Nine things for new home buyers to consider when buying a home

When it comes to owning a house, perfection is a myth. Regular maintenance is an unavoidable reality, much like the aging process in people. Houses, like individuals, display signs of wear and tear over time. Whether you're a seasoned DIY enthusiast or one who prefers consulting YouTube for fixes, the truth is, every house, no matter how daunting it may seem initially, can be made livable. It's merely a matter of time, money, and whose time and money are invested.

If you're not in the market for a new home, these considerations are equally crucial if you're contemplating selling your house or seeking tips on effective maintenance.

Choose an experienced real estate agent

Real estate agents play a pivotal role in the home-buying process, but it's essential to recognize their limitations. 

Agents, prioritizing legal precautions, often refrain from expressing opinions to avoid potential lawsuits. As a very broad example, Fair Housing laws restrict them from offering specific insights on neighborhoods or schools. Additionally, providing advice on repairs or replacements is avoided to mitigate the risk of being accused of offering technical professional guidance.

Furthermore, choosing a seasoned agent over your "recently licensed family member" often helps maintain a clear boundary between business and family matters.

It is simply due to this: real estate school often falls short in educating agents about homes' construction, focusing more on contracts and legalities. 

A truly adept agent understands this limitation but still knows how a home is constructed and can provide guidance and act as an advocate, ensuring you make informed decisions.

Navigating Market Challenges

The current housing market poses its challenges, with dream homes not always immediately attainable due to shortages. Flexibility in adjusting expectations based on needs and budget is crucial for a successful house hunt.

Buyer Beware: Preferences and Reality

Creating a list of preferences is common, but understanding it may not align with the actual purchase is essential. Real estate agents have a saying "buyers are liars”, which is a crude way of explaining the evolving preferences of a buyer during the house-hunting process. Buyers don’t know what they don’t like until they see it in person.

Buyers should also assume that sellers are liars; sellers may not disclose everything about a home, which means you need to have a budget and savings for unplanned expenses.

Critical Factors in Home Evaluation

When evaluating a home, consider these key factors:

• Roof:
• Look for water damage on the ceiling.
• Check for missing or damaged shingles outside.
• Assess proximity of vegetation to the house and standing water.
• Foundation:
• Inspect for cracks in walls and foundation.
• Check doors and windows for alignment issues.
• Look for signs of uneven floors or sloping.
• Plumbing:
• Run faucets to check water pressure.
• Look for leaks under sinks and around toilets.
• Electrical System:
• Test light switches and outlets.
• Check the circuit breaker for proper labelling.
• Look for exposed wiring or outdated electrical panels.
• HVAC System:
• Listen for unusual sounds when systems are running.
• Check for proper ventilation and airflow.
• Appliances:
• Verify the functionality of essential appliances, as inspectors may not cover them.
• Windows and Doors:
• Investigate windows for signs of rot.
• Open and close doors to check for any sticking.
• Pest Inspection:
• Look for bait traps or droppings indicating potential rodent issues.
• Exterior:
• Inspect siding for signs of rot or damage.
• Check paint condition and wood trim.
• Assess overall landscaping and drainage.

Ultimately, buying a house comes with responsibilities and uncertainties. It's a gamble, and unexpected issues may arise in the initial years.

The general rule is to allocate around one percent of the home's value annually for maintenance. This figure might be higher in the first year for homes with deferred maintenance, gradually reducing over time.

So, whether you're a DIY pro or prefer hiring professionals, embracing the imperfections of homeownership and having the budget and savings to back it up is key to a successful and fulfilling journey in your new abode.

 

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The information provided above is intended for general guidance and informational purposes only. It is based on common knowledge and experiences related to my position creating and developing continuing education classes for real estate agents. However, it is important to note that I am not a licensed professional, and the content should not be considered as professional advice or a substitute for professional consultation.

Homeownership involves various complexities, and individual circumstances can vary. Decisions related to real estate transactions, property evaluations, and maintenance should be made in consultation with licensed professionals, such as real estate agents, inspectors, and contractors.

The user is advised to seek the assistance of qualified experts and professionals in specific fields, especially when dealing with legal, financial, or structural matters related to real estate. This disclaimer serves as a reminder that the information provided is not exhaustive, and the user should exercise due diligence and seek appropriate professional advice tailored to their unique situation. Any actions taken based on the information provided are at the user's own risk, and I disclaim any liability for the consequences of such actions.