Buying Your First Home? Start With This List
With low mortgage rates and high rents, many people are looking to buy their first home. Besides your personal list of desired features, here's a list of other major factors to look for in your first home.
This first one is easy because it is your list of desired features. They might be your "make it or break it list" but there's certainly more to take into consideration before jumping into an offer.
- Square footage
- Lot size
- Yard size
- Heat pump or furnace
- Air conditioning
- Water source; city or well
- Year built
- Nearby amenities - parks, schools, public transportation
- Location - in proximity to work/school
Other major factors
It is easy to fall in love with a home that meets all your personal needs, however, there is a second list of major factors to consider. This list will be detrimental if you spend your maximum budget on a home but need to repair or replace these costly areas.
Age/Condition of Roof
Some roofs need to be repaired or replaced after 10 to 20 years. If a roof has missing or lifted shingles, blistering or raised areas, damage or excessive moss, it is important to have a roof inspector weigh in on the condition of the roof and cost of necessary repairs.
With the national average of a roof replacement costing $14,000, this is an area to look at carefully. If the roof needs replacement or repair, this can be requested as part of the purchase sales contract, to be completed before the closing of the home, or to have money allotted toward these repairs to be completed after the closing. Sometimes lenders will make the repairs a condition of closing so they can protect their investment, as well.
Cracks in the wall
Cracks in the wall of a home definitely range in severity. Some small cracks are no big deal and are simply a result of the house settling. They can be patched and painted with no further worries.
However, some cracks such as horizontal cracks or cracks with jagged edges, as well as cracks around doorways can be a sign of something more serious like the home's foundation shifting or water damage. This can require a foundation repair team and subsequent repairs are often costly.
Bowing in floors
Floors with bowing or sagging can be a red flag for water damage, especially in the bathroom. Leaking pipes or other water damage can ruin the floor and subflooring, resulting in dry rot. Dry rot can harbor fungus and mold, as well.
If you notice bowing in an area of the floor, it is important to ask questions about what occurred in that area, but it is even more important to have a home inspection and share your concern with the inspector.
Reputable home inspector
If a home meets all your wants and needs, but one of the other major factors feels "off", it is important to find a reputable home inspector. You can look at reviews of inspection companies online.
The home inspection will need to be completed for the lender to ensure the home is in overall good condition. But the home inspection is also a bartering tool you can use to ask for repairs in the purchase agreement.
In summary, in addition to finding a home that meets your personal needs, it is important to consider these major factors to save yourself frustration and expenses later.
For more information on purchasing a home in Granbury Texas and surrounding areas please contact us anytime.
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NTREIS data last updated September 26, 2022.