If you are searching the property market you may have come across homes for sale listed “as is”. So, what should you know about these types of property, and is it a good idea to buy one?
You may find a homeowner lists their home for sale “as is” because they do not want to be held responsible for its condition when it is sold. It may also be that they do not want to put any time or money into fixing it up to sell. Does that mean that purchasing this type of home is a bad idea?
Not always, it will really depend on who buys it. For example, if it is in their ideal location and it is a price they are happy to pay, it can be a good investment. However, there are steps that need to be taken before making a decision on a house like this. Firstly, it is important to know the true state of the property. Although many areas require a homeowner to give a written disclosure of the property’s condition, this is not always completely trustworthy, and some problems may have been omitted from the list.
Because some of these written disclosures do not always include all the information they should, it is best for you to have a thorough inspection done of the property. While some problems may well be apparent by walking through the home, other serious issues may not be as noticeable, the inspection will help to discover these issues and give you an idea of the work that will be involved to fix the place up.
So, is it wise to purchase a home listed “as is”? It can be a good option, but make sure you go into the sale knowing as much as possible about the true condition of the property and what you will need to do to fix it up.
