So, you’ve found a house you like, come up with a down payment and gotten preapproved. What could possibly go wrong? Plenty, if you and your agent rush through the deal without doing all the homework.
Here are 5 things that homes buyers might regret when they are all moved in to their new home.
1. Ignoring the maintenance and repair costs
When people see a house they really like, they sometimes don’t see the bumps and bruises the first time they look at it. They may ignore the old heating and cooling system or not factor in the cost of running or replacing it. What about the plumbing system and roof? If a roof is more than 10 years old, you should consider the cost of replacement in your offer.
2. Blowing off a home inspection
Sellers are now required to do a property disclosure statement for potential buyers but those are just outline problems the seller is aware of, not something they may not see. A home inspection can give you a bit more insight into any underlying problems to help you make a more informed decision.
3. Not doing enough research on the condo project they are buying in to
Potential buyers will often inspect the specific unit they plan to buy but don’t always look into the rules and regulations of the condo project itself. Be sure to read all your condo documents, including financials, covenants, conditions and restrictions. It’s good to know if the project is in fact making enough money to fix any necessary repairs that make come up and if they will let your family pet continue to live with you.
4. Not checking out the neighborhood
You may find the perfect house but if you have unruly neighbors or the amenities are sparse, you may end up regretting your decision. If you’re really serious about the house, one good way to find out about your potential neighbors is to knock on their door and talk to them. This can give you a feel for them and help you find out more about the neighborhood.
5. Not calculating the commute
When it comes to Brandon, they saying goes, “you can be anywhere in 15 minutes” but a lot of people are opting to live just outside of town to get more bang for their buck. Although a larger home at a smaller price may be appealing, sometimes you have to consider the price of gas and vehicle maintenance for the drive and whether the convenience of the “big city” is something you want to give up.
Naomi Hamm, Mortgage Broker
Office: (204) 727-2177
Cell: (204) 724-7290
Source – MSN Real Estate