How to Avoid Buying A “Money Pit” Home In St Petersburg FL
Whoever said that good things are hard to find was probably talking about real estate. Finding a good house to buy either to live in or for letting is no walk in the park. The biggest tragedy is acquiring a property only to find out later that it is worth only a fraction of the money you got it for. You could also buy a property on a knock down price only to discover later that to renovate it to habitable standards will cost as much as buying a new house. To avoid all this heartache, here is what you look at to declare a property as bad real estate.
A well cared for property speaks for itself. If you go to view a property and you are not impressed in the first instance, it is probably a bad deal. While some houses will be hospitable after minor repairs and touch ups, others are so far gone that it would cost a fortune to put them back to shape. Such houses are better avoided. Care should be taken though, because some properties may have had a fresh coat of paint to mask other underlying flaws. Only a proper inspection can give a good pointer to a good investment.
No current or recent inspections
Don’t get near a house that does not have a current inspection record. Outdated inspection reports are another red flag. If the plumbing, electrical and other features do not have a recent inspection record, you may have to pay for one yourself, but you could be better off keeping away. The owner may have skipped the inspection in fear of what such an inspection would bring to the fore.
Lack of information
If you cannot have any information about the property you are thinking of buying, stay clear. There should be a history of the house, its location, crime rates, availability of amenities and the general lay of the neighborhood. There should be full disclosure of all information regarding the property, a lack of which is your cue to move on to the next property on the list.
The location is paramount to the value of a house. The house itself may be in an impeccable state but in the wrong neighborhood. In places where there is a high turnover of home ownership and tenants, crime is high, or has pollution issues will probably have low or negative growth in value.
There are other factors that will also determine if the house is a sound investment or not. The asking price is one. He house should be within your budget. Consider also the size, parking, and play area for kids and the general area. Do not buy the property if any of these situations cannot be addressed in the short tem. Do all you can to avoid toxic real estate.
If you are looking for homes for sale in St Petersburg FL and want to avoid buying a bad property then I advise you use these guidelines to help you.