Buying a home can be a tricky business, especially if it’s your first time. From problems with the home itself to financial issues to crazy neighbors, so many things can go wrong during the process. Are you in the market to buy a new home? Here is some valuable advice for you to avoid home buying disasters.
Advice to Avoid Home Buying Disasters
If you are now hunting for the dream house you have worked so hard for, here are some tips to avoid having home buying disasters. Of course, make sure to get in touch with real estate agents near you to get some assistance too. For example, make sure to contact Knoxville real estate agent Rick Smenner if you are in the Knoxville area.
Avoid the DIY Home Buying Disaster
On your first tour of the home, everything would look perfect. The newly tiled floors shine gloriously, the painted walls are neutral and gorgeous, and the wood paneling in the living room really match your personality.
The current homeowner is really proud of the many home improvements they made. And you can really see the effort they put into it.
More That Meets the Eye
However, just because the home looks nice doesn’t mean that the homeowner did a good job.
There’s a lot more to DIY repairs than mere aesthetics. If they touched any of the electrical system, plumbing, HVAC system, or gas appliances, there’s a good chance they botched something.
And because these things are hidden behind walls, you’ll never know there’s a problem until you have officially moved in.
One way to prevent this home buying issue is by scheduling a home inspection before the sale is finalized.
Professionals like Double Diamond Home Inspections can do this service for you. They can do a thorough inspection of the house.
Home inspections go beyond the aesthetics of the place and check for problems within the walls, the foundation, and the roof. If there’s a costly issue lurking out of sight, the home inspection should be able to uncover it for you.
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That way, you can have these fixed before you move in or you can get a big discount. Or the repairs needed are too much, you might as well forego the purchase.
A Budget Disaster
In order to purchase your dream home, you secured one mortgage qualification from a single bank. You calculated your ideal monthly payment. So now, you’re ready to buy a home now.
Right?
Wrong.
Many homebuyers commit the sin of accepting the first mortgage offered without ever shopping around from other lenders. Even worse, many ignore the APR, assuming that the lowest rates are the best. Most of the time, they aren’t because they often add fees and closing costs.
Additionally, many also forget that you need to pay more than just your mortgage. There are miscellaneous expenses related to owning your own house.
There are property taxes, homeowner’s insurance, as well as utility bills. These three monthly expenses can drastically raise your expenses and affect the family budget.
If you’re not careful, you might end with too many things to pay and your income is no longer adequate.
A Neighborly Disaster
So now, you have found the perfect home and you have secured the home loan! It’s under budget and has all the amenities you want.
There’s just one problem though. You might not realize it until the sale is finalized but then you discover–you have the lousiest neighbors.
There are many kinds of awful neighbors. There are those who argue about backyard property lines to those who play loud music all night.
Before you finalize the sale, it’s a good idea to canvas the neighborhood first. Do a little stakeout by visiting the street at different times of the day, especially during the evenings. You may also have to install house alarm systems to ward off unwanted guests.
If you up to it, knock on the doors of the houses adjacent to yours and introduce yourself. First impressions matter. There may be people who are grouchy and throw profanities at you.
If you encounter such neighbors, you might want to reconsider because these neighbors maybe your worst nightmares.
Conclusion
There are always risks when buying a new house for your family. However, if you take the proper precautions, you drastically reduce the chances of home buying disasters happening to you.
Happy house hunting!
- Read about The House that Barter Built
This is nice. Very informative & helpful.