4 Things to Watch Out for When Buying a New Home
Are you on the lookout for a new home? With the help of a local realtor, you can find your perfect house. In terms of pricing, the average home cost $357,300 in 2022, according to Fit Small Business. With this said, you must check on specific factors before buying a home to ensure you don't miss any costly issues. Below, we've covered four things to look for when you buy a new home. Review this list and be confident you're getting the best possible home available.
1. Water Damage
Water damage is a serious issue you shouldn't ignore before purchasing a home. Depending on how severe the water damage is, you may be dealing with mold growth and even structural problems with the foundation of a home. Additionally, stained interior walls and other unappealing visual blemishes may emerge after moving into a water-damaged home.
2. Roof Issues
The roof is one home area that's hard to scope out when doing a walk-through. With this said, this factor can present some costly bills if there are issues. To prevent a roof replacement cost from coming out of your pocket, ask your local realtor if the homeowners have a roof certification letter. This letter is an indication from professionals that the roof is guaranteed to last two or five years. If this letter isn't available, then schedule a roof inspection before purchasing the home to ensure any necessary issues are addressed on time.
3. Plumbing Problems
Several factors can go awry with a home's plumbing system. Sewer lines can become damaged by tree root growth, disintegration, and extensive clogs. These issues can cause home flooding and more. Additionally, a malfunctioning toilet can cause issues. When walking through the home you're interested in, look for leaks or discoloration to indicate problems. If any of these issues are present, then contact a professional to inspect your sewer system before purchasing a new home.
4. Broken Outlets and Appliances
After moving into a home, you will quickly realize broken outlets and appliances, which can be problematic. Check all essential outlets before moving in to avoid inconveniences. These outlets include bedrooms, bathrooms, and kitchens. Plus, you should ensure that the appliances in the home perform sufficiently before purchasing. Home appliances to inspect are the refrigerator, dishwasher, microwave, and oven. These appliances are vital for initial convenience and can cost lots of money to replace if broken.
Contact Gangway Realty today and begin searching for your perfect home! We'll be happy to assist you and answer any questions you may have.
5 Reasons to Invest in Real Estate This Year
Real estate investment has become one of the most popular ways to diversify a portfolio and increase long-term wealth. With an increased demand for housing, home prices have skyrocketed over the last year, rising an average of 13.5% according to Fit Small Business. That means it's a good time to invest in real estate. Find out some reasons why you should take the plunge into this area.
1. Good Returns
Investing in this area offers some of the best returns in the long term. These returns are usually higher than traditional investments, such as stocks and bonds. Investing in real estate can easily provide you with a steady stream of passive income. It's a great idea to talk with a real estate company about potential returns you are missing out on.
2. Tax Benefits
There are many tax benefits that can help you save more money when investing in property. These tax benefits include deductions for mortgage interest payments, depreciation of buildings and land, and capital gains tax exemptions when you sell the property. Additionally, rental income is not taxed as ordinary income but as a passive investment.
3. Leverage
You have the opportunity to leverage your investment by borrowing money from banks and other financial institutions. This allows you to purchase more property with less of your own money. You will be able to enjoy the profits without putting too much of your capital at risk. Leverage also helps you with your returns, as the interest payments are usually tax-deductible.
4. Diversification
Real estate investment offers a great way to diversify your portfolio and reduce risk. Investing in real estate helps spread out the risk across different types of assets, such as residential, commercial, and industrial properties. This allows you to take advantage of different markets and enjoy higher returns.
5. Appreciation
These investments can appreciate over time, depending on the location and market conditions. This means that you could see an increase in your returns as the value of your property increases due to inflation or a growing population. Furthermore, if you purchase at a low price and then sell later when values have risen, you can enjoy a large capital gain.
Investing in real estate can be a great way to diversify your portfolio and increase wealth. Whether you want to buy a vacation home or get rental income, real estate investment can be a great option. Contact Gangway Realty today for more information.