A home that used to be a rental can often be a great deal for home buyers because they frequently sell for less than owner-occupied homes. However, there are reasons why this is so. If you are thinking of buying a home that used to house tenants, here are a few things to consider.
Find out why the seller has decided to sell. There are a lot of possible reasons why the owner has decided to sell at this time. It could be that they just got tired of dealing with demanding tenants, or they might be moving, or maybe the market in your area has risen and they just figured that now would be the right time to cash in. The reason why their motivation to sell matters is because it could indicate how well the property was maintained and whether or not the owner would be willing to negotiate. A cash-strapped seller may be less inclined to maintain the property, but they may also be more inclined to negotiate.
Make sure you complete a thorough property inspection. Even if the seller was a conscientious landlord and made frequent visits to the property to have regular maintenance done, the previous tenants may not have cared for the home as well as an owner might have done. If the house shows obvious signs of wear and tear, consider how the cost of repairs and updates will fit into your budget. You could also ask the seller for repairs or to credit you money toward closing costs. If you will have to spend more on repairs than you would if you just bought another, similar home in better shape, then this is obviously not a good deal.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
