If you are hunting for a home to buy, now is a good time to do so. Housing inventory is already high in many states. Prices and mortgage interest rates are relatively low. These are factors that you should take advantage of as a buyer.
When there are many homes in the market, you probably don’t have to get into a bidding war. That said, the best homes that are also priced reasonably for the prevailing market conditions, will receive multiple offers. That means you need to act fast after finding a home you like. As you start hunting for the perfect home for you, you need to keep a few things in mind especially since repairs and replacements can be quite costly.
If you do a lot of cooking, you need to be selective about kitchens when buying a new home. A minor remodel may cost over $20,000 . A major kitchen remodel will set you back at least $40,000. The costs are even higher for high-end homes.
Before making an offer, you need to inspect the kitchen carefully. Look at the cabinetry, counters, appliances, and floor. These elements can be costly to replace. As far as possible, try to find a home with a kitchen equipped with new appliances, solid-surface counters, and solid-wood cabinets. Your floor options include wood, tile, laminates, and cork.
Bathroom remodels, too, can be ridiculously pricey. While inspecting the bathrooms, make sure that there are no leaks in toilets, tubs, and flooring.
Replacing the entire roof can be quite expensive. While inspecting the house, check the ceilings, skylights, and the attic for sure signs of damage caused by water. You also need to find out whether the roof deck has started to sag. Make sure that no light is coming through the roof; although some light may come through roofs made of shingles. This is not a huge problem. You should, however, look for cracked or missing shingles. Also look for signs of blistering, algae growth, or rotting.
Old heating units are hard to repair. They may also consume much more energy than newer ones. You will have to shell out $5,000 or more to replace a furnace. If you are planning to purchase a model combined with an air conditioner, you will have to spend much more money. If the air conditioner is older than ten years, you will have to replace it. The boiler or the furnace may need to be replaced it is more than fifteen years old.
Flooding in the basement can be quite a headache. See if there are water marks in the basement. You also need to find out whether the home has a built-in system to remove water.
The chimneys, driveways, insulation, windows, and sideways are also areas that need proper inspection.
If you like a house and the seller accepts your offer, the next thing you need to do is to hire an inspector who can evaluate the home with a professional’s eye. If you really like the home and you detect problems during the inspection, you can ask the seller to reduce the price. Alternatively, you can insist that the seller repair the problems before finalizing the offer.