Buying a new home can be a very exciting time in a person’s life. There are many considerations one must take into account before embarking on owning a new home. Before making this great life investment, you should ask yourself the following questions:
Can I afford a new house?
When buying a new home, you need to consider the financial implications of owning a home. You have to consider mortgage payments, down payment, fees like closing costs and attorney fees, taxes, and other costs. Use an online financial calculator that takes your income and debts and calculates them to determine how much you can afford.
Does the new house meet my requirements?
Make a list of all your needs. Please be aware of children and pets. Are there enough bedrooms and bathrooms? Is the yard big enough for a pet? Do you need a home office? If you have children, check to see if there are parks and schools nearby. Do you have to travel a long distance to get to work? How is the crime rate in the neighborhood? How close is your house to supermarkets and shopping malls? Is it a neighborhood development association that imposes strict rules?
Are there dangers?
Check if the house is in a high-risk area, such as floods, earthquakes, tornadoes, and hurricanes. You may have to pay higher insurance premiums. Also, find out what home inspections are needed.
What are the closing costs of the sale?
Closing costs are the costs associated with the sale transaction. This may include fees for legal documents, recording of deeds, escrow fee, real estate commission fee, conversion fee, and title insurance.
Is the exterior of the house in good condition?
When evaluating the exterior of the house, ask questions like: What materials were used for the exterior? Do the trim or sidewalls require painting? Is the weatherstrip installed? Do the doors and windows have insulating glass or shutters? What is the condition of the gutters? Is the base in good condition? Is the ground sloped away from the foundation? What material is used for the base?
Is the interior of the house in good condition?
Are there cracks in the walls and/or ceilings? Has the interior been recently painted?
Are the kitchen cabinets installed correctly? Do the doors open and close correctly? Are there exhaust fans in the kitchen and bathrooms? Is the interior upholstery in good condition? What is the condition of the door knobs and locks? Are there visible structural defects? Is the attic area insulated? Are there sloped floors in the house? Is there a fan in the attic for ventilation?
What is the condition of the heating, electrical system, and hot water system?
Is the incoming electrical service properly installed? Is the main electrical panel easily accessible? Are there adequate lamps throughout the house? Are light fixtures installed at all exterior entrances? Is the number of electrical outlets in each room sufficient for modern life? Are ground fault circuit interrupters (GFCI) installed?
What type of furnace or boiler is installed? (Hot air, hot water, heat pump, etc.) What type of fuel is used for heating? Does the house have central air conditioning? Is the size of the water heater suitable for your needs? Are there heating/cooling outlets in each room?
What is the condition of the plumbing system?
What is the source of water and sewage? (City, private, well, septic) What materials are used for water and sewer pipes? (Copper, PVC, iron, etc.) What is the quality and quantity of the well water? Are plumbing fixtures working properly? Is the water pressure adequate?
Buying a new home is a serious lifelong commitment with long-lasting costs. Before you buy a home, be sure to consider all the positives and negatives of owning a home so that your final decision is the right one.
