With so many different purchase options for property available, you may well of heard the term buying “as is”. If you are considering this kind of property, what will that mean for you as the home buyer? Is it a good idea?
Generally, when a home is listed “as is” it means that the homeowner takes no responsibility for the properties condition after it has been sold. It could also mean that they will not be doing anything to fix it up to sell. Does that automatically make buying it a poor choice? The answer to that will really depend on who purchases the property. It might be in a location they want and for a price they are happy to pay and so is a good choice. Whoever decides to purchase a property “as is” however, should find out beforehand what kind of state the place is in. There are some locations that legally require the homeowner to provide a written disclosure detailing the properties condition. But sometimes these disclosures omit important information that might affect whether it’s a good buy or not.
What can you do, then, to ensure you are fully aware of what you’re getting into when buying a property “as is”? The best thing to do is to have a home inspection performed on it. Although the home may well have obvious things that need fixing, the home inspection will give you an idea of what else you can expect to fix up, things that are not at first apparent from a simple walk through.
So, while buying property “as is” isn’t always a bad idea, its good to do all you can to make sure you are aware of the state of the place first and avoid unpleasant, costly findings after you buy.
Generally, when a home is listed “as is” it means that the homeowner takes no responsibility for the properties condition after it has been sold. It could also mean that they will not be doing anything to fix it up to sell. Does that automatically make buying it a poor choice? The answer to that will really depend on who purchases the property. It might be in a location they want and for a price they are happy to pay and so is a good choice. Whoever decides to purchase a property “as is” however, should find out beforehand what kind of state the place is in. There are some locations that legally require the homeowner to provide a written disclosure detailing the properties condition. But sometimes these disclosures omit important information that might affect whether it’s a good buy or not.
What can you do, then, to ensure you are fully aware of what you’re getting into when buying a property “as is”? The best thing to do is to have a home inspection performed on it. Although the home may well have obvious things that need fixing, the home inspection will give you an idea of what else you can expect to fix up, things that are not at first apparent from a simple walk through.
So, while buying property “as is” isn’t always a bad idea, its good to do all you can to make sure you are aware of the state of the place first and avoid unpleasant, costly findings after you buy.
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