Buying a home ‘as is’
If you’ve been browsing the real estate market for a while, no doubt you’ll have come across the term ‘as is’. Essentially, an ‘as is’ home means that you’re buying a home in the condition that it is. Depending on what you’re looking for, ‘as is’ properties can be great investments especially if you’re willing to put in the work. To help you find the perfect property for you, here’s what buying a home ‘as is’ entails.
What does buying a home ‘as is’ mean?
Buying a home ‘as is’ means that it’s being sold in its current condition and the seller isn’t going to make any repairs or improvements to the property. The seller may not be able to afford to make changes to the house, the home may have been passed down through inheritance but the owner may not want to keep it, or the home could have been through foreclosure. Sometimes, homes are sold ‘as is’ if the current owner isn’t sure what repairs have been completed, so can’t vouch for the condition of the home.
Pros of buying a home ‘as is’
The price is one benefit of buying a home ‘as is’. Whether the owner is simply trying to make the sale, or the home isn’t in the best condition and requires a lot of renovation work, ‘as is’ properties are often priced much lower than other properties. If you’re a contractor or you don’t mind a renovation project, or if you’re purchasing with the intention to invest and flip the property, ‘as is’ properties can be excellent buys.
Cons of buying a home ‘as is’
The obvious con of buying a home ‘as is’ is that you often don’t know what you’re buying. While with other houses that aren’t sold ‘as is’, buyers can easily request for repairs to be made before the sale goes through. However, ‘as is’ purchases don’t have this luxury unless there is an inspection contingency in the contract. If a lot of work needs doing, make sure you get an accurate price for the repair work and a home inspection so you know exactly what you’re taking on.
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