How do I know if a home is a good deal?
If you’re currently looking for home in the Portland Oregon area you may be apprehensive as to know whether you’re getting a good deal or not. With so many short sales, foreclosures, bank owned and owner occupied sales on the market it may be a confusing place to start. Having the right buyers agent on your side really makes the whole process much easier and less stressful but you still have to determine what’s a good deal or not.
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You may find a home that seems like a great bargain on the outside but take a little bit deeper and you find many issues that you may not be able to overlook. There may be many problems or issues that will need addressing sooner rather than later. Homes with single pane windows, wiring and plumbing that hasn’t been updated, settling issues or foundation issues are all major problems that will need to be addressed at some point in time. If you’re willing to undergo the project finding a great deal below market value may be something to jump on.
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Finding a buyers agent that not only knows the Portland real estate market but that also knows a little bit about construction and the way homes in our area are built can really speak volumes for whether a home purchase is considered a good deal or not. Being a real estate agent in the Portland area for several years now I’ve learned what constitutes a good deal and what may be something to pass up. Homes with LP siding, asbestos ceilings, single pane windows or outdated plumbing and electrical can mean a mountain of repairs and renovations in the future. If you’re willing to waive the costs ahead of time it may be beneficial for you in the long run. Many investors are considering these types of older homes, renovating them and flipping them for much more than they originally started.
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Even first-time home buyers are looking to undergo certain home projects but you’ll want to make sure that if you plan on living in the home during this time certain details are up to code. You would want to put yourself or your family in a hazardous situation.
There are many short sales and foreclosures currently on the market that may or may not be a good deal. Thanks typically want to get rid of them quickly so you may find many of these homes marked far below market value. It behooves you to weigh the costs involved and future renovations by having a professional home inspector take a look at every detail and go the extra step with an additional inspection if required.
I want to make sure that you are well informed when making a decision on any Portland real estate. Let me know how I can help you find that great deal waiting just for you.