As-Is Homes: What to Know Before Buying

Posted on Jul 5 2018 - 8:41pm by Admin

Buying New HomeAs a buyer, it would be normal to check on a product before buying. After all, you’re investing your hard-earned money and would naturally like to gain what you paid for. But for people buying as-is houses, the overall condition of the property is not really favorable, but people still invest in it.

Homebuyer companies are usually the ones responsible for helping buyers find the house of their choice. As a buyer, the moment you decide to buy as-is homes, you know very well that you’re in for a surprise. This does not mean you should just accept everything, though.

Here are some things you should still keep in consideration before signing the contract

Funds

As-is homes are sold at a way cheaper rate than regular homes on a real estate listing. This is because repairs and damages are understood to be shouldered by the buyer. These kinds of homes are a gamble and can either cost you more or less than you imagined, so having a more than enough finances to cover the unpredictable is a must.

Time

If you’re looking to moving to your new home immediately, as-is homes can be the right choice for you — provided it’s in a livable condition. Otherwise, it might take time before all the necessary repairs are made and be livable again.

House condition

Like other real estate properties, you can always pay such houses a visit. Inspect with your eyes and see whether it’s worth the money you would be spending or not. A savable house (considering you have funds) is almost always a worthy investment.

Disclosure

It’s the seller’s responsibility to disclose any known damages to the buyer. Incomplete disclosure can mean a case of fraud. Always work with a professional and check on such clauses before signing the agreement.

Buying as-is homes is always a gamble. But if you know which ones to buy then your percentage of finding the right property can definitely be higher.