1st.Time Buyers Traps and financial disasters-REAL ESTATE
Aug 20, 2017
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Ok looking for a house? See a Handyman special for sale? Maybe you are handy? So you say alright, I buy at a low price and do the work myself.
But before you jump into the pool of financial expenses, look at this.......
1) Is it Brick or Frame
2) Does it need siding, new windows, and new roof and leaders&gutters.
3) Electric upgrade or not
4) house sinking, tilting, repairs necessary on sidewalks, rear terraces,etc.
5) Garage? Or Private Driveway or party driveway? If no garage, and party driveway expect cars driving thru or motorcycles driving thru. That spells NIGHTMARE!
6) FIXED UP-Ask the owner if he lives there now? If not expect cheap labor and cheap material just to set up the house for sale! BEWARE!
7) IF A HANDYMAN SPECIAL DO YOU HAVE ENOUGH DOWN PAYMENT, CLOSING COSTS, AND ANOTHER $50K TO FIX UP?
8) If for sale fixed up but owner doesn't live there you pay a higher price for sub par work, and material and then you are stuck with what is there.
9) bedrooms-can you fit a queens size bedroom and the rest of the furniture in the Master bedroom? If not, that is another big knock against the house. And for future Re-Sale to.
10) For the most part buyers are educated, they seek advice from family and friends. So do not be one of those who is less than 1% who get themselves into a very sad deal just to buy a house. Be selective!
Check out for extensions on the house. If so, are they legal?
*FINAL CONCLUSION- A special thank you to several Real Estate brokers who gave their input to make this public awareness article for 1st. Time Buyers.
AUGUST 21, 2017-ALL THAT GLITTERS IS NOT GOLD!