Are you Buying a Home?
WATCH OUT FOR THESE 3 MAJOR ITEMS THAT MAY MAKE OR BREAK A DEAL BEFORE ITS WRITTEN.
IF YOU’RE BUYING A HOME, BE ON THE LOOKOUT..
Whether you’re a seasoned home buyer or buying your first home these tips will help you sift thru the process & avoid getting stuck holding the bill. This article is written to help buyers determine what is a Good Deal, Great Deal or Bad deal. When buying a home there are several factors involved in making the right house fit your needs. Every individual has their own uniqueness regarding their income, lifestyle, culture & size. Learning these Tips will help you navigate thru the home buying process & avoid spending Thousands of Dollars on repairs which could be avoided. NOT KNOWING, can be very expensive. If you’re a new homeowner you’ll soon realize that everything cost money. Some repairs are as little as a few dollars, well others can cost several thousands. These TIPS are for a standard home purchase in which an owner will live in it as a primary residence. Not an Investor.
Where the Home Shopping Begins…
Now once your Pre-Approved with a lender its time to go home shopping. Your lender should have already explained 3 Major Factors regarding your ability to buying a Home. 1.) What Type of Loan you are using. 2.) How much money do you need for the Down Payment 3.) What will be your Closing Cost. These 3 Factors will determine on what “TYPE” of home your searching for because they will pre determine what type of condition the house will need to be in.
What to look for when you’re on your Home Search..
Once you have been informed of what type of home your looking for & how much. You can now determine factors in which will narrow down your Search. These helpful factors such as bedroom, bath, Square Footage & so forth; will help determine what homes are available on your Home Search.
Time to Turn On Google Maps & Start Driving..
Once you determined what homes you want to look at you want to visually investigate all the aspects of the home. We always suggest looking at the home in the daylight. Reason being is that the light will show the best aspects of the home.. Upon driving to the home you should also observe items such as where the home is located? Such as a cul de sac, corner lot or possibly located near a major street or highway. These factors may increase or decrease the value of the home depending on the area & location.
Let the Investigations Begin..
Once arriving at the home I always try to point out several factors that may affect the purchaser.
1.) We take a look at the Roof. You can usually tell how old the roof is by the way it appears such as observing the Composition Shingles or Concrete Tiles. If the roof is aged it may show a shiny undercoat of fiber glass shining thru the shingles. If the roof is at the end of its life span it may also show deterioration & flaking of the material. You can also look underneath the overhang to inspect water stains, wood rot or signs of moisture. If these are observed than a Roof Inspector should be called & inspect the longevity & advise how much time is needed before replacing it or the cost of the repair. A New Roof can cost anywhere between $5,000 to $15,000 depending on the amount of work needed or if it needs replacement.
2.) Next you want to look at the Structure of the home. Be sure to look at everything including the floor. If there are any cracks on the concrete or on the walls themselves that may be a sign of movement or structural problems.. Some cracks are usually normal since the ground moves however if you observe cracks larger than the size of a side of a quarter than we recommend getting another inspection from a Licensed contractor or structural engineer. Structural repairs can be very costly so its best to avoid those if possible.. Cosmetic repairs are usually less expensive however any cracks seen on a property should always be an item of concern &/or research. I always suggest being safe than sorry.
3.) The last item we always want to look at are the utilities & appliances. Standard plumbing & electrical can usually cost a couple hundreds dollars however major items such as an Air Conditioner, Furnace or Water Heater can cost significantly more & put a dent in your wallet. A standard water heaters lifespan is anywhere between 8-10 years & can cost up to $1,500 to replace. A New Air conditioning unit can cost up to $15,000.00 to replace.. So Buyer Beware..
Looking at homes are always an eye opening experience…
Once you’ve found the perfect home to make an offer you should have the opportunity to have a professional home inspector view the home during your home inspection periods.. Traditionally in Southern California we have a time frame of 17 days to complete all the buyers due diligence; however like most items in a Real Estate this item can be negotiable & this time frame may change.. Regardless of the time frame we always suggest having a professional point out the miscellaneous items that may or may not need to be repaired or replaced. It’s always best to know what your buying before you buy it.. In any circumstance there is no perfect home in perfect condition. Even new homes have some issue however the older homes can have a significant amount of additional problems than you can expect. Never the less you can eliminate a lot of homes by simply being aware of these items & these may also save you a few dollars down the road. A typical home inspector charges anywhere between $250-$450 depending on the location & company. If you can spot a few of these issues out before making an offer you can avoid paying unnecessary cost.