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What to Consider when Buying a House

26 March 2013 8 Comments

canstockphoto13271602Purchasing a home is probably the biggest financial decision you will ever make. Taking the time to ensure both your finances as well as the house itself are in good share are crucial. Not all mortgages are created equal so shopping around for the best one can save you money. Equally, not all houses are created equal so going through a check list of important aspects to look for when buying can save you a big headache and your wallet down the road. Follow these steps to help you make the right decisions.

1. Not all new homes are in good shape and not all old ones are in poor shape. Regardless of if the house is brand new or 80 years old. You must pay the extra few hundred dollars and have a house inspector go through it. A poorly built house can have many problems that will only cost you money. Never overlook this step, they may reveal information about it that will make you not want to buy it, or show you that it would be a great house. An inspector will be able to determine things like the overall structure of the house with issues such as:

– hidden damage

– walls plumb

– adequate ventilation

– moisture problems

– roof issues

– attention to details and quality workmanship

– kitchen and bathroom fixtures

– electrical issues

– is the building up to code

– is the plumbing in good order

– heating, insulation

Perhaps you are ok with a house that needs some work on it, as many do but you just need to know this when purchasing. Some people will buy a home and figure it will be good for 20 years without any work needed other than minor cosmetic work. Not knowing what you are getting into may really cost you dearly. Also don’t assume that any repairs will be easy to do without really knowing. Also be sure to see the utility and property tax bills.

2. Look around and find the best deals on a home loan. Different financial institutions provide basically the same services but there are details that differ. These include things such as how much is necessary as a down payment. Do you have the option to pay off your mortgage quicker than originally signed up for with out a penalty? Also consider your own finances here. It is not recommended to stretch yourself as thin as possible just to have a nicer house. Doing this may result in you not being able to make the  payment and ultimately losing it. Know what you are getting into when you sign the mortgage and be realistic about your paying it back. Work out all the costs of buying visit Newcastle Permanent for more information on the financial aspect of purchasing.

3. Check out the neighborhood. Are you comfortable with what you see? Sometimes there are nicer homes in rougher neighborhoods or rougher homes in nice neighborhoods. Just make sure you are aware of what is around you.

– What are the crime levels like?

– Talk to your neighbors.

– Visit the neighborhood at different times of the day

– Is there good infrastructure such as sidewalks and roads or are these in disrepair.

– Consider asking the municipality about any possible improvements in that area.

Basically you really want to do all your homework before jumping into such a big decision. There is a lot at steak when you buy a house and while it can be a wonderful experience, it can also be a nightmare if certain issues are not carefully considered. See CNN’s tips for buying a house.

 

8 Comments »

  • moneybeagle said:

    Our home is getting a new roof this spring, and the roofer has agreed to add more attic ventilation, something I have always felt wasn't done properly when the house had been built (we moved in when it was eight years old). There is some masonry that I will need to repair this spring as well, but really things seem to be in pretty good shape as far as it all goes.

  • Crawford said:

    Definitely we need to check the plumbing before we buy a house. That is also one of the crucial points that is mentioned above.

  • Joe said:

    Thanks for these tips on buying a house, i will surely consider them any time i want to buy a house

  • Jason said:

    Well I've never bought any properties before so I don't have any ideas what to consider before buying a house. Thanks for presenting helpful tips. These are helped me to learn crucial points to look for previously buying house.

  • Hayley said:

    Thanks for this articles.. I learn something new, on how to buy old properties.

  • Tortoise Banker said:

    One of my clients gave me a good tip to always make an offer and sign a sales contract "pending inspection." I will say today's market is getting TOUGH for buyers though, as in my community well priced homes are getting multiple offers.

  • House Plans Houston said:

    Well I've never purchased any qualities before so I don't have any concepts what to consider before purchasing a home. Thanks for introducing beneficial suggestions. These are assisted me to understand essential factors to look for formerly purchasing home.

  • James@gutter system said:

    moisture problems is a main issue. Last year we bought a new house. At that time it was looking amazing but when monsoon arrived the same problem took place and still we are facing this problem..!!