You can argue that, over time, you may be more comfortable making these investments and still benefit from getting a cheaper home, but in the long-run, your costs may outway the benefits!
In real estate, “as-is” refers to a listing that the buyer must be willing to accept as it currently stands, waiving the option of requesting any repairs or changes from the seller or even to negotiate the price down.
Often, as-is homes are cheaper for this exact reason, potentially attracting many interested buyers with not much money to spend. But here are 4 things to consider before you say yes to the as-is home.
1. Check for Structural Problems
Structural problems with a home are almost impossible to fix, and if they are, they are likely costly. You can argue that, over time, you may be more comfortable making these investments and still benefit from getting a cheaper home, but in the long-run, your costs may outway the benefits!
Other issues that should be a deal-breaker can include:
- A leaky or faulty roof
- Non-functioning systems, such as the septic system
- The presence of dangerous materials, such as asbestos
- Faulty pipe system, etc.
2. The Area
The problem is the home may not be anything with the house per se, but its location. For example, the property could be located in a zone prone to severe flooding, which can cause wear and tear to the house. Not to mention, it can be a hazard for the safety of you and your family.
Another issue with the area may be connected to the likelihood of pest infestation. If, for instance, there is a big raccoon problem in the area, and the previous owner has had routine interactions with these pests, you will likely go through the same ordeal as well!
3. The Noise
If you go to the open house and notice there’s nice music playing in every room, it may not be because the seller is trying to create a pleasant ambiance. There may be an annoying sound they’re trying to mask. For instance, the house may be close to train tracks, or the highway sounds may be much louder than you think.
This may be a personal pet-peeve of theirs and not bother you that much, but definitely try to identify any noises that could affect your rest in that house.
4. The Ownership Records
Maybe you don’t spot any major issues with the house. But the ownership records may be a lot more telling than the house itself. If you consult these records and see the house has been passed around from family to family, after short periods of time, something may be up with the property.
Sure, some families may need to move because of financial reasons, or they’ve found something better. But if the records show a clear pattern, there is a high possibility that the house has some big issues.
New Jersey Real Estate Agents
If you’re looking for a home in the New Jersey area, Gateway Realty and Home can help you make the right decision. Working alongside an agent will benefit you in many ways. From finding properties with specific criteria to the negotiations and complex real estate paperwork, a real estate professional should really go the distance for their clients. Here are some benefits of choosing a Gateway Realty buyers agent.