It’s seems like the perfect home – you’ve been wooed by a savvy, yet informative, real estate agent and the fresh-baked cookies at the open house were a nice touch.
“For many people right now who have the money and who qualify [for a mortgage] it’s a great time to purchase a home. The inventory is high, prices are low and mortgage rates are low,” says Elizabeth Mendenhall, 2011 vice president and liaison to committees for the National Association of Realtors.
But don’t be fooled by a fresh coat of paint and updated countertops. Throwing copious amounts of cash at a series of unfortunate events is hilarious when it’s Tom Hanks and Shelley Long, but going broke on unexpected home repairs isn’t funny when it happens to you.
It’s time to put down the cookies and check for cracks. Here are some tips on how to avoid purchasing a money pit:
