Are you Buying??? Here is a list of what you must see!
Every transaction is unique and so is every property. A properties location alone makes it unique. What amazes me is the vision that some people have to look at something unwanted, that everyone considers junk and see something spectactular they can do with it. These visionaries sometimes miss the obvious the obvious things in their vision. and I guess that’s where I and other true professionals come in to help. There are certain things that should be looked at when you are buying a property.
1. The property itself in the full light of day. Some inspectors will say the best time to look at a property is during a downpour. I don’t think you have to go that far but I have been amazed when I’ve looked at a property at night and it looks fabulous and when we come back during the day we really see it for the dog it is. Especially the destroyed landscaping in the back yard because apparently the owner house sits pit bulls for friends.
2. The area around the house. This may sound simplistic but in commercial real estate locational analysis is very important. You’ve heard the saying location, location, location and the importance that is put on location. If you are new to an area you should drive around that area and get to know what the neighboring properties are like. Are they similar or inferior? Is this area improving, disintegrating or stable? How do you access the property? Is there a bus stop right out front? The best research you can do is your own reconnaisance.
3. The title. Looking at this document without someone who understands it might be frustrating or simply a feeble exercise, but the title tells you the property’s current to reasonably current state. In fact this defining document can tell you so much about a property it deserves its own seperate article.
4. Any MLS® history you can find about previous sales – times it was on the market before. It may not be relevant now but I don’t care about that. I’d want to see it if I were buying the property. It might tell me something interesting, like this property has taken a year to sell almost every time someone has tried to sell it, or it just 2 months ago for 100,000 less. I might still buy it but it may affect my eagerness to buy it.
5. Any area and comparable sales. Going around looking at houses is not enough! Values can change significantly by just crossing the street. Go one direction and values go up, go another and they sink like a stone. It is easy for the uninitiated buyer to look at a home that is $50,000 more than another one they just looked at and say its over priced, go back and buy the other property thinking they stole a deal only to realize too late that there is a significant difference in the location.
Any Realtor® can and will show you this information. A good one can interpret it for you and help you make a far more informed decision.
It has happened many times in this market that I have shown a client a home they love and we have pulled over in my car, pulled out my lap top, hooked up my portable modem and downloaded this information. In some cases it has put people at ease and in other cases it has raised some concerns that changed their offer strategy changed or they decided not to pursue the property. In the end it’s your cheque and if you’re going to make an offer and buy the property anyway, you might as well see this stuff, it could mean the difference between a great decision and a decision wrought with regret.
