Whether you’re willing to admit it or not, you’ve probably allowed yourself to get lost in a reality TV show or two. If it’s duck hunting that catches your eye, the search for true love or babies in beauty pageants, it seems there’s something for everyone. But, what if you can actually learn some something practical from one of these shows? Property Wars features real estate tycoons in Phoenix, Arizona who battle it out for foreclosed property. Each show contains a nail-biting auction to see who wins the property. The big reveal comes when the winner finally takes a look inside the house after they’ve made the purchase. Taking a look at some of their best and worst moments, here are 6 things you can learn about real estate from watching Property Wars.
You can tell a lot from the outside of a house. Granted the stars of Property Wars are pros but the outside of a house says a lot. For example, outside material or chimneys can tell you what to expect on the inside. Especially if you’re in a time crunch, this can give you a head start of determining the value of a property.
The flip side to judging a book by its cover, or house by its exterior, is that looks can be deceiving. Unlike Property Wars, in real life buyers get to look inside a house before they make a purchase. If you aren’t in love with the outside of a house, but are in love with the neighborhood, give it chance. The exterior might be something that a quick trip to your local hardware store can fix.
It’s natural to be making a mental list of improvements when looking to purchase real estate but make sure you invest with caution. One thing the stars of Property Wars have taught us is that you need to make sure your investments will pay off. One of the most popular investments right now might be making the switch to energy efficient windows but that can add up quickly. Before you invest thousands of dollars, do your homework.
Beware of hidden dangers. Sometimes real estate has problems that aren’t visible. It’s important to know if the real estate you want to buy has a history of mold or termites. This might take some special examiners. Not all standard house examiners are willing or qualified to check for these things. It’s worth the time and the money to know exactly what you are getting into.
Location, location, location. Obviously real estate is more desired in nicer residential locations but don’t forget to take a good look at what surrounds your real estate. Things like local airfields and landfills can quickly decrease the value of your real estate.
Act quickly. Unlike Property Wars, in real life, you don’t need to make an offer within nine minutes, but it’s still important to go for what you want. Real estate inventory in the U.S. is currently very low. If you see something you like, get going and make an offer. Chances are there are other buyers who love it too.
Kamiel Moore is a seasoned real estate expert and blogger for webuyuglyhouses.com .