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Feb
17

Home Buying: How to Identify a Diamond in the Rough

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How to Identify a Diamond in the RoughMost times, purchasing a home is an emotional decision. Sometimes, it helps to control your emotions and make some judgment calls based on not what you see on the surface but in the future. This might be difficult especially when we are humans and usually spurred on by emotions or sentiments.

A diamond in the rough is the house that most people overlook. They do not see the potential because it is always a dream house that they are looking for. A state of preparedness is a great way to keep your emotions in check. It is important to always keep an open and critical mind when you visit any property of interest. This helps you spot the hidden gem in the midst of the rubble.

Here are a few things to consider when you are looking for a diamond in the rough.

  • Be Practical

You will need to be practical and keep your eyes peeled for things that require your attention. What sort of foundation was used for the house? How old is the house? Who were the people that lived there before you came around? Why is the house for sale? What state is the plumbing system? These are the questions that you pose to the agent to identify your diamond in the rough. Is it a neighborhood in decline or are things changing? Is the area attracting people like you and developing rapidly? Once you tick all the crucial boxes, every other thing would undoubtedly fall in line.

  • Brace Yourself

Do not expect to waltz into your dream home and move right in without repairs or renovation. Do not expect too much and you would not be disappointed. When you expect that the wall and floor coverings would need to be replaced, it does not surprise you when you visit. These things are inexpensive. Keep your eyes on the big things. A floor plan matters more than the distasteful furniture the owner left behind. In this case, the little things do not exactly matter. If the house has been on the market for some time, the agent might be willing to give you a good deal.

  • Avoid an Up Sell

Most realtors try to up sell their clients. This means that they will show you crappy homes that suit your budget and take you to properties that might cost about $30,000 more. This might be outside your budget plan, but these agents are trying to cash in on your emotions and prompt you towards paying $30,000 extra for a dream home. Consider if the diamond in the rough will take up the same amount in repairs. If not, then go for it. Ensure that you always weigh your decisions practically and never be moved by what a real estate agent wants you to purchase.

  • The Important Room

When buying a home, forget the dream and go with reality. What do you do for a living? Where will you spend most of your time in your home? Is it the backyard or the living room? Do you work from home? Wherever, you spend the most time in your present house surely would be the most important room in your next house. And once these bases are covered, it should help you make a decision.  Furthermore, consider things like the view, size of the room and the amount of furniture that you have before making a decision.

Categories : Articles/Tips, Blog

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