So, you have found "the house", and are ready to buy. It has shutters, fruit trees, big windows, and charm. However, there are many things to consider before taking the next (quite large) step...
As the saying goes, "Never judge a book by it's cover".
1. How is the neighborhood.... At night?
Do a drive by of the home, and explore the streets nearby to make sure activity is safe. Is there is a party house next door that is dormant during the day? Is there late night traffic in the neighborhood, on foot/bike/vehicle? Is the area quiet? Is there adequate street lighting to scare off potential predators?
2. Check those nooks and crannies.
It is important to make sure that the charm of a home does not distract you from any latent defects. A latent defect is a problem that is not clearly visible without some investigation. Although many facts will be revealed in an inspection, it is helpful to try and spot these before spending the funds to discover through the inspection. When walking through the home, look beyond the staging and room colors. Check the walls near the shower/bath. See if the doors close completely (without a gap between the door and floor). Is a portion of the wall covered by paneling, wallpaper or a large decoration? Pay attention to details to see if it is for looks or a cover-up. Find the furnace and water heater; do they look sound?
3. Make a list of changes.
Try and compose a mental or paper list of everything you would eventually want to change about the home. For example, changing the floor, or adding an eating area off the kitchen. Are there many changes you desire to make? Are the ideas for this home realistic financially and time-wise? What kind of changes are on your list- cosmetic or constructive?
4. Determine your true budget.
Although you have been approved for a home up to $190,000- Are you going to be able to sustain that mortgage payment? Consider your current AND future financial situation. Make room in your funds for emergencies, travel, family status change and savings. You want to ensure that you will be able to enjoy your home, rather that toil over a hefty monthly payment. It is exciting to qualify for a high amount, but just make certain that the payments will be doable for the entire term of your loan.
5. Carefully consider your options.
How many homes have you looked at? Re-evaluate the amount of choices on the board, and the features you are seeking. Is this the first house to excite you, or the "one"?
I believe these 5 steps are very important to take before deciding to make an offer on a home. This is a place where you possibly will be for a long time, create memories, and invest in. It never hurts to be cautious in order to make the best decision for you and your family.
Think outside the box, and inside the book.
written by Kimberly Linson, Broker at John L. Scott Centralia
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John L. Scott Website
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