It's that time of year again when novice and experienced home Buyers go out in the market and make important buying decisions. Maybe it's the first house, or the last, but either way the same rules apply. Following are a few of the most important ones:
- Enlist the help and expertise of an experienced real estate agent. Whether you're a first-time home buyer or not, now isn't the time to use the services of your best friend who got licensed last week. There are a lot of steps involved when buying, including financing, home inspections, obtaining hazard insurance, depositing escrow money, etc. and you want someone who can explain it all /guide you through the process;
- Have the property inspected, both a general (including termite) and a Four Point inspection. Regardless of how a home looks, an inspection can reveal if expensive repairs are needed or not. The relatively low inspection fee of $300-$400, compared to the purchase price of a home of $300,000, gives the Buyer peace of mind. In South Florida, for an additional $150+/-, the four point inspection (roof, plumbing, electrical and HVAC) can also provide the Buyer with information that could lead to a discount on hazard insurance premiums;
- Don't be dazzled. True, new kitchens, baths and flooring are enticing. But it's a good idea to ask if renovations were permitted and/or done by a licensed contractor. The four point inspection referred to above should also provide much needed information on the important systems and guts of the house that can be costly to repair/replace;
- Be honest: are you able & willing to take care of the place, inside and outside? If gardening isn't your thing, do you have the budget to hire someone to take care of the garden, if you can't/won't? How do you feel about painting and repairing everything in a house? Even if you're buying a brand new house, eventually that same house will need repair and updating. Budget to replace and/or to hire someone to make needed repairs, or to move;
- Be realistic. You don't have to furnish each room or area right away. Moving to a new place can be stressful on life and the budget. Take your time and, once adjusted, furnish or make changes that appeal to you.
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