Buying a home is one of the biggest financial decisions you'll ever make, and being prepared can make all the difference. We're here to walk you through some practical tips for understanding what to look for during home tours. Whether you're a first-time buyer or just need a refresher, these insights will help you navigate the journey with confidence.
Reviewing the real estate market can be a huge help in determining your next step. Interest rates are rising and falling all the time, so looking at the trends in your area can help you decide whether to move forward, or wait until prices level out, or even drop.
If you’re planning to move again, and don’t want to become a landlord, it may be best to wait so you don’t get into a financial rut that you can’t get out of, as there are numerous costs of buying a home, beyond the actual purchase price.
Are you financially prepared for the costs associated with owning a home? As a renter, you’ve got a landlord to call for help; as a homeowner, all of that falls on your shoulders. This may mean learning to fix things yourself, or be prepared to pay a professional for repairs and maintenance costs. Not to mention property taxes, HOA costs, and homeowners insurance, as well as (ideally) having an emergency fund for any major repairs or unfixable appliances.
Decide what type of home you’d like before making any permanent decisions, such as: Are you looking for a starter home, or your forever home? What size of yard are you capable of caring for? Are you willing to take on the responsibility of a fixer-upper?
Take a look at what other homes in the area are selling for, so you’ve got information for any potential negotiating.
Consider how long the home has been on the market - if it’s new and there is high demand, you can move quickly. If the home is foreclosed on, you may be able to negotiate a better price. If it’s not a new listing, you may want to do a pricing analysis before making an offer.
If possible, get documentation for any significant updates made to the house. That way, you can have access to any warranties and a contact in case you need to do any matching of floors, tiles, paint, etc.
Don’t forget to inspect your prospective home for any obvious structural issues, plumbing/sewer issues, electrical systems, roofing that may need replacing. These are things you can request the seller take care of before moving forward.
You’ll need to get it professionally inspected once you’ve made an offer. The inspector can help you determine what things would make sense to request are corrected before finalizing your offer. The lender will likely have an appraiser look at the home, as well, to ensure you’re not [substantially] overpaying.
Finding a qualified and professional home inspector can be daunting, so there are some questions you can ask to ensure you’re comfortable with the inspector.
Request to see their licensing
Inquire as to whether they work(ed) for the seller’s realtor, so you can get an objective professional
Find out what the inspection covers, so you can confirm applicable state requirements are met and everything is in compliance
Consider whether you have any special requests and ask for them ahead of the scheduled inspection
Schedule the inspection at a time you can be there to meet them, so you can go over any questions/concerns, as well as ensure they’ve efficiently inspected the home, including light switches, windows and doors, peeling paint, leaks, etc.
Ensure that you also look under sinks, toilets, showers/bathtubs, even crawl spaces or unfinished basements, for any signs of water damage or active leaks.
Take a look at the piping to ensure there are no weak spots, splits, or discoloration.
Your home inspection is to evaluate the condition of the home, the HVAC systems, plumbing, foundation, floors, etc. Having an inspector even for a newly built home can be an advantageous investment, as there is always a chance the systems may not have been fully tested.
If you have any questions or would like to get a quote on a homeowners policy, please leave us a comment or give us a call at the office: 720.335.6872.
