With the lowest home prices in 30 years buyers are very tempted to buy because of the cheap price tag, hoping to cash in for a big payday – someday. But there is more to it than that. Here are some signs when a deal is really a no deal:
- The cost of repairs and the price of the house exceed the home’s worth.
- You don’t have the cash, talent, and/or time to fix it up.
- It’s not practical for your needs. It may be too small and/or not have space for your hobby. Unless you’re ready to give the hobby up, keep it in mind when house hunting.
- You just plain don’t like it. Remember the article of clothing that was really un-flattering and downright ugly but you bought it because it was so cheap? You disliked it so much you never wore it … so what kind of deal was that?
- It’s such a good deal that you figure you’d better buy it now, before someone else does. Don’t buy a house because someone else might; buy it because it’s right for you.
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