Finally, after years of hard work, you're ready to move from your cramped apartment to your very first house. You are understandably excited about it - anyone will be - but before you make the big leap, it's sensible to give the matter considerable thought. In the long run, you will realize that proper research and planning will go a long way in helping make your dream a reality. Here are 7 things to look for or consider when you're purchasing your first house.
Title Insurance - You might be worried about not getting "taken" in the home buying process. One area to make sure is taken care of is title insurance. Make sure the home you are buying has adequate title insurance and that the title is clear. You don't want to deal with the situation of getting a letter from a painter, or plumber asking for thousands of dollars on a repair that was never paid for. Put your mind at ease with a full title report and title insurance to know that you have full ownership.
Property Survey - A property survey will let you know what you own and what you don't. Even if you are planning to move into a well established subdivision, learn how to read a property survey, study it, and make sure there are no unclear areas.
Home Inspector - Even if you know a lot about homes, it is still advantageous to get a professional home inspection. Its alarming how much wear and tear can exist in unseeable places within a home. Don't get stuck with mold issues or a crack in the foundation. These types of issues can dramatically affect the value of your home.
Community - Location is a start, but community encompasses much more. You need to decide for yourself whether you like your neighbors. Whether there are adequate parks, and recreation. Whether the schools are the type of schools you feel good about putting your kids in. All these types of questions need to be answered. Don't get stuck with a home you love in a community you can't stand. After all, you don't just live in your home, you live in a community as well.
Minor Details - Its common for prospective homeowners to be unable to see past minor details like carpet or paint. These things can be changed relatively easily and inexpensively. Instead focus on the major factors and use the minor details as leverage to negotiate on price.
Major Factors - This tip falls in line with the last tip. What types of things should you look for if you shouldn't fret about minor details? Look for things like a good floor plan. Is it big enough or small enough for your needs? Do you have enough bathrooms. Is the roof in good condition, how about the structural integrity of the foundation. Oh yeah, and don't forget about the monthly payments. These might be more than you anticipate when considering HOA, heating and cooling costs, insurance, taxes, etc. Don't make the mistake of purchasing a home you can't afford. These are things to make sure to keep at the forefront of your mind.
Duration - Try to predict how long your intend to live in the home for. Believe it or not, there are times when it is best to continue to rent. For instance, if you are purchasing a home at current market value and you plan on moving before two years, the numbers usually don't add up. When considering purchasing a home, try to make sure you are in the home for an adequate amount of time to be able to recoup you investment (tax free if you roll your profit into your next home).
Author Resource:
Vicki Stallings is a Utah realtor focusing on Provo homes for sale . As a real estate agent, she has been helping buyers to find and purchase Provo and Orem homes for sale for over 11 years. She specializes in helping young families make the jump from renting to owning their own home.
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