3 Tips for Avoiding Honolulu Real Estate Money Pits

June 1, 2010 by  
Filed under Real estate

You just finished watching a movie about a couple that buys their dream home. Unfortunately, they do not take the Three tips I am about to share with you. They soon realize that their dream home is actually their worst nightmare. The house has massive leaks, faulty appliances and structural problems that make it a hazardous place to live. This is called a money pit and it is every homeowner’s worst nightmare. These are properties that are made to look good for sale, but actually have major issues that cost buyers thousands of dollars to repair. You can avoid real estate money pits and increase your odds of buying your dream home by following these tips.

The first tip is to do your research before buying any property. It is very easy to get emotionally wrapped up into a particular home. You can start picturing moments with your kids and you might be persuaded by a slick sales pitch. Why is the home up for sale? How long has it been on the market? How old is the home? What are the general conditions of the homes in the neighborhood? What is the crime rate? These questions will help you determine if it is the right home and right neighborhood for your family to live. If you do not do thorough research before buying a property then you will likely live in a money pit.

The second tip is to get a pre-home inspection before you buy the Honolulu real estate. Does the home have severe structural problems? Are there any environmental issues affecting the property? Are there major electrical problems with the property? It is very easy for sellers to make cosmetic changes to their home. This is done frequently to hide major issues that can impact your family’s well-being. Certified Home Inspectors can spot these serious issues and save you thousands of dollars in the process. Your chances of living in a money pit will rise if you decide not to invest in a pre-home inspection. Never buy a home without getting a pre-home inspection completed. Think about the peace of mind you will have knowing that your family is living in a safe place.

The third tip is to get everything in writing. This creates a legally binding agreement between both parties. The buyer and seller also provide protection against fraud and prevent misunderstandings from taking place this way. If you decide not to follow this tip then you will not have much recourse if your new home is a money pit.

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