Although owning a home may be a dream come right for most people, make sure you are firmly grounded in reality when you start your search for your fairy tale castle. It’s vital to use your head and consider the practical aspects of home buying before jumping into a real estate contract. Make sure you question the right questions and get the right answers.
If you are buying a home for the first time you should take the time to learn something about real estate. Make sure you know the terms of real estate contracts and mortgages. Don’t buy a home that costs more than you can afford to spend. Make sure the house doesn’t need expensive repairs.
Look around the area and see if the neighbors have pride in their homes. If other homes in the neighborhood aren’t well maintained, it affects the value of the houses that are maintained. Fancy areas carry fancy price tags. If the house needs repairs see if the seller will complete them before the sale.
Needed home repairs can give a buyer a bargaining position on the price of the home. Check with your mortgage lender on their requirements. They may be unwilling to grant a mortgage on a home that needs repairs or they may require you to place the money for repairs in escrow. Make sure to check the basement and attic for evidence of flooding, leaks or other potential problems. Mold can be expensive to remove and unhealthy to live with.
Many homes are sold with the kitchen appliances. Look at the appliances. How ancient are they? Are they energy efficient? Will you have to replace some or all of them in the near future? Look at the countertops and cabinets. Do they need repairs or replacement? Does the house have city water or well water? How ancient is the well and the well pump? Look under the sink for leaks. Is the house city sewage or septic? How ancient is the septic system?
In the bathroom, are there bath cabinets? Well maintained bath cabinets should be an asset not a collapsing liability. Look at the plumbing; turn on the tap and flush the toilet. If it works fine, there won’t any problem. To be sure, bring along a plumber to inspect the plumbing in all areas – kitchen, bath, garage, and at the backyard.
Visit the attic should to check it for water stains and the durability of the structure. Does the attic have ventilation and insulation? After you have done the rounds of the interiors, check out the exterior. Are the doors and windows secured? How many entrances are there? Does the house have a fire escape?
If you are seriously considering a house, walk around the neighborhood in the evening when people are home. Is this a neighborhood of young families or retirees? Will you be comfortable living among these neighbors? Try to see the house in the rain. Problems that weren’t apparent before may show up when it rains. If everything checks out and the house is within your budget, now is the time to make your offer.
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