It’s impossible for buyers to think about everything involved in the home buying process. So, we’ve included 5 things to consider when buying a home.
1. Plan ahead. You may be planning on living in your new home forever, but you should still have an exit strategy in mind. If you needed to sell your home in the future, would you be able to? Would you get any money from the sale? Spend some time talking with your realtor about the resale value of the homes that you are considering.
2. Get everything in writing. This is extremely important. Make sure that everything concerning the sale of the home is in writing. This will ensure that everyone does what they are obligated to do and that there are no ambiguities about what is expected during the sale.
3. Find out About Covenants and Restrictions. It is a really good idea to be aware of the rules and restrictions for any area that you are considering a move to. Some areas have HOAs that are quite strict. HOA rules can drastically affect renovation plans, RV or boat storage, and even landscaping. Find out beforehand what covenants or restrictions are in place in the area so that there are no surprises after you buy.
4. Don’t forget the home inspection! You should never purchase a home without a home inspection. Also, buyers should have the inspection clause written into the purchase contract. This gives the buyer a way out if the inspection reports serious problems with the home. There are a number of things that could be wrong with a home – termites, mold, foundation problems, etc. Although the inspection is not a requirement, we always recommend getting them so that buyers know the condition of the home before buying it.
5. Take advantage of the final walk through. Some home buyers don’t bother going to the final walk through. Usually the walk through is a day or two before the closing – sometimes it’s even the day of closing. The walk through is the buyers’ opportunity to have a last look at the home before it legally becomes theirs. Usually the house is empty at this point, so the buyers can see it without all the previous owner's furniture and belongings. If you cannot make it to your walk through, ask your realtor to go in your stead.