Find out what the Median comps are in the neighborhood? Depending on the area, type of school system? Any restrictions on the property, such as HUD home make require it to be primary homestead and can't sell for 12 months. Findout if any HOAs are associated with the property. What is the average amount of time in which homes are selling within the area.
All these are excellent questions, and will just about answer any secondary questions you may have as well...Good luck with the purchase. I hope it turns out to what you are wanting...
I watched a lot of hgtv shows 5 years ago while preparing to buy a house in the US, things I remember that made the sale difficult
over improving, as already mentioned,
not knowing what specific jobs cost (how much per sq feet of tile laid.......how much for replacing this and that)
having the best house on the block is also bad
getting into the next project before completing the first
houses bought with unforeseen problems that later on increase the budget (of course this is not easy to foresee unless you are a clairvoyant)
now banks have this 'weird' method of only lending what the house can be appraised for.......so if your valuation is out of whack with what the bank thinks the house is worth ...noone will get the finance to buy it
over improving, as already mentioned,
not knowing what specific jobs cost (how much per sq feet of tile laid.......how much for replacing this and that)
having the best house on the block is also bad
getting into the next project before completing the first
houses bought with unforeseen problems that later on increase the budget (of course this is not easy to foresee unless you are a clairvoyant)
now banks have this 'weird' method of only lending what the house can be appraised for.......so if your valuation is out of whack with what the bank thinks the house is worth ...noone will get the finance to buy it
A real answer for you as well ... make sure there is a viable renters market as well. Always have a plan B, in then case renting the property if it does not sale. Make sure you can cover your mortgage nut plus insurance and taxes in rental income. If you can't you are putting to much into the property.
Funny you say this. The wife and I had this very discussion last night. I told her it's not about our personal taste. There can't be any emotion put into the renovations. We'll concentrate on the kitchen and master closet and bath as top priorities with the front yard being a very close second.
