Have You Paid More Than Your New Home Is Worth?
When it comes to finding a good deal, you won’t find a harder place to close a fair sale than the housing market. After all, the price of houses changes from town to town, and even though you can afford to live in one or two parts of the country, you may not be able to afford living in fifteen to twenty other areas.
That’s why it’s so important to think about what you’ve paid for your new home. Whether you’re just about to close the deal, or you’ve just set your eye on the home of your dreams, it’s time to reflect on the money that brought you here.
How Long was the House on the Market?
The length of time a house has been up for sale can be worrying, but it can also be a simple sign of low market interest that’s affecting houses up and down the country. However, you need to be sure about the status that’s specific to the neighbourhood you’re moving into.
So ask some hard hitting questions here. How long did other properties nearby take to sell? And if they all sold in a shorter period of time, what’s wrong with the one you’re looking at? Moreover, how many potential buyers have turned it down? Always ask before singing anything to ensure you pay the price you need to.
What Did Your Inspection Say?
Did you get an inspection of the property done before you moved in? It’s good practice to always have an independent surveyor take stock of the building, to ensure you’re getting what you pay for without any spin.
Something like a ‘pre-purchase’ inspection could save you a lot of money in the long run, even if you don’t want to fork out for the service in the short term. After all, it can flag up hazard areas in your dream property, and tell if you’d need services like rendering companies or roofing specialists, thanks to the home’s secret fixer upper status.
What is the Neighbourhood Like?
Finally, you’ve got to consider the area you’re moving into. Sure, the house you’ve got your eye on is a nice place, and you’d love to move in and make it your own. However, what does the neighbourhood look like? The reasons behind why you’ve been able to get such a nice, affordable price on the home of your dreams may be murky.
After all, the local amenities could be miles away! You could have no good schools nearby, and maybe the local crime rate is higher than you’d like in this area as well. Take all of this into account and do some research – any one of the above reasons could be another factor into why the house has not sold before now.
Moving into a new home should be an exciting time, so don’t let your price worries get you down. Do your research, get an inspection done, and always scope out the neighbourhood before buying.