Many people dream of owning a house, of having their own space, their own sanctuary. However, buying a home is a stressful experience – even more so for first-time buyers. There is a myriad of things that you should look at before putting a deposit down.
Cosmetic issues like chipped paint can be fixed quite easily and cheaply, but, if the foundation is damaged that becomes a far more costly job. The cost of fixing foundation damage can run into the thousands. When viewing your potential dream property look for signs of damage around the foundation such as cracks. Inside the home keep an eye out for uneven flooring which can mean the foundation is sinking.
Usually, a roof – depending on materials – will need replacing every twenty-five years which again can cost thousands for a professional fix. This expense is obviously not going to be ideal right after you have just forked out to buy your property. When touring pay attention to what you can see of the roof and ask questions about its age and condition it.
If you are looking for a home near a body of water, such as a lake house or a seafront property it is important to consider the risks. How close the home is to the water’s edge could mean you are more likely to experience flooding – usually, this likelihood increases if you are looking to live somewhere that experiences a lot of inclement weather. If your home is at more risk of flooding this could mean that there is mold and/or water damage already inside of it.
Have a look inside cabinets and all the nooks and crannies for signs of mold. A musty odor or peeling paint can also be a sign of damp. Insurance should but does not always cover these events but there are things that you can do after the fact. Companies such as All Dry Metrics deal with the damage, from water extraction to drying and dehumidifying. They also deal with the resulting mold meaning that you don’t have to. It is worth having a plan for all eventual scenarios. Check out their work and services at www.alldrymetrics.com/.
If your home is historical, pay attention and ask questions about the insulation inside the property. If the insulation is dated or inefficient you can end up paying far more in utility bills. It is sometimes worth replacing the insulation as although the cost upfront will be far higher it will save money in the long run. Older forms of insulation can also be detrimental to your health because of the materials that they are made from it is especially important to ask your realtor questions regarding this.
Buying a home is expensive, there is the deposit, the mortgage repayments, and the bills, all of which you can be prepared and budget for but sometimes there are unexpected costs. Looking out for all of the above things and even paying for a home inspection before you commit to buying can actually end up saving you money. Sometimes it is necessary to take emotion out of the home buying process, try to be realistic, and not charmed by the potential that you see in the property.