Some important things to consider before you rush out and buy a cheap house:
Choose The Right Neighbourhood
It is very easy to be tempted by an all-out bargain especially if you are working with a very tight budget. But being lured in by cheap prices and disregarding all other important considerations may actually cost you more than you would think. Buying a property also means that you are willing to take in more than the house and lot it sits on. By buying a house, you are also in effect, accepting the entire neighbourhood surrounding the property. Thus, you must always consider the community, its safety, its people, and whether you or your prospective tenants would feel safe and secure in such a place.
Watch Out For Hidden Costs
While cheap houses may not necessarily mean run down properties, it might still be a good idea to conduct a thorough inspection of the property before you ink a deal. It would be better if you already have a pre-drawn list of all the things you need to see and check so that you go beyond a basic inspection. Check the house to see if there are any hidden costs that may jack up or offset its purchase price. It is understandable to do some repairs, but make sure you are aware and it’s kept to a reasonable amount.
Only Deal With A Professional
When you hire a tradesman to do a certain task for you, make sure that you are dealing with a person who knows how to do the job right and not create any further problems for you. Be wary of those who pretend to know what they’re doing, give you shady estimates, vague scenarios and tells you to pay for things you do not actually need. Be assertive and be sure to only hire results based professionals.
Consider these important points and you can enjoy the benefits of a below market house.