Questions To Answer Before Buying A House
Although owning a home may be a dream come true for most people, make sure you are firmly grounded in reality when you begin your search for your fairy tale castle. It’s important to use your head and consider the practical aspects of home buying before jumping into a real estate contract. Make sure you ask the right questions and get the right answers.
Take the time to learn about real estate contracts and mortgage terms before you look at any homes. Figure monthly payments to determine how much you can spend on a home. Don’t even look at homes that cost more than your spending limit. Repairs are expensive so if the house needs work, figure that into your budget.
So check out that house from top to bottom and investigate the neighborhood. However, you must be aware that the more upscale the neighborhood, the pricier the house will be. So if you fall in love with the house at first sight on site, buy it; before you do, rate the house according to: need repairs, repaired, and brand-new.
If the home need repairs and the seller is not willing to complete the repairs, you may still be able to buy the home. Try to use repair issues to leverage for a lower price. The mortgage company may require an escrow for major repairs, so if you can’t put up the money you may be unable to get a mortgage. The most important areas of the house to check are the basement and the roof. Look for evidence of leaks or flooding. Mold can be a serious and expensive problem.
Many homes are sold with the kitchen appliances. Look at the appliances. How old are they? Are they energy efficient? Will you have to replace some or all of them in the near future? Look at the counter tops and cabinets. Do they need repairs or replacement? Does the house have city water or well water? How old is the well and the well pump? Look under the sink for leaks. Is the house city sewage or septic? How old is the septic system?
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? Have the home inspected by a professional who can check the plumbing and electrical systems.
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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