When focusing on buying property for little or no money down, it’s easy to jump too quickly at any seller willing to deal. As a result mistakes are made, like overpaying, agreeing to too high of an interest rate or buying property that fails to increase in value.
For this reason it’s important to evaluate the property on its own merits and from several different aspects.
Some questions to ask yourself when looking for prospective property are:
- Is it located in a growing city?
- How about the neighborhood?
- Are there a lot of vacancies near by?
- What are the price ranges of comparable properties in that area that are for sale?
- Are businesses coming to or leaving the area.
All these questions will have a bearing on the future value of any property and should be examined carefully before an intelligent decision can be made.
As stated earlier, the single family residence offers the best opportunities for the average person entering the real estate market.
Most experts will tell you to never buy a two bedroom or less home. There are far too many people that need three or even four bedrooms. These homes are easier to sell and rent. It’s also beneficial to have a garage, fenced in yard and central air conditioning, all popular features that make reselling or renting less difficult.
March 15th, 2008 at 7:43 pm
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