{"id":2597,"date":"2017-07-10T16:47:40","date_gmt":"2017-07-10T21:47:40","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2597"},"modified":"2017-07-10T16:47:40","modified_gmt":"2017-07-10T21:47:40","slug":"why-you-shouldnt-buy-the-cheapest-home","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/why-you-shouldnt-buy-the-cheapest-home\/","title":{"rendered":"Why You Shouldn&#8217;t Buy The Cheapest Home"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you don\u2019t have a lot of money and you\u2019re in the market for a new house, you may be tempted to buy the cheapest home you find with the intention of fixing it up. However, just because a house is cheap doesn\u2019t mean it\u2019s a wise investment. Here are a few things to watch out for when considering the cheapest home:<\/span><\/p>\n<h1><b>Less Money, More Problems<\/b><\/h1>\n<p><span style=\"font-weight: 400;\">The cheapest home is usually cheap for a reason. It\u2019s always wise to hire a professional to inspect the home before you buy it, just in case the house has any serious issues. Ugly paint colors and outdated carpeting are easy, cosmetic fixes, but structural problems could turn your \u201cnew\u201d home into a money pit. Why buy an $80,000 home with $20,000 in repairs, when you can buy a $100,000 home that is move-in ready and save yourself the trouble?<\/span><\/p>\n<h1><b>Not Livable? Not Approved<\/b><\/h1>\n<p><span style=\"font-weight: 400;\">When you buy a home with a c<\/span><a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/conventional-mortgage.html\"><span style=\"font-weight: 400;\">onventional mortgage<\/span><\/a><span style=\"font-weight: 400;\">, the appraiser will inspect the house to figure out its market value. When you buy a home with an <\/span><a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/fha-mortgage.html\"><span style=\"font-weight: 400;\">FHA mortgage<\/span><\/a><span style=\"font-weight: 400;\">, the appraiser will inspect the house to find out its market value <em>and<\/em> to make sure it meets the Federal Housing and Urban Development (HUD) standards for health and safety. That means it has to be livable for everyone moving into the home. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few things they look for in the appraisal, according to <\/span><a href=\"http:\/\/www.fhahandbook.com\/appraisal-guidelines.php\"><span style=\"font-weight: 400;\">HUD guidelines<\/span><\/a><span style=\"font-weight: 400;\">: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They want to make sure that the lot is graded so that any moisture would drain away from the house and not flood it.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bedrooms must have some kind of access to the outside, so that everyone can escape in case of a fire. Bedroom windows are acceptable, as long as they\u2019re large enough for a person to fit through them.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lead-based paint is still present in many homes built before 1978, and it still poses a health risk. If there\u2019s any damaged paint, including peeling or chipping, you\u2019ll have to get it fixed in order for the loan to get approved.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Steps and stairways must have handrails.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The heating system must be sufficient enough for the home to be comfortable for its occupants and good for their health. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The roof must be in acceptable condition, without leaks and moisture, and should be easy enough to maintain in the future.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The foundation also must be able to withstand any normal amount of weight placed on it, and it should be in acceptable condition.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Generally, if you\u2019re buying a cheaper home and you know it\u2019s going to need some fixing, just make sure you\u2019re not buying something that\u2019s going to give you more headaches than it\u2019s worth. If you\u2019re going to spend that much money on repairs, you might as well buy a slightly more expensive home that you can move into comfortably.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information on the <\/span><a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/fha-mortgage.html\"><span style=\"font-weight: 400;\">FHA loan<\/span><\/a><span style=\"font-weight: 400;\"> or to find out whether the home you\u2019re considering fits the livability guidelines, contact one of our mortgage officers at (800) 555-2098.<\/span><\/p>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/2597#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"ApplyFullHeader\" id=\"apply_form\">\n\t<p class=\"replaceheader\">Request Information Now!\n\t<\/p>\n<\/div>\n<div class=\"blueBox\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\n\t<\/p>\n\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t<\/p>\n<\/div>\n<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t<\/p>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"141\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>If you don\u2019t have a lot of money and you\u2019re in the market for a new house, you may be tempted to buy the cheapest home you find with the intention of fixing it up. However, just because a house is cheap doesn\u2019t mean it\u2019s a wise investment. Here are a few things to watch<a class=\"excerpt-read-more\" href=\"https:\/\/riverbankfinance.com\/blog\/why-you-shouldnt-buy-the-cheapest-home\/\" title=\"ReadWhy You Shouldn&#8217;t Buy The Cheapest Home\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":11,"featured_media":2598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,307,70,308],"tags":[263,618,12,383,302,764],"class_list":["post-2597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-fha-mortgage","category-first-time-home-buyer","category-mortgage-tips","tag-advice-for-buying-a-home","tag-conventional-loan","tag-fha","tag-fha-mortgage-2","tag-home-buying-tips","tag-program-guidelines"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/comments?post=2597"}],"version-history":[{"count":2,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2597\/revisions"}],"predecessor-version":[{"id":2601,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2597\/revisions\/2601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media\/2598"}],"wp:attachment":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=2597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=2597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=2597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}