House searching can be fun…but do you really know what to look for when buying a house? It will be the biggest purchase of your life, so not one to be taken lightly. While you are out there searching, make sure you ask yourself these few things and check them off as you go. They are very important to look for when buying a house.
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Is it in my price range?
This is obvious, but trust me, not to some people. Stay in your price range. You don’t want to be stuck home eating pasta every night because you’re house poor after the purchase. There’s just no need to stretch yourself that thin. Know what you can comfortably afford based on your lender’s advice and look in that range. Is it a buyer’s market right now? That can be the best time to find a great house at the best price.
How’s the Resale Value?
Someday you may need or want to sell. To make sure you have an easy time doing that, think about the resale value. Does it have a garage? How is the layout? Is there enough parking? Is it on a main road? Are there a lot of stairs to get to the door? Take into consideration what you can’t fix about the house or location.
What kind of Condition is it in?
Were you looking for a fixer upper? Or is it just going to turn into one? Think about whether you want to put some sweat equity into a house (and have the means to do it), or go for something turn key.
How old is the roof?
Replacing a roof is a costly project. If it’s in your budget to replace the roof, awesome. Take a look at metal roof vs. shingles to compare! But, if you weren’t planning on replacing it and have issues after closing, it looks like you’ll be figuring out how to pay for it.
What are the ages of all the systems?
Do yourself a favor and find out the ages of all the house systems. Are they original to the house? Were they recently replaced? Check out the heating, cooling, septic, etc. If they are in working order, you will buy them that way. But, they can break anytime after closing and you will be responsible for it – it’s your house now!
Is there any possibility for an addition or renovation?
If you’re buying a house with hopes of adding on to have that huge family room, extra bedroom, new garage, or in-ground pool, make sure you’ll have the space! Check out the town’s building codes and see if it would even be possible. Want an open concept? See what walls are load bearing. Do the seller’s have a survey? You will need to be a certain amount of feet away from your property line and septic system in order to add on.
Is there any water damage?
Keep an eye out for water damage when walking through houses. It can be on the walls, ceiling, floor. Maybe an upstairs shower leaked. Or the roof needs to be repaired. Water damage can mean mold and rotten wood, so make sure you are observant.
What are the taxes?
Taxes can have a big influence on your purchasing power. If the taxes are too high, you may not be approved for as much of a loan. The higher the taxes, the higher your monthly payment will be. I actually loved a house in my town and considered buying it. BUT the taxes are $18,000. That’s just too high for me to be comfortable with. Those taxes need to be paid every. single. year. And they won’t be doing down – if anything they will be going up each year. Just something to keep in mind.
What you don’t need to worry about…
- Paint colors. Don’t get super hung up on paint colors! You can change that so easily – and really make it your own. Purple bedroom not your style? No biggie. Grab some primer and your favorite color and go to town!
- Light fixtures. I think it’s so silly when people complain about light fixtures in a house. Such an easy fix! You can find really cute ones that aren’t even very expensive. So, look past the ugly light fixtures and get excited to add your own style to the house!
- Carpet. I know. No one likes carpet anymore. It can be really gross, I know that too. But, you can rip it up! Carefully lift a corner or look in a closet – sometimes there’s hard wood right under the carpet. If not, you can install whatever you prefer – totally changing the look and adding value. It can get expensive if the whole house is carpet…but you can also consider having them professionally cleaned. I wouldn’t let carpet get in the way of me and my dream house!
Now that you have a better idea of what to look for when buying a house, bring a notebook and take notes on showings. Make sure your Realtor gets a copy of the Seller’s Disclosure for approximate ages of systems. Think about what you can work with and what you can’t. There are a lot of houses out there, the one for you could *literally* be just around the corner. Once you have found that perfect house, make sure your offer is amazing! Look here for some tips on writing the best offer to win that house.