What to Look for When Buying Real Estate

It is our dream to have our own home 3-5 years from now. Like most people, purchasing a home is likely the biggest single investment we will make in our lifetime. With new housing starts at an all-time high, it may be time for us to consider getting into the market. An informative article about real estate suggested that one of the tips to buy Real Estate successfully is a house, condo or building in excellent condition and in a good neighborhood. 

For a perfect nest for my family, we're not only considering the number of rooms, condition of the kitchen, and size of the yard but also the LOCATION. We can live with almost any imperfection in a home if we love the neighborhood and our neighbors. We can change almost everything else. But, once bought, we cannot change our home's location. On house hunting we consider any potential home's proximity to our work, the charm of the neighborhood, how the home is situated on the lot, ease of access, noise from neighbors, traffic, or pets, and access to parks, shopping, schools, and public transportation.

When buying property it's a good idea to find out what's going on in the neighborhood. Talk to neighbors or friends who live in the area. Is there any neighborhood issue that might diminish your quality of life or the value of your investment?

Here are some tips I gleaned from the internet that will help you be knowledgeable when buying real estate/property:

1. Have an inspection report completed by a qualified building inspector before you make an offer on a property. Whether it exposes a major problem or just turns up a few weak spots which do not change your mind, at least you will know about anything that may need repair.

2. If the home you are buying has undergone major renovation, it is wise to seek as much information as possible from the sellers, including a list of improvements, contractor's name and license number and a record of when the job was completed. This may be useful if you decide to do further renovations or improvements.

3. Buying property should not be undertaken without thorough research and assessment, so before you make a decision (whether you plan to live there or rent it out to tenants), make sure you seek appropriate advice from a professional such as a reputable, licensed real estate agent, your accountant, financial planner or other advisor.

I am participating in a blogger campaign by Bucks2Blog for St Louis county real estate and was compensated. However, the views and opinions are my own.