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Location and condition

Homebuyer's Dictionary (glossary)

Location and Condition of the Property

Consider the exact location of the property. If the property is on a busy street, for example, the market value of the property may be somewhat less than if the home were on a quiet residential street. If the price of the property is less that other similar homes because of the location, keep in mind when it's time to sell that you will probably also have to sell for less than comparable homes in more desirable areas.

The condition of the home is also important to consider. If the home is in need of repair, you should consider how much money you will need to make the repairs, and most important, if you'll have the money after you purchase the property.

Repairs that involve heating and cooling systems, plumbing, roof, and other structural components can sometimes be very costly. You should know of major problems in a home before you make an offer. As a potential buyer, you should carefully examine all elements of the home.

You may want to consider including a contingency in your sales contract that calls for a professional home inspection. This can provide you with the peace of mind of knowing that your potential home has been inspected for structural flaws and any electrical, plumbing, heating and cooling, and other systems work properly. This can help protect you from purchasing a home that needs expensive repairs.

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