4 secrets to evaluate a home’s potential during a visit
Published on September 30, 2019
You just visited a home and, at first glance, you just didn’t like it: the yard was neglected, the decor was straight out of a previous decade and the owner has put up heavy curtains that block all the light.
All right, but can you look past these small but unpleasant aspects to see the property’s real potential? Is the building in good condition? Does the price seem reasonable?
Here are a few secrets for seeing a home’s full potential when you visit:
1. Ignore the decor
Remember that furniture and accessories are generally not included in the sale. So, you’ll be able to set up the home the way you like it once you’re the owner. Try to imagine what the rooms will look like once YOUR things are in them.
If the paint colour or wallpaper aren’t to your liking, just budget a few dollars extra to change them. This won’t break the bank, and you’ll get a decor that’s just the way you want it.
2. Hire a building inspector
There’s a big difference between a home that’s really dilapidated and a building that needs a little work. To get a clear picture of the property, consult a building inspector. Have them give you a list of the work required along with a cost estimate. Who knows? You might end up finding a good opportunity, at a good price!
3. Evaluate the property’s market value
There are a few ways of assessing whether the asking price is reasonable. You can check the price at which similar properties in that area have sold. The house you’re considering should be within the same price range.
You can also use the services of a certified appraiser.
4. Check the neighbourhood’s potential
Does the area have a major impact on the property value? Is the neighbourhood up-and-coming or going downhill? Are services readily accessible? What’s being built nearby: prestige homes or factories?
Buying a property in an area where demand is growing may turn out to be a sound investment.