Attention All Home Buyers: Did You Check on THESE Things?
Home buying is a fun and demanding process, but buyers are often overwhelmed with the adventure that they mostly dwell on "the fun part". However, aside from looking for homes online and going to showings, there are boring-yet-still-as-important facets of home buying that you shouldn't overlook. While working with a realtor can help prevent home buying mishaps, it wouldn't hurt to add to your wisdom by learning what you, as a buyer, should double-check when purchasing your dream home. Here are some things you should know/learn/investigate as a buyer:
1. Your home's resale value
You may currently be in the market as a home buyer, but that doesn't mean you should not think like a seller. REMEMBER: In X years, you will sell the home you are currently acquiring due to the need for a bigger place, a job transfer, family needs, etc. It's wise to think how much you can get for the home now,even though you are still acquiring it for your use for the immediate future.
2. Preparing for your after-closing costs
If only we can blissfully believe that buying a home just entails the cost of the home and the escrow-related costs. However, how about the cost of maintenance? New furniture? Cost of repairs for leaks or minor make overs? It is ideal to set aside 1% of your homes total value for annual costs on repairs and upkeep.
3. Disregarding restrictions
Pick a home not just because it's got the right size, number of bedrooms, and architectural style. Pick the neighborhood too. Acquaint yourself with the restrictions that come with living in the house to avoid irking your new neighbors and/or finding yourself owing penalty to the homeowners association/city government for disregarding the restrictions that come with your home purchase.
4. Past renovations/repairs should be up-to-code
You have to make sure that past renovations/repairs made in the home you are about to purchase have permits and are up to your local municipality's standard. Otherwise, you might find yourself owing permit fees and penalties for work that was done on your home, even if you weren't the owner at the time the repairs or modifications were made!
5. Check out your new Homeowners Association (HOA)
Acquaint yourself with how lax or stringent your HOA is. Save yourself the trouble and know the people around you so you can easily adapt to the local lifestyle. You don't want to irk your new neighbors too soon, do you?
We know that buying a home is not an every day thing, so we all have a right to be excited. However, don't let the bubbles get to you to the point of oblivion. Be factual, rational, and cover your entire home buying check list. For more tips, visit our blog or access the original article from which this post was based here.