By: Jerika P – i-Lead Realty Social Media Manager
There are more factors to consider into account than meets the eye when purchasing a home. While the physical state and aesthetics of a home are crucial, knowing its history might reveal priceless information that will have a significant impact on your choice. Knowing the home’s past not only enables you to evaluate its general quality and condition but also provides insight into its marketability and possible long-term effects.
Here are some of the reasons why:
1. Market trends
Checking the home’s history can give insight into market trends and the property’s marketability. If the home has been on the market for a long time, it may indicate that it is overpriced or has other issues that have prevented it from selling.
2. Negotiating power
Knowing the home’s history can give you negotiating power when making an offer. If the home has been on the market for a long time or has been previously listed and delisted, the seller may be more motivated to accept a lower offer.
3. Inspection issues
Checking the home’s history can reveal any inspection issues that may have come up in previous sales. This can help you identify potential problems with the property and negotiate repairs or a lower price accordingly.
4. Investment potential
Checking the home’s history can give you an idea of its investment potential. If the home has been on the market for a long time, you may be able to purchase it at a lower price and potentially increase its value through renovations or improvements.
5. Financing considerations
Checking the home’s history can also affect financing considerations. If the home has been previously listed and delisted, it may affect the property’s appraisal value or financing options.
In summary, checking the home’s history is important when buying a home as it can provide valuable information about market trends, negotiating power, inspection issues, investment potential, and financing considerations. Homebuyers should work with a real estate agent and do their due diligence to ensure they have all the information they need to make an informed decision.
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Not sure if you want or need to use a realtor? Here are 4 reasons why you should. Watch the video here.