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True Cost vs. Asking Price  It is an easy enough mistake to make: judging homes equally based on the asking price. As a matter of fact, it is difficult to make an analysis more sophisticated than that without getting more details about the different properties and looking at them with a critical eye. But the purpose of this reminder is that you don't really know the true cost of any property until you know what is wrong with it and what the costs are for repair. If two similar homes have a 20,000 dollars difference in asking prices, you need to look closer to see if the home that cost 20,000 dollars less is the better value or does it need 25,000 dollars in repairs to make it match the home that appears to be more expensive? In many cases, you won't know the true cost of a home until after a home inspection. Don't fool yourself into thinking that the asking price is the true cost of the home if you know it needs repairs and will cost additonal money.
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