Buying a new home is a process. There’s a lot that goes into it! Luckily, there’s an infographic with 6 things to evaluate at every house prospect you come across at the end of this article.
Here is a breakdown of how to fully evaluate a house before becoming emotionally invested. If it ticks off these couple of things, then start packing up and placing offers!
Evaluate the Price
Choosing and setting a budget for yourself will save time and energy. The last thing you want to do is look at homes that you can’t afford.
You will be wasting your time and the agent’s time. And even if you try to make something work, there will be financial stress placed upon you.
If you want to find deals on homes, this article shows 5 ways to find deals on houses.
Check High-Cost Items
Most people get carried away at the beauty of a home that they forget to focus on high-ticket items that may or may not need repair.
These repairs could cost you anywhere from 2 to 25 grand if you’re not paying attention. The good news is you can also negotiate on the home if you come across these items.
- HVAC – air condition units can cost up to 10 grand
- Roofing – depends on how many times it’s been repaired over (2-15 grand)
- Water Heater – smaller purchase, but still something to be aware of
Check for Constructional Integrity
Before getting your hopes up, make sure this home is foundationally sound and safe to live in. The last thing you want to do is invest in something that compromises the safety of your family and costs thousands of dollars along the way.
Check for the foundation and look for erosion. See if there’s any damage to the siding, roof, and/or brick.
If there’s concrete damage, you may need to get a construction crew out on the property which can cost thousands of dollars. If you don’t have that type of money and want to handle it yourself, look into a construction supplier.
Compare to Nearby Homes
This is called a competitive market analysis. Look at the nearby homes and compare costs. Typically you don’t want to buy in the high end of an area for resale purposes.
Buying towards the bottom will allow higher-priced homes to increase the value of your property.
Too often buyers get into homes and have huge costs out of nowhere due to septic system drainage or not realizing their home wasn’t sewer system based.
You need to be aware of the differences and the last time your system was drained. Find out more about the septic system pumping and do your homework on the house you’re looking at!
Know your needs and your wants and find out what you’re willing to give on and what you’re not! If a big yard is a must-have for you, don’t look at homes with no yard.
If a certain school system appeals to you, look for houses in those areas. At the end of the day, this is a huge investment and life decision. You’ll be spending a lot of time in this home (literally living in it) and you deserve to be satisfied.
Don’t settle for less. And if your budget just simply can’t afford it, renting is always an option. Save up some money and stay in an apartment for rent. There’s no shame in waiting on the perfect house to show up, and it’s ok to be in saving phase!
Now you know how to evaluate any home prospects you come across. Here’s an infographic to keep with you and remember.
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6 things to evaluate at every home by Florida Realty Marketplace