What to look for in a house before you buy? You can easily notice warning signs and make sure the house meets your standards before you spend a lot of money on it.
If you do not feel confident enough to inspect the house yourself, hire a home inspector.
The exterior of the house is the first place to look for warning signs. In a San Francisco Victorian home, for instance, the owner removed the decayed siding and door to reveal serious foundation problems that required costly professional repair.
Always be on the lookout and don’t get conned when purchasing your first or next home.
Start with pre-approval
First things first. Before you begin looking for a home, make sure to get pre-approval from your lender. Lenders cannot tell you what you can afford unless they take into account your debts and daily living expenses.
Your loan amount may be limited by the amount of debt you have or by your income. Pre-approval will give you peace of mind by limiting your house search.
If you are turned down for pre-approval, be honest with your real estate agent and discuss your financial situation.
Get a professional inspection
Many people don’t realize how valuable an inspection of a house can be. Many home buyers regret the purchase of their homes because of costly repairs and unexpected maintenance.
An inspection can save a buyer money in the long run by highlighting any problems that need immediate attention. It also allows the buyer to negotiate the price of the home if necessary.
If you plan to make major renovations to the house, an inspection is especially important.
Location, location, location
Location is important for many reasons, and not just because it’s convenient. The location of a home influences the value of the property, and can help it sell for more money.
The proximity of local amenities and transportation is important, too. Buying a house in a desirable location will improve its value.
Do you homework on neighborhoods, communities, and the such before jumping into a home. Your real estate agent can be a great source of information.
Don’t foget about the bathrooms
A home’s bathrooms can make or break the sale of a property. Since bathrooms are frequently scrutinized by buyers, they can either make or break a deal.
Good bathrooms no doubt drive up the value of a house.
Whether you’re selling a house or considering a move to another, make sure the bathrooms are in good condition or that you have the budget to make needed upgrades.
Pay attention to lead paint
Before purchasing a home, you should consider whether it is lead-free. Many older homes still have lead paint, and sellers should disclose this problem before the house is put on the market.
However, there are many ways to determine whether or not a house is safe to buy. The most straightforward way is to get it inspected. The seller will be required to repair any lead-based paint problems and prepare the home for the buyer’s inspection.
If there is any lead in a house, the buyer may be able to negotiate a price reduction with the seller for the cost of lead removal.
If you are planning to buy a house with multiple owners, you must discuss ownership options with the others. It is best to have this discussion in writing, and it is also a good idea to have a written commitment from all the owners to save for the mortgage payments before closing.
It can be difficult to decide how much each person should contribute to the mortgage. If you want to avoid potential legal complications, it is a good idea to discuss ownership options with a real estate attorney.
A good tip to keep in mind is to know the “market value” of a house before buying it. This is the price that another buyer would pay for a similar home.
Ideally, the comparable property will be listed at the same price as yours, and be in the same neighborhood. Comparable properties are helpful in assessing a home’s value because they provide a good basis for comparison.
Moreover, you can learn valuable information about the current market value of a house by comparing it to its competitors. Again, season realtors can help you through this process if you don’t feel confident doing so on your own.