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Avoiding A Bad Investment Is Easier Than You Might Think
Human nature being what it is, none of us can get serious about the idea of buying a house without experiencing at least a few small twinges of worry. What we fear, of course, is making a mistake. And the mistake we tend to fear most is buying a "lemon" - a house that doesn't simply fail to satisfy our hopes but turns out to have so many flaws that it's a disastrously bad investment. The good news is that the danger of getting stuck with a lemon of a house is one of the most easily avoided dangers in the whole universe of personal finance. Prospective homebuyers are protected in many ways, and they can further strengthen their defenses by taking a few simple, commonsensical precautionary steps. The first of your protections is the fact that in many places sellers are required by law to make problems known to potential buyers - and are liable under the law if they fail to make adequate disclosure. For obvious reasons, however, most of us prefer to steer clear of legal entanglements even when the law is on our side. In the housing market we do this by identifying problems before closing the deal. And identifying problems isn't necessarily all that difficult. Even a person who's not an electrician or plumber or construction expert often can identify areas of potential concern simply by being alert when visiting a house that's on the market. It's a simple matter, for example, to turn on faucets and showers to test water pressure. In a bathroom it's a simple matter to turn on the hot water both at the sink and in the shower at the same time and then flush the toilet and watch for drastic drops in pressure or temperature. This is highly likely to produce evidence of whatever problems are lurking in the plumbing system. Most homes should provides at least 200 amps of electrical power, and it's usually possible to confirm this simply by checking the numbers on the circuit-breaker panel. Check, too, for extra-heavy 220 -volt outlets where they're needed for a washer, dryer and other heavy appliances - and for the grounded three-prong outlets needed for computers and power tools. A house that's been standing for years but still has straight walls and ceilings and remains free of cracks and the stains that indicate leaks is likely to be structurally sound. Are the basement walls damp - or even wet? Have termites left their calling cards - tubes or tunnels where the walls touch the ground, or wood debris around baseboards? Wherever you see such things, things that you wonder about because you don't understand them or wouldn't expect to find them in a completely sound structure, you can be confident that it's time for further examination. Keep an open mind about what that further examination might lead to, however. Things that can look like big trouble to the amateur eye sometimes turn out to be quite trivial when an expert checks them out. The word "expert" is a crucially important one to remember. Ultimately, before closing on the house of your choice, you should have it inspected by a professional - one who has solid credentials and a solid reputation and whose work is guaranteed. Your purchase should be contingent on the results of the inspection. Your realtor can help you make all this happen, thereby reducing your risk to the vanishing point. About The Author W. Troy Swezey is the author of "AVOIDING A BAD INVESTMENT IS EASIER THAN YOU MIGHT THINK." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, "REAL ESTATE SECRETS EXPOSED." http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Who are real estate lobbyists talking to in New York? City & State New York Brockton-area real estate sales for Dec. 26 to Dec. 29, 2023. Enterprise News Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion Jacksonville riverfront mansion leads Duval County real estate sales The Florida Times-Union REAL ESTATE | New signage for Auto Safety Center on S. Main Street, West Bend, Wi washingtoncountyinsider.com Real estate shake-up: Possible commission changes ahead 11Alive.com WXIA Will March bring more madness to Craven County's real estate market? New Bern Sun Journal Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale The Realtors' Big Defeat The New York Times A luxury agent on how the NAR settlement will change his business The Washington Post Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com Realtor group will pay $418M to settle commission lawsuits The Associated Press National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA Israeli real estate event: Legal complaints escalate NorthJersey.com Realtors settlement to lower home sale costs, alter commission structure The Washington Post Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal What Seattle-area homebuyers should expect after national settlement The Seattle Times What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Settlement will affect Iowa homebuyers KCCI Des Moines Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know Northeast Mississippi Daily Journal Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline A commission settlement may affect housing market 9News.com KUSA Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution Realtor Lawsuit Settlement Will Change the Housing Market Forever Business Insider A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Real Estate Credit Investments (LON:RECI) Shares Pass Below 200 Day Moving Average of $126.75 Defense World Granite Real Estate Investment Trust (TSE:GRT.UN) Given Consensus Recommendation of “Buy” by Brokerages Defense World National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Manhattan Real Estate Update westsiderag.com Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times 4 Ways a Settlement Could Change the Housing Industry The New York Times Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider |
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