Open House – 5 Things to Look for Before Making an Offer on a House

House hunting can be a stressful process, however, it is exciting to attend open houses and walk around a potential home to see if you are interested. Many buyers get distracted by features that they like in a home that they often don’t notice pitfalls or downsides to the home. Buying a house is one of the most important and expensive purchases you will ever make in a lifetime so it is extremely important that you pay close attention during an open house and look for specific features that could cause problems for you in the future.

Neighborhood Location

The location of a home is a vital component of making a decision concerning this expensive purchase. It is important to understand the local neighborhood before choosing a home. Things to look at include proximity to schools and stores. Walking around a neighborhood is often the best way to learn about the area and get a feel for what the neighbors are like. If you have small children, you should look carefully at the quality of schools as well as crime rates in the area. Crime rates should have a big effect on your decision to move somewhere. Living alone or raising children in an unsafe area isn’t desirable, and if you ever want to sell the house, it could lower the value.

Plumbing Condition

Obviously having running water in your home is no small thing, so it’s important to inquire about the condition of the plumbing in the home as you walk through it. You may have taken the plumbing in an apartment for granted because pipes, hoses, and water heaters are often hidden inside walls or utility rooms. However, if you buy a home with worn and rusted plumbing, the repair costs are expensive. IF a home has a history of severe plumbing problems, chances are you too will encounter problems with clogging, flooding, and other issues that are unpleasant. You want to ask about the plumbing beforehand so that you make sure you aren’t in for years of frustration and expensive repairs.

Vermin Inspection

Homeowners and real estate agents will make sure a house looks perfect during an open house but there might be surprises lurking inside the walls or attics. Learn how to inspect for vermin including rodents or insects that will make living in a home difficult. According to professionals who provide pest control services, things that indicate vermin include droppings, odors, or strange noises. Look for these things as you are walking around, even when inspecting the interior of the home. It is appropriate to ask the owners or real estate agents if they have ever had trouble with pests in the home, just to be sure. Even if they just get occasional ants in the summertime, it is important to know what you are getting yourself into.

Proper Roofing

Chances are that a real estate agent will not take you up a ladder to view the condition of a home’s roof during an open house. However, before making an offer on a new or older home, you must inspect the roof to make sure it does not leak when it rains or snows. You should do a thorough inspection of the exterior of the home, which is a good time to look at the roof. Look for missing or out-of-place shingles, and keep an eye out for crumbly chimneys—those are expensive to replace. Like with everything else, don’t be bashful about asking about the roof to see if they have ever had problems with it. You can see when the last time they replaced it was which will give you an idea of how many years it will be until you need to pay to have it replaced.

Landscaping

Having attractive landscaping around a home makes it more enjoyable for families, however, it can also mean a lot of work. It is important to walk outside the house looking at the shrubbery, trees, and flowers to see the plant life’s condition. If you aren’t into gardening, you could be in trouble if you purchase a house that requires a lot of upkeep. The previous owners might have planted a lot of plants or even vegetables, and if you don’t plan on maintaining an elaborate landscape, it will take a lot of work to clear the yard of everything they have planted, or you might have to hire a lawn crew to maintain the look for you. For some families, maintaining a large and elaborate yard isn’t a big deal, however, if you are not used to that, it could create a lot of extra work for you.

Before going to open houses to view homes, make a list of the things to inspect inside and outside the building. In addition, prospective buyers should make multiple visits to a home on different days and times to really understand the true condition of the home. Parents may want to have their children see the home before making an offer, which is another reason why multiple visits can be a good idea. Don’t make an offer after only one visit, and make sure you ask smart questions to get as much information about the house as possible. Don’t be shy about asking about the history of the home—you need to gather all the information possible in order to make an informed decision before making an offer.

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House Flipping: 5 Things You Need to Know Before You Try It

Many think of house-flipping as an ideal way to invest money and make a profit. With shows on television in recent years showing people flipping houses and finding success in it, it’s no wonder that people are finding the idea of flipping houses so appealing. However, there are several factors that someone should take into consideration before flipping houses.

Know What You’re Getting Into

Research everything that is involved with buying and selling a house. Get to know property laws and building codes involved with renovating a house. Be aware of any permits that may be needed before you jump in and go looking for places. If possible, talk to a friend or family member who has done it before to get their take on it. Having a mentor or someone to go to for advice will really help you know what you are getting into before you start.

Buy Low

Flipping a house can involve spending a lot of money to renovate the house so that someone will want to buy it. Profit is made when buying the house, rather than reselling it. If someone buys a house for just under the house’s market value, then spends thousands of dollars fixing it up, there will be no room for profit when they finally sell the house. Buying a house at a low price gives more margin for the flipper to work with.

Search Carefully

If the key to making a profit on flipping a house is buying low, then it’s vitally important to search for houses that sell at an extremely low price. Ask around, drive around, browse real estate ads, and look at foreclosure listings, but be sure to do the work needed to find the right house at the right price. Don’t take the first ugly house you see. Look around and even look at different house types in different areas. Compare prices as well as renovation needs and you’ll end up getting a home that you can actually make money off of. When it comes to flipping houses doing research is critical.

Know How Much a House Will Cost to Rehab Before Buying

It’s important to consider all the costs it will take to bring a house into selling condition again before buying. Getting a house inspection before buying ensures the flipper that they know exactly what is wrong with the house and what needs to be fixed. The home professionals who specialize in windows in Orlando suggest that you pay attention to problems with the exterior as well as the interior. Look for things like broken windows, damaged siding, roof issues, and more expensive projects like a crumbling chimney or cracked tile on the kitchen floor. If the renovation costs will be too much to make a profit, then move on to another house.

Utilize a Realtor to Actively Market a Flipped House

Realtors have access to MLS listings, and they know how to market a house to potential buyers. A house flipper could choose to see the house on their own, but they won’t have the resources that a realtor has. You may have the ability to turn an average house into a great home, but that doesn’t mean you will have an easy time selling. Hire someone who knows what they are doing so that you don’t lose out on money while the house sits on the market.

Flipping houses can be a great way to make a profit, but it’s important to approach it cautiously. It’s not as easy as it looks, and learning from others can go a long way. The key will be preparation… Many people jump into this business without knowing exactly what to do and they end up losing money. If you plan to make money flipping houses do all the necessary research and be cautious about all of your choices.

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