Questions To Answer Before Buying A House
If you’re buying a home for the first time you should take the time to learn something about real estate. Make sure you understand 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. Have the home inspected by a professional who can check everything over for you, especially the plumbing and electrical systems.
If it needs repairs, check out the extent of repairs needed and how much it will cost. Armed with this information you can always ask for a lower price, or if the cost of the repairs is beyond your present budget for your mortgage, demand that the seller pay for the repairs, or be prepared to walk away from the deal.
Always check the basement if you’re buying in an area that has basements. A damp basement will show water stains on the floors and walls and give off a musty smell. Mold might be lurking on the walls and ceilings and will need professional help to remove safely, and mold remediation can get expensive.
In the kitchen, check how many appliances are there to estimate if your appliances can fit in without additional outlets; check the floor, is it level or does it shake? Inspect the floor for stains — can these be removed with the usual cleaning mop and cleansers? If the sink top is marble, examine if it needs to be re-polished. Inspect the plumbing. Are there leaks? How about the tap water? Does it run well or drips?
Next to the kitchen, the bathroom is the most expensive room to remodel. Is the bathtub and shower clean and in good repair? How old is the hot water heater? What about the sink and toilet? Any cracks or discoloration?
Examine the attic carefully. Make sure it is well insulated so you won’t lose heat from your home. Look for any signs of leaks. Sometimes even roofs that appear to be in good shape have leaks that can be expensive to fix. What sort of ventilation does that attic have?
Look at the exterior and check the maintenance. Is the paint or siding in good shape, or will you be facing a repair or paint job in the near future?
Thoroughly check out the neighborhood. Do some research about the crime rate in the area. Is your house vulnerable to break-ins? Is the next neighbor a mile away? Are the houses crammed into a little neighborhood? After visiting the house on a nice sunny day, visit it on a rainy, as well as at night, to see how it fares. Are the other homes well kept? Keep in mind that homes in upscale neighborhoods come with upscale price tags. Make sure your lender will provide a mortgage.
If there’s no problem, then make a deal according to the mortgage you can afford.
If you have questions or comments about any of the tips we’ve just covered, use the “comment” link below and ask away. Your email address will not be published with your question or comments.