Low inventory – important features and value are a must

A couple of months ago I wrote about the difference in price and value.

http://activerain.com/blogsview/4849614/buyers---there-is-a-difference-in-price-and-value-

Since then, the Colorado Springs market has heated up even more and inventory levels are lower than they have been in years.

One of the potential downsides is that homeowners, investors and flippers may put a house on the market that seems ok but isn’t a good value.

There is an old adage about “putting lipstick on a pig.”

A home that isn’t the best value may not be quite that obvious.

Before you start looking in any low inventory market across the country, go for a “test drive” with a knowledgeable, veteran broker who can educate you on:

Potential plumbing issues including cast iron drain pipe and polybutylene plumbing.

Breaker box and other electrical issues.

Why one basement over another.

Roofing issues, not limited to T-Lock roofs.

Heating and air conditioning facts you need to know.

Building permits. What do you do when a basement has been built out or addition made without being permitted?

Soil and geo-hazard issues.

Watching fix and flip shows on TV is not adequate training for you to be able to discern what are the important features a house should have and how to evaluate how good a value a house is.

Buyer’s don’t need to be fearful. A little education goes a long, long ways to increasing your odds of buying a good house that is also a good value.