The whole idea of buying a home is the American Dream – that is until you find out all the things you didn’t know or didn’t see when you first walked through the property.
Buying a home is a BIG DEAL! So make sure you set some guidelines.
Understand that the probability of you buying the first house you see is HIGHLY UNLIKELY! It’s like marrying the first person you date.
It is said that the average homebuyer looks through at least 10 homes over an 8-week period before making their first offer.
As on many of the property shows where they film buyers reviewing at least 3 properties before settling on one, the same rule should hold for any buyer: you should compare at least 3 homes before making a decision to make an offer.
You will probably:
■ Find similar features in another home.
■ Learn about the comparables in the same neighborhood.
■ Recognize that if you buy the best home on the block or neighborhood, chances are that it won’t appreciate as quickly as the rest of the neighborhood.
■ Open every door – if any rooms are “unavailable” during the showing, make sure to see them at a later time with your home inspector to examine them.
■ Appraisal fees can run between $300 to $800.
■ Professional home inspection fees also range from $300 to $800.
■ If you’re buying in a subdivision, homeowner’s association fees.
■ Have an ample budget for repairs, renovations and upgrades. It can cost as much as 1% of the purchase price per year to maintain your home.