Key Steps :
Find an Experienced Agent : Look for an agent who specializes in the specific area and property type you are interested in . Local agents are often familiar with nuances like school ratings , neighborhood demand , and hidden gems .
Ask for a comparative market analysis report : Your agent can pull together a report , which is a detailed report comparing the subject property to similar properties that have recently sold in the area .
This will give you an idea of whether the asking price aligns with the local market .
4 . Examine the Property ’ s Condition
The physical condition of the property plays a significant role in its value . While an appraiser will account for general condition , you will also want to personally assess the property ’ s state to ensure you are not overpaying for a place that requires extensive repairs .
Key Steps :
• Hire a Home Inspector : A professional home inspection will provide a thorough evaluation of the property ’ s structural integrity , systems ( plumbing , electrical , HVAC ), and overall condition . An inspector can identify problems that might require costly repairs , which should influence your decision on the price .
• Consider Renovation Costs : If the property needs significant renovations , factor those costs into the overall price . This might mean negotiating for a lower price or asking the seller to cover repairs before closing .
• Review Age and Quality of Key Components : Check the age of the roof , windows , plumbing , and other important systems . Older properties may come with charm but could be hiding costly repairs in the future .
50 REI MAGAZINE FEBRUARY 2025