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How to save $1000's of Dollars when buying a home.

by: justbiddamnit( 416Feedback score is 100 to 499) Top 5000 Reviewer
37 out of 39 people found this guide helpful.
Guide viewed: 3112 times Tags: Home buying | home | inspection | money | buying


Hello, and thanks for reading my guide.  I'm going to provide you with some simple information on how you can save yourself $1000's of dollars when buying a home.

Today one of the biggest money making trends is to master "Flipping Houses".  Most people are unfamiliar with this term.  "Flipping Houses" is the art of buying a house making required repairs and some cosmetic upgrades and usually selling the house for a substantial profit.  This is a great way to make more money in a few months than you make in a whole year.

The biggest mistake people make when buying a home to live in or to "flip" is people don't get home inspections.  I'm not talking about a pest inspection even though this type of inspection will reveal most visible problems it will not reveal the major problems.  Some of the major problems could be dry rot (this is when the wood in the home basically turns to dust but to the untrained eye the wood looks fine.) Foundation problems meaning the foundation is cracked or uneven.  Mold!  This stuff can kill you and you children.

Before you buy a home get a full blown inspection it will cost you about $400 but this small investment could save you $1000's of dollars in repairs.  I known this lady who will remain nameless who bought her house for $135,000 and later found out that she had a very bad pest problem.  She had BATS in her attic.  The bats weren't the actual problem it was the bat "dung" in her attic that she had been in the air.  It causes you to get some kind of stigmatism on your eyeballs that to my knowledge can't be fixed.  Anyway, it end up costing her $13,000 dollars to have the pest and their "dung" removed and that was just the beginning of her problems.  She finally got a full home inspection that revealed even more repairs that had to be done.  The total cost of repairs was roughly $135,000.  So, she end up paying $270,000 for a house that was worth $135,000.  Had she spent the $400 dollars in the begining she still have her life savings in the bank and be stigmatism free.

So, the moral of the story is do yourself a favor when buying a home and spend $400 dollars and get a full home inspection!  This is how you can save $1000's when buying a home.

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Guide ID: 10000000001784032Guide created: 09/07/06 (updated 03/19/09)

 
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