or is going through a short sale. Yes, you can get an amazing deal on this. However, many of these properties are in terrible condition and it can also be a sign of trouble in the neighborhood itself.
In truth, you are the only person who can really make a decision in terms of whether or not to buy a home. It is also true that if you are looking for a true bargain, then a house with problems is what you are looking for. On the other hand, if you then have to pay even more money to fix it up, or if you can never sell it again, then it was a waste of money. A home is a place where someone, either you or a tenant, will have to live and this means it does have to be an enjoyable property to seem extent. It goes without saying that checking the condition of the property itself is very important, but the area it is in must be focused on as well. A property inspector is all you really need in order to look into the condition of the actual property after all. When it comes to the neighborhood, however, you need to have a personal feel, something that cannot be achieved by a check box list.
We all know that interest rates are still incredibly low. And yes, the prices of houses are still low enough to be very interesting. This does not, however, mean that any home is bargain waiting to be snapped up. The market is, at present, in favor of the buyer. However, don’t buy without exerting due diligence. There are a some red flags that you need to be aware of that could tell you that a purchase may not be the best way forward. Sometimes, this means that you need to fix a problem, but at other times it means that you shouldn’t buy. Two things are of particular importance in terms of red flags.
First and foremost, think hard before you buy a “fixer up.” It is certainly true that these properties seem very interesting because they are so affordable. Many times, we believe that we can fix the problems ourselves. However, you are likely to find that only qualified professionals are able to actually fix the problems. Unfortunately, these professionals cost a lot of money, often more than you may have budgeted for. Secondly, be very careful of properties that have clearly had DIY adjustments. Although a DIY job can look great on the surface, it is likely that it actually has a whole lot of problems.
Secondly, you need to know whether the property you are buying is a regular sale, a short sale or a foreclosure sale. Yes, you can get an amazing deal on this. However, many of these properties are in terrible condition and it can also be a sign of trouble in the neighborhood itself.
When it comes down to it, you are the only person who is able to decide whether or not to buy that property. But do make sure to exercise due diligence. Never purchase a property that you haven’t had professionally inspected. If you do find a property has significant issues, you have the option to simply walk away, or you can try to have the price decreased to compensate for this. However, always be careful that you do not get tied into a money pit.