So you have found that dream house and made the down payment. You have even got a home loan preapproved. There still are chances that you might have ignored some little details that could cause a great deal of headache some time later. One of the biggest mistakes that homebuyers often commit is that they rush through the purchase without doing their homework.
Before purchasing a house, you must ensure that it doesn’t require extensive repair or maintenance. Let’s take a look at the small details that buyers must not ignore.
1. Don’t ignore the cost of maintenance and repairs
Buyers often ignore the repair costs that they will have to incur down the lane. The house may have a faulty plumbing or electrical system. The roof might require extensive repairs. These factors generally don’t catch their attention the first time they look at the property.
2. Don’t forget to conduct secondary inspections
Rushed homebuyers often ignore the need to make secondary inspections. They visit the property once and then decide to buy it. However, it is hard to notice all the problems during this general home inspection. If you lack the expertise to inspect the home, you can hire a professional. Before buying the house, you need to ensure that its electrical and plumbing systems work properly. If the roof is ten or twelve years old, you must get it inspected by an expert. You must also consider possible sewer problems.
3. Don’t buy a condo without doing enough research
If you are buying into a condo project, you need to do some additional research. Make sure that the building has sufficient insurance coverage and that there are no pending litigations. You must inspect the homeowners’ association documents. Read all the condo documents and don’t hesitate to ask for an explanation if you don’t understand something.
You also need to ensure that there are no structural faults and that the project has sufficient funds to take care of needed repairs and maintenance. Some housing societies do not allow pets. So if you have a pet dog or a cat, it makes sense to find out whether the society will allow them.
4. Don’t ignore the neighborhood
You might have found that perfect home, but if the neighbors are rude or quarrelsome, you might regret your decision later. Also, avoid buying homes in localities where amenities are sparse. Visit at least a few homes in the neighborhood and ask them if they enjoy living in that area. If they don’t, you won’t either. Make sure that the area is not infested with criminals. You also need to visit the local restaurants, parks, and other service establishments before committing to a house. You will probably have to live the rest of your life in that house, so doing some background research certainly helps.
5. Don’t ignore the daily commute
The neighborhood may be safe and friendly, but if it is a long way from the place where you work, buying a property in that area isn’t wise, unless of course you are willing to spend hours commuting to work.
Once you have considered these 5 points, you can make a wiser decision.