Real Estate Law Insights About Home Buying Essentials
Finding your perfect home could be such an exciting and daunting task. Just like looking for the right lifetime partner, looking for the best house for your family is quite similar to that. Rollingwood Property Management warns that finding the ideal residence would include much research for you to identify which of the houses does meet your standards
There will be many houses that would almost captivate your heart, but looking for what hits your heart the most can be very tricky. So much of the drama, you need to ask yourself many questions and take many considerations before purchasing one for you to select the right one. Remember, getting a home is a pricey investment, and it would be unwise for you if you choose the wrong ones.
What exactly are the questions you need to ask yourself when purchasing your very first house? Here are some questions that would help:
Good Read: What to Look For When Buying Your Dream House
How much is my budget for my “ideal home”?
Most buyers are making “budget” their utmost consideration. The budget that you have in mind will guide you on what to expect out from the account. The quality of the property that is fit for your budget and are the additional costs that should be included in your budget. Does your account fit your “ideal residence” are among the questions that you need to ask when purchasing a property and matching that with your budget?
As a buyer, you look at the sale price and the other costs such as taxes, homeowner insurances, and homeowner association dues. The budget will give you “proper expectations.” Because most often than not, our “ideal home” could be very excessive in terms of funding, and these kids will surely fall out of your options.
What are the external risks (Topography, How prone to natural disasters such as floods, hurricanes) of a home’s location?
No matter how beautiful your home is, if it’s prone to natural disasters, this should be a vast No-no for you! The more risky or prone to natural disasters the location of that house is, the more it will be costly for you and even dangerous in the long run. Most often than not, when we purchase a residence, we are also looking for a place when we call home. Somewhere we can relax and be free from any nuisances. Thus, having to experience natural disasters and other forms of dangers from your surroundings is the total opposite of “home. Also, having to undergo many disasters would mean costs.
Renovation, Insurances, and all other expenses to restore your property’s condition are just some of the hassle that you may experience. It will be wise for you as a buyer if you assess the area first before settling.
Why is the seller selling their property?
As a buyer, one key factor to look into is what exactly is/are the reason/s the seller is selling their residence? Identify if it’s a personal, work-related, or significant turn of events to his/her life? Better yet, consult real estate lawyers to make sure you are making the right decision in your property purchase. It’s essential to know and understand the legalities of a house purchase. There are times that sellers are offering some very enticing prices without disclosing any title or tax issues for the property. The reason for the seller could be either an advantage or a disadvantage for you as a buyer. The reason may influence the seller’s speediness to sell the property and how he/she negotiates.
Pro Tip: The more the seller is in a rush to sell their homes, the more he/she is likely to be open to haggling. And haggling is something favorable to you as a seller. Use this to your advantage because haggling may reduce the costs of the home.
What are the add-ons or inclusive properties aside from the house?
As a buyer, wholly furnished housing is something! The more a house is filled with furniture and fixtures, the more it becomes a “total package”! Be very keen on what is included and what is not included in the deal to have proper expectations. This is where negotiations come into play. Most often than not, there is a power-play between seller and buyer, and you as a buyer are quite at leverage because you get to influence the seller a bit on the inclusions.
As a buyer, you somehow should exert that for you to purchase the item, some things have to be added to consider the price “worth it.” Perhaps it could be the dishwasher, the refrigerator, or other appliances that would catch your eye.
Were there any additions or major renovations?
As a buyer, you need to know:
(1) Whether the advertised real estate matched the actual house presented to you.
(2) If there are renovations on the property, and if so, in what areas/ parts?
(3) History of the house.
These things are critical to you as a buyer because knowing all the items in that house will enable you to gauge if the price is commensurate to the developments applied to the house. This will also allow you as a buyer if the house’s condition is excellent and conducive to living.
How old is the roof?
The roof is one of the essential parts of the house, and this is one key factor for you as a buyer to scrutinize. Always ask how old is the roof? Because if you think that the roofing is on the brink of its existence, you will have to replace it, and this isn’t something you would like to experience. Replacing a roof would mean paying and shelling out of money, which will cause you a considerable cost! Always think of the long run.
How old are the appliances and other major systems?
As a buyer, you need to know how old the appliances are, and other major systems such as stoves, dishwashers, dryers, heaters are essential parts of the house. If these are near their conclusion, this will compel you as a buyer to replace them, and replacing them is not without costs! Eventually, this will become a headache for you because you have to spend thousands of money and worse. You might be facing many dangers, especially if these are near to becoming obsolete.
How long has the house been on the market?
Well, the house’s longevity in the market will somehow appear to you, as a buyer, as not attractive. If this wasn’t sold for quite some time, this only means that other buyers do not find the house attractive as well. While this may be a negative thing for others, this may be good for you as a buyer in the sense that the seller may “bend over” on the selling price. Mostly, sellers would like to sell the house as fast as possible, which could be your advantage. “Rush” sellers may compromise a bit on the cost in exchange for a sale, and this is something good. But remember, there’s always a catch for mark-down prices like tax issues and some title disputes. If you encountered any of this issue on a particular property you recently bought, an expert real estate attorney from Friscia Real Estate Law can help you out.
How much have homes sold for in the neighborhood?
Knowing how much the average cost of a home in the neighborhood could be useful for you in gauging if the seller is selling the house at a reasonable price or that he/she is just being exaggerated. This is particularly useful also in negotiating or haggling. You could reference to rebut the seller’s price somehow and make him/her lower the price. This will enable you to see if the quality of the house coincides with the price determined by the seller.
Are there any health or safety hazards?
Of course, if you purchase a house, your safety and your loved ones are among the utmost priorities! No one will ever live in a home that endangers lives! And this should be commonsensical to you as a buyer. Always look into “red flags” like the materials being used for each room, the paint, any molds, or other potential hazards. This will influence or affect you and your loved ones in the long run! If a house has safety hazards, this will surely target your health and will eventually cost you lots of money and, worse, the life of your loved ones! Ensure that everything is safe from the basement to the roof otherwise, you might be living in a place next to hell.
Final Thoughts
In conclusion, choosing the perfect “house” is far from being easy. You need to be wise and practical and skilled in dealing with sellers and, most importantly, purchasing a house! A visually appealing place should not be the only determinant in choosing a home. Just like in selecting a partner, you should look at the outsides and the insides. The exterior may deceive you into believing that the interiors are good, only to know that it’ll snare you to a trap. A house should be a home, and the way to choose a place that you could call home is through these questions.
