There are many options to choose from nowadays when buying a home and the decision you make will really depend on your budget and requirements. One option you may have come across is a property listed “as is”. What exactly does this mean for a potential buyer and will it be a good investment?
Why does a homeowner list their home “for sale as is”? There are a few reasons for this but usually, it is because they don’t want to go to the trouble of fixing it up to put it on the market, or they may want to take no responsibility for the home’s condition after it is sold. Does this mean, then, that it is a mistake to buy a house like this?
The answer to that question really depends on who buys it. For example, if the home is in the area they want and at a price that’s right, it could prove to be a wise investment but, these are not the only requirements. It is vital to first find out the true condition of the home. A walk-through of the property may tell you a little of its condition, and in areas where the homeowner must provide a written disclosure about the property’s condition, you may have some idea about it. However, what of the areas that you can’t see? You will also find that sometimes the written disclosure has omitted vital information. What can you do?
To be confident that you know all you can about an “as is” property it should have a detailed inspection performed on it. The inspection will show up any serious problems that may determine whether you buy the house or not, it will also help you to have an idea of the type of budget you will need to fix up the home.
