Buying a house is an exciting time for any person.
Soon, a piece of land will belong to you and you can do what you want with it. You can live in the house already residing on this land, you can knock it down and build your own house, you can even rent it out and earn money on it. Unfortunately, sometimes people rush into house purchases without fully investigating the property first, and they can end up with houses that lose value instead of gaining it, which can result in huge losses on the part of the new homeowner.
It’s enough to make anyone nervous about their purchasing of a house, and anything other than Brighton East real estate can be a gamble at the best of times. However, to make things a little easier, we have written up six things to avoid when purchasing a home to take some of the guesswork out for you.
Low-growth suburbs tend to be suburbs without things to draw people in, to make living there desirable. A suburb without a primary or secondary school, for instance, could be considered low-growth, because families make up a large portion of the housing market, and living near a school is important to parents. Avoiding buying in these areas means buying in areas that have a good chance of growth in market value, so you know that your house won’t end up selling for less than you bought it for.
The immediate surroundings of your house can affect the reliability of it as a property, because things like old, unstable trees in the vicinity of a house, or clay foundations under the house can make the value drop, or endanger the residents of the house. Clay can hold volumes of water inside for many years, which can swell in heavy rainfall and warp doorways and support beams of the house.
Unstable trees can drop in strong winds or extreme weather and take out whole rooms of a house, destroying belongings and lives in the process. These things are dangers, and they can’t always be removed, so they’re better avoided at all costs.
Suspiciously Low Prices
A house price is usually the maximum a person can get for a house, and not a dollar less, so when a house is suspiciously low in price, there has to be something causing that low price. Despite the hopes and dreams of some potential house-buyers, perfect houses are never cheap and never perfect.
If you can’t find anything wrong yourself, bring in a series of tradesmen to evaluate the house in all aspects. This will cost a bit of money, but you’ll either discover nothing wrong with the house and buy it for a suspiciously low price, saving hundreds of thousands in the process, or you’ll discover what’s wrong and avoid it altogether.
Old houses are usually bad news.
This isn’t always true one hundred percent of the time, but the older a house is, the longer the construction materials have had to become compromised, and the more likely an instability is. Have any building older than 20 years evaluated before buying.
This may seem like a minor thing to a potential homebuyer, but it becomes a major problem when you move into the house and realise that these are the people you are surrounded with for as many years as you both choose to live there. When buying a house, ask the potential neighbours about the neighborhood. Any truly awful neighbor should come up immediately.
This is very important, because naturally occurring valleys with houses at the bottom are usually formed over millions of years into the perfect shapes for their purposes, but man made valleys are not, and so many of them experience serious flooding issues. A man-made valley can mean the end of your floors and your gardens after a torrential downpour, and once the word is out that your valley floods your house prices will go down, meaning a monetary loss.
With these things in mind, you can be safe in buying your home and living long and happy lives there.