Home Real Estate 6 Things to Consider When Buying a Pre-Owned Home

6 Things to Consider When Buying a Pre-Owned Home

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Buying a home is a huge investment, we could even say one of the biggest ones you’ll ever make. Exactly because of that, you should do thorough research and take your time to first think about the type of home you’d like and that would suit your needs and then try to find your dream house. You shouldn’t rush into it as you’d want a home that you’d be happy to live in for years to come. However, when purchasing a house, especially a pre-owned one, there are many things to consider and check before signing the contract. If you’re considering buying a residential real estate take a look at these tips to buy a pre-owned home.

Valuable Tips on Purchasing a Home

Be sure about what you want

When making such an important decision and not to mention a substantial investment, it goes without saying that you should know what you want in order not to make a mistake. So, when you start thinking about purchasing a real estate, think about the type that would suit you the most. For instance, are you more of a condo or a house person? Do your research and find the preliminary costs, fees, limitations and restrictions related to both types of residencies. It would be a good idea to even check out a few condos and homes that interest you, just to see the difference live. It’s important to choose a property that will meet your needs and your lifestyle.

For example, it doesn’t mean that more space is better – as more space requires higher heating, cooling and maintenance costs. Having a lawn means having an obligation to keep it neat and trimmed. Important factors to consider are also the location and the neighbourhood. Consider whether the location suits your needs as there is a huge difference between living in the outskirts and near the centre. Also, check the neighbourhood to see whether you fit in and whether it meets your needs.

Set your budget

Another essential factor you need to decide on before starting any research is to decide on your budget and stick to it. A pro tip for being sure you can afford your new home for years to come suggests making your total monthly mortgage less than the max you can go for. Why is this important? Well, your financial situation can change due to some unexpected reasons, and you’d want to be sure that you can still make your mortgage even in that case. So, it’s a good idea to dial down your expectations.

What’s more, the purchasing cost isn’t the only cost you’ll have to deal with. There are also costs of insurance, homeowner association fees and real estate taxes which depend on where you live. Home improvements, renovations, some upgrades, maintenance and utilities also cost money and we often overlook these.

Check the functionality of the appliances

When actually checking out homes of interest, we need to inspect their parts for functionality. We remember to check huge things such as the condition of walls, doors and windows, the water as well as the electrical systems, but we somehow tend to forget the functionality of appliances that are either built-in features or that are sold together with the house. A good start would be to hire a professional who will check all-important electrical and plumbing connections for appliances in the kitchen and laundry room. You ought to check if the doors open and close properly, whether the seals are tight, if there is the presence of rust or corrosion inside or outside the unit as well as the functionality of the heating elements and the pumps and of course, check for any water leaks. This refers to appliances such as the dishwasher, the refrigerator, the stove, the washer, the dryer and the garbage disposal.

However, don’t be discouraged and give up on the house you like just because some parts don’t function or need a replacement. For example, if the kitchen is equipped with a Fisher and Paykel dishwasher and it has some problems, you can easily search for Fisher and Paykel spare parts and choose the suitable one. It’s going to cost way less than buying a completely new dishwasher.

Check the water system

Among the things to consider before buying a home is definitely the water system. Check for any water-related issues both inside and outside the house. Water should be in pipes and not in walls definitely. Also, water coming from the outside shouldn’t affect your home and its foundation. There should be a proper system of disposing of this kind of water. Renovations related to water issues and piping systems are quite costly and messy, so you should definitely try to avoid buying a home that has these kinds of problems.

Check the electrical system

The electrical system of your potential home is also a crucial thing to inspect. Current building codes require modern electrical wiring and any wiring that needs to be updated will be quite an investment. So, make sure you have this in mind when searching for your ideal home.

Check the house for the presence of asbestos, mold and radon

Due to health hazards they can bring about, experts suggest hiring professionals who will check for the presence of asbestos, mold and radon, which can be found in air and water. You would definitely want to stay away from a home with any of these issues as it can be quite costly to remove them.

Conclusion

Searching for and buying a perfect home usually takes up a lot of time, energy, effort and money, of course. In order to make the right decision, it’s best not to rush into anything and consider all the details possible before signing the contract.

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