house-and-land-investment

House and Land Investment -


8 Tips For Ensuring Your House is a Good Buy

 By Ian Newton


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Buying a house or apartment is exciting. But don't let your excitement blind you to the real value or the problems you may encounter.

Many people when they purchase property let their imaginations run to what the property could be like if they renovated rather than what it is like now.

1. Ensure you hire a proficient building inspector to thoroughly check every aspect of the building. Best to get someone who has been recommended. Areas of concern are wet areas, check adjacent walls to bathrooms. Look for any water damage near dishwashers.

2. Can you really afford this home. The sub-prime debacle taught us that not everyone who wants a home can really afford to buy one. Ask yourself honestly can I afford the repayments. As I write this interest rates are near their historical lows. Currently they are around 6%, but 20 years ago they were 17%. How did we survive? Simple the average home loan then was around $70,000 now it is $350,000. But our incomes weren't 5 times less, we were actually much better off.

How much would interest rates have to go up before you couldn't make the repayments?

What happens if you lose your job, get sick, or die what insurance do you have in place?

3. Check how old the stove top, oven, hot water system and dishwasher are. Check to see they work? If they are near the end of their life can you afford to replace them?

4. Have a look in the ceiling to see if there is insulation.

5. What kind of roof does it have? You may be prepared to buy an older house with a asbestos roof, but it will affect resale and will cost about $20,000 to be replaced.

6. The condition of the wall and floor coverings that you accept will depend upon your level of resources to replace them. They may prove to be a negotiating point.

7. Don't accept the asking price. Did you know that someone who buys a home under $500,000 is far more likely to accept the asking price than someone who buys a $1,000,000 home. Why because wealthy people are more comfortable with negotiating then lower income earners. You need to get over this and stand your ground.

8. Sure you may have less roof to move on a lower priced home but you never know the circumstance of the seller, so you don't know what you can buy the house for. We attended an auction for a home, they had listed it for $570,000 a few months earlier. They dropped it to $530,000 as the market fell. It was passed in at auction.

We knew the buyer was leaving the country the next Monday so we made an offer of $430,000. We got the house, painted it inside put new carpet in and a few months later it is valued at $530,000 and the market is still fairly flat. This was still a good profit as the owner had been in the house many years, but they could have got $500,000 earlier if they weren't greedy.


And now for your free information on house and apartment buying go to http://www.livingwellpublications.com/home/selling/. This is sellers information which gives you the buyers an insight into what they are doing to get a better price from you!

For my regular blog on many aspects of health plus many fun and interesting topics. go to http://livingwellpublications.com/blog/

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