Buying a home is a life-changing opportunity that shouldn’t be taken lightly. Purchasing a home can make or break you financially, so it’s good to be smart when purchasing a property.
That’s why we’ve compiled this list of 6 things to check before purchasing a home.
The first thing you want to do is check for damage and possible repairs. This will include hiring a licensed home inspector that can provide you with a detailed report on what needs to be repaired and how much it will cost. You might be surprised at what the inspector finds.
Your first visual inspection will give you a good idea whether or not you are interested in the house, and this you can do by yourself by looking at key aspects like the foundation, roof, walls, and interior condition. Even things like a faulty electrical system can require that you spend thousands more than you thought you were going to spend, so hiring a professional is an important part of this step.
Ask the inspector about the insulation in the house. Is it toxic? What about the paint?
When purchasing a home, it should be at your price. You shouldn’t feel taken advantage of, but rather you should feel like you are enhancing your future financial situation. The other price that matters is how much you will be paying monthly(the mortgage rate).
Do your research for which banks in your area have the best interest rates on mortgages, and talk to other people that own houses to hear about their different experiences dealing with the banks they went through. This will help you to make the right choice when you go to buy your dream home.
Aside from inspecting in and around the actual house, it’s necessary to check its immediate environment for concerns that may bother you in the future.
Say there is an oil refinery close by that is always blowing out loads of smoke that isn’t the healthiest to breathe in. Or maybe a highway goes through the backyard that brings loud noise, and also the risk of vehicles crashing onto your property/into the house.
Checking all of the expensive appliances in your prospective house is key. For example:
There are a few different options for heating and cooling your house, and it all depends on the area where you are buying. Some climates don’t require much to stay comfortable. Other extreme hot and cold climates require that you equip your house with the best possible heat/cooling source.
Putting a new furnace in can be super detrimental to your pocketbook. That’s why it’s a total plus when the house is already equipped with a suitable and efficient furnace.
Heating water inefficiently can potentially cause you an arm and a leg when looked at on a yearly scale.
Low-efficiency machines cause excessive energy consumption, and in turn, it costs the affected homeowner too much money. Efficiency is key.
These are all questions you need to consider in the initial purchase to ensure you are in the ballpark on your spending.
Making any large purchase without home + contents insurance or some form of legal protection is a definite no-go. Do your research on which insurance provider will give you the best price and the best coverage.
If the house doesn’t already have solar panels, you might want to throw some on top to take yourself further away from reliance on the grid system. In fact, in some areas, you can end up actually earning money from the electrical companies because your system provides more than it takes. Some areas get so much sun that it is completely necessary to own at least one solar panel.
Another wise move would be to research the water source, and if it is possible to save rainwater in a tank for regular use/emergency. The idea is to be as independent as possible in your new house, and water will help make that goal possible.
What would your new home be if you didn’t enjoy it? Well, if you did your research correctly it is a good investment if nothing. Now it’s time to shop for your first home!