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.
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 put 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.
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 stain — 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?
The bathroom is another expensive remodeling job. Are the tub/shower, the sink and the toilet in good condition? Is there any evidence of leaks? Any cracks? Are the cabinets in good 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.
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 planning to live in the house, make sure you walk around the neighborhood. Talk to some neighbors. Is this an area of young families or retirees? Will you and your family be comfortable living in this neighborhood? Look at the house on a rainy day. It’s easier to spot leaks and problems in bad weather. If everything looks good and you haven’t found any red lights, make an offer on the house that’s within your budget.
