Buying a home, especially for the first time, can be so exciting. The new neighborhood, the big, beautiful kitchen, the expansive backyard, the luxurious master bedroom with spa-like bathroom and don’t even get me started on the game or theatre rooms!
Do an Inspection
But wait! Before you sign those final papers, let’s look a little closer at what you’re buying. Here are 15 things you should watch out for when buying your new palace:
- Foundation cracks: This can be one of the most expensive problems to fix because not only do you need to correct it, but you also need to figure out why it’s cracking in the first place, and will it continue?
- Grading towards the house: Does the land around your new home slope towards the house? If so, you may be in trouble if you get a lot of rain.
- Termite damage: This is more of a problem in some areas of the country than others but if you have these little critters nibbling away at your infrastructure, you can be facing some very expensive repairs!
- Ceiling stains: These can be an indicator of a roof leak. Even if you are told that it has been fixed, you may want to check to see that there isn’t any serious damage such as wood rot.
- Window bars: It wasn’t until I moved to AZ that I even heard of such a thing. My first thought would be, were the previous owners trying to keep someone in or someone out? Secondly, to pass the fire code, there must be a quick release on the bars.
- Pride of ownership: When you drive through the neighborhood, does it look like people care for their homes? Or are there weeds everywhere and cars parked in the yards? While it won’t affect the quality of your new home, it can adversely affect its value.
- What is the market value trend? Most homes tend to appreciate in value. Have someone pull a report on your surrounding areas and then in your neighborhood. Has this home been on the market longer than others in surrounding areas? It may be worth checking out why.
- Noise: Before you enter into that contract, did you visit the neighborhood at varying times of day and night? Are there noisy neighbors? How about the nearby traffic of flights?
- Water quality & pressure: While these are things that may be able to be corrected, it can be costly, and it must be addressed right away.
- Number of previous owners: Is the home 8 years old and already had 5 owners? This could be a telltale sign that there is something wrong with the home and/or the neighborhood. Be careful.
- Deferred maintenance: A home needs to be maintained but some homeowners either don’t know how, don’t have the time, cannot afford it or simply choose not to maintain their home and, instead, choose to sell it and make it your problem. A good home inspector can help you make this determination. Don’t skip getting a home inspection!!
- Old appliances: Sure, these can be replaced but if they are all old or have been neglected, replacing all of them at the same time can be costly. Plus, it may be another indication that the previous homeowner didn’t maintain their property.
- Utilities: Does the home have public water & sewer or a well and septic? Does it have cable or satellite TV? Does it have an adequate Internet connection, especially if you work from home? All of these should be considered.
- Insulation: Did the previous homeowner or builder cut corners and use low-quality windows or insulation? A good inspector can tell you. It would also be prudent of you to see a copy of some of the seller’s utility bills.
- Flooring: Don’t overlook the quality of the flooring. Are there excessive creaks in the floor? Is the carpet matted down or does it have pet stains? These can all be corrected but when you add up the cost along with any other thing that needs to be corrected or replaced, is this home still a good buy?
By all means, this is not an exhaustive list. There are a lot of things to watch for when purchasing a home or rental property. These are just some suggestions.
If you see a few “red flags” but, overall, you’re happy with the home, you may want to consider purchasing a home warranty that covers the replacement of the appliances, HVAC system, and other items. YOu may even be able to negotiate to have the Seller purchase the home warranty for you.
