We’re experiencing the lowest prices in 10 years, the cheapest cost of money in 20 years, and very low property taxes so it’s almost a no brainer. It’s a great time to find a piece of the American Dream.
Many take the plunge. They get out there, search the neighborhoods, go to the open-houses and find a property that works best for them. They get their offer accepted and then, wham! Second thoughts set in and sleepless nights begin. Frankly that’s what happens to me and I’ve bought many properties in my 40+ year career of buying, renovating and selling property.
It’s the possibility of surprise costs after I’m locked into a deal that drives me crazy. If a major system like the chimney, sewer system or foundation has hidden problems I could lose a lot of money and my plans to make a good deal would be wrecked.
Frankly that’s why I started thoroughly inspecting buildings. I don’t like making a dumb mistake and end up losing money on a deal. A mistake in real estate can make my life miserable and take years to recover.
My best advice to every buyer is to do your homework. Do the inspections, research the permits, and find out as much as you can about the history of that property and the future of the area.
No one should let their reach for the “American Dream” dissolve into a nightmare especially when it’s very preventable if you fully investigate the property.
By John LaRocca
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