If you find a property that appears to be an unusually good buy, it may be just that. The most acceptable reason for selling at a below-market price is a highly motivated seller who is working with a deadline to relocate by a certain date. This type of property could have probably sold for a higher price if the seller has the time to wait for the right buyer.
There may be, however, other reasons why a property seems to be a particularly good buy. You should be wary of a property that has any of the following shortcomings.
Any serious drawback caused by a poor location cannot usually be remedied and passes on from one subsequent owner to the next. If the property adjoins a property of significantly lower value, it could limit the future value of the property for sale. Future zoning changes to a property can have a great affect on its investment potential. Proximity to heavily traveled roads can be a limiting factor. A change in school districts also has a huge impact.
Certain features of a particular property also could be the reason for a lower selling price. A home built on a concrete slab typically doesn’t sell for high a price as a home with a full basement. The number and location of the bedrooms and bathrooms is also crucial to most buyers. If, as an example, there are bedrooms located on the second floor without any bathrooms upstairs, this will limit its appeal to future buyers. Other factors include the absence of typical amenities in our area as garage, fireplace and forced air heat and central air conditioning.
Advice: Remember, not every bargain is truly a bargain. Buying a home is one of most important financial decisions you will make in your life, always consult a Realtor to help you make a wise real estate investment.