You need to compile an extensive checklist of things to check and do when you are buying your own home. Amongst that list, there will be some tasks that should take priority.
One of those things to check would be how much your legal fees are going to be so that you can budget accurately for them amongst all of your other costs. You could look at someone who specializes in fixed-fee residential closings, for example, like affordableclosing.com, so that you know how much your costs are going to be to complete all the legal paperwork required to buy your home.
Here is a look at some of the things you should always check before buying a home.
Check the condition of the foundation and structure
Any issues with your home’s foundation, or structural issues, can lead to expensive repairs. Look for cracks in walls or ceilings, sloping floors, or doors that don’t close properly, as these could be signs of a shifting foundation.
In addition, it’s essential to hire a professional home inspector to evaluate the structural integrity of the home. Addressing foundation problems can cost tens of thousands of dollars, so you need to know that what you are buying is a sound investment.
Check the roof’s age and condition
Roofs are another major expense when it comes to home maintenance. A typical roof lasts anywhere between 20 to 30 years, depending on the materials used. Ask the seller or real estate agent about the age of the roof and whether it has been repaired or replaced recently.
Replacing a roof is expensive, and knowing its condition ahead of time can help you factor potential costs into your decision.
Does the plumbing work and is the water pressure okay?
Plumbing issues can be costly if left unchecked. Test all faucets and showers for water pressure, and look under sinks for leaks or water damage.
Ask the seller about the age of the plumbing system and whether any major repairs have been done. If the house has older plumbing, especially galvanized steel pipes, you may need to replace them to prevent future leaks or water damage.
Check the electrics
An outdated or faulty electrical system can be a safety hazard, and expensive to upgrade. Make sure the home’s electrical panel is up to code and can handle the power demands of modern appliances and technology.
In older homes, check for signs of outdated wiring, such as aluminum wiring or a lack of grounded outlets.
Check the neighborhood and surroundings
Before buying a home, take time to explore the neighborhood. Are the nearby houses well-maintained? Is the area safe, with low crime rates? Also, consider proximity to schools, parks, grocery stores, and public transportation.
You might want to visit the neighborhood at different times of the day to get a sense of traffic, noise levels, and overall vibe. A home’s location will significantly impact its long-term value and your quality of life, so this is a vital part of your research.
Work out the cost of property taxes and homeowner’s insurance
It can be costly to overlook the cost of property taxes and homeowners’ insurance when calculating your budget. Make sure to get an accurate estimate of property taxes and check if there are any local tax breaks you might qualify for.
Similarly, get a quote for homeowners’ insurance, especially if the house is in a flood zone or an area prone to natural disasters, which can significantly increase premiums.
Check your closing costs
It is essential you confirm your closing costs. These include fees for things like title insurance, appraisals, home inspections, taxes, and other administrative costs, all of which can add up to anywhere between 2 to 5% of the home’s purchase price.
Always ask for a breakdown of estimated closing costs, or better still, get a fixed-fee quote, so that you know how much to budget for.
Check all of these key points before buying a home. That way, you have a greater ability to budget and predict your total costs.
