Buying a new house is both exciting and daunting. This huge purchase will have a significant influence on your life because of its impact on your finances. As such, you must educate yourself about the steps, requirements, and other tasks involved so you can assuage your worries and prevent mistakes.
A new home equates to a commitment. You have to be ready to face this head-on because there’s no turning back once you’ve paid, closed the property, and signed the documents. To prevent any regrets, here are some tips to demystify the house buying process. Knowing what to expect will make your house hunting transaction smooth and pleasant. Let’s get to it!
Check the Price of Homes that Appeal to You
Since you’ve decided to make your dream home come alive, you’ve most likely audited your personal finances. By now, you know how much you are willing to pay for your mortgage payments. The last thing you want is to be saddled with a house that you cannot afford to keep and maintain. When you are looking at listings, you have to make sure that the prices of the homes fall within your budget.
Remember, apart from looking at just the sale price, down payment, and expected closings costs, you also have to check how much are the property taxes. You must include this in your computation. If it’s too much, then you have to let the house go. You must live within your means so you can truly enjoy life with your loved ones. If you buy a house you cannot afford, you will end up stressing over the monthly payments, which is no way to live.
Keep an Eye Out for Repair Works
After years pass, homes’ foundations are likely to shift. So the best way to identify the foundation problems is through regular walkthroughs in and around the house.
Foundation is a critical part of a home. It’s the base that holds everything together and keeps the entire home stable. If you plan to buy a home, request a report from a trusted home inspector. If you agree to buy a home with foundation issues, contact a foundation repair professional as soon as possible; issues that go untreated will only get worse over time and cost more in the long run.
When you attend an open house, keep a watchful eye for fine details. A home may be priced low because it is old and needs a lot of TLC. In general, no house, especially those in the second-hand market, is perfect. In fact, you must have an inspector go through the house before closing to find out what the problems are. The last thing you need after you’ve moved into a new house and paid expensive closing fees is to deal with expensive repairs.
All homeowners are likely to agree that home repairs and maintenance will eat at your budget. So it is best to keep an eye out for issues like a rusty roof or malfunctioning septic tank before you make your offer.
Take Note of Any Unpleasant Odors
One of the things you have to take note of when inspecting any property is the smell. Are there any unpalatable odors that make you want to barf? If the answer is yes, then you have to dig deeper. Find out what the source is. Terrible odor is something you should not have live with.
For example, the scent may be coming from old carpets that have molds under the padding and the floorboards. It could also be from pests roaming around, spreading their germs and poop droppings everywhere. Sadly, not every homeowner is vigilant with rodent control and pest maintenance. If there is a foul smell that refuses to go away, you must rethink your choice because the stench could be coming from a source that’s harmful to your health.
Pay Attention to The Lighting in The House
Most prospective home buyers forget to take note of lighting. Check out if the home has ample lights and windows because this has an impact on your safety. Burglars tend to love dark houses, with lots of hiding spaces and shadows.
Moreover, the amount of natural light that courses through your home will also have an impact on your future energy bills. The less windows the property has, the more light fixtures you need to install. On top of that, you need to make sure there are plenty of sockets for your light fixtures and other appliances. It will be a nightmare to have an electrical short circuit if you plug in too much extension wires.
Evaluate the Heating System
Finally, don’t forget to evaluate the heating system. Check for a rusty boiler! It would give you a huge headache down the line if this were old and decrepit. This would be a major problem that will need lots of money to fix. Not to mention that it will disturb the people living in your home because the main water line will be closed.
Additionally, you’ll be wasting a lot of energy on a furnace that doesn’t perform its job well. If there is a high-tech HVAC (heat vent and air conditioning) system, you have to make sure to double-check the cooling system too. If your thermostat is not working optimally, this will have a huge impact on your energy bills.