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 this is your first time to shop for a home, don’t go into the deal unprepared. Apart from the paperwork, it is vital too to take a look into that house up for sale; it’s just right because after all you are going to live in it and live with a mortgage. You look at the house and question how much it will cost you before you can apply for a mortgage.
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.
If the kitchen appliances are being sold with the house, find out how ancient they are and if they are energy efficient. If you have to buy new appliances it will be a major expense. If the countertops are hurt or need replacement that can be another major cost. Are the cabinets attractive and in excellent repair? The kitchen is the most expensive room in a house to remodel. Question about the water and sewage. It is city lines or well and septic? If it’s septic, how ancient is the system?
The bathroom is another expensive remodeling job. Are the tub/shower, the sink and the toilet in excellent condition? Is there any evidence of leaks? Any cracks? Are the cabinets in excellent shape? Do you see any sign of mold or mildew? Mold and mildew can be indicators of more serious problems. Are the floors buckled? That can indicate a plumbing problem.
Always take the time to look in the attic. Check to make sure that the attic is properly insulated. Look for any sign of roof leaks. Even roofs that look okay can have leaks. Attics need to be ventilated. Is there a fan? Windows? Other type of ventilation? Examine the windows and doors for fit and make sure the exterior maintenance is up to par.
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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