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How To Avoid Real Estate “Bargains” that Leave You Broke

The real estate industry in New Jersey went anemic for many years but is slowly getting back on track again with median homes sitting at so enticing price of $318,800, which is about up by 8% from last year’s. Although the current offers do not match the hefty prices during the pre-recession peak more than a decade ago, at $375,900, the increase with percentages ranging from 3 - 18% still looks like good bargain deals.

However, not everything that glitters is gold they say. Before you get too excited to spring out some cash from your bank account to purchase a large property at $200,000 or more, first do your homework as a buyer. You need to have the property inspected to avoid disaster purchases.

The purchase process will require you to handle many steps like establishing your budget, research on market pricing, choosing the type of home loan and working out to get pre-approved by a lender, finding an agent and price negotiations, a whole tiring proceeding. So make sure that all your efforts won’t go to waste. Have your targeted property inspected.

The reason why home inspections are important

Home inspections are a comprehensive examination of a property’s condition which may either be conducted at the time of the sale or after (but are strongly recommended to be done before closing the deal). It is important to perform a home inspection to avoid costly errors by buying a property that requires major repairs.

Qualities of a good home inspector

A good home inspector must be able to thoroughly assess the property at no rush or given time and is willing to have the buyer (or sometimes a seller) around to see how things are done.

Efficient home inspectors can provide you with a complete and useful report about the property’s condition.

To make sure you get a trustworthy partner, you can check reviews about the inspector, their insurance, and how long have they been in the industry. They must also use proper equipment in order to get accurate reports.

Services provided by a certified home inspections provider

A certified home inspection provider would generally assess a property from the structure, exterior, roofing and plumbing systems, electrical and heating systems, cooling system, interior, insulation and ventilation, fireplaces and solid-burning appliances. Many homes may look move in ready but may be bearing hidden damages.

Look for home inspection provider that conduct additional services like radon testing to mitigate or reduce radon gas concentration to avoid radioactivity, wood-destroying insect inspection to detect the absence or presence of home pests, thermal imaging to detect areas of heat loss or areas with high temperature which cannot be seen by the naked eye, mold inspection to mitigate and control mold growth and mold spores. Finally, request a spectroscopy to check roof conditions.

To get your money’s worth, after the general inspection, have your provider conduct a re-inspection to make sure that the agreed reports on suggested repairs and assessments were accurately completed.

Jamie Richardson

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.

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