Buying a Pre-Owned House
What are the tips you need consider before making it your own?
Are you looking for a less expensive house standing in the midst of an established community? If these are the qualities you look for in a house, then scouting for pre-owned ones might be your best option. Pre-owned houses are normally inexpensive and more spacious, given their layout. In addition, they can come with features that are not commonly offered in new homes, such as a landscaped front and backyard, built-in cabinets, and security systems.
Try these tips if you are considering buying a pre-owned house:
- Research about the community – Vital questions like, ‘Are my neighbors kind?’ and ‘Will I be able to sleep quietly at night?’ will be quickly answered. If the house is built in a reputable community, it is easier to project a life or a lifestyle in that area.
- Examine the location – It’s all about location, location, location. ‘How much time will it take me to get to work, the supermarket, and the hospital in case of an emergency?’ and ‘Do I want to send my children to the nearby schools?’ If the answers aren’t exactly what you’re looking for, then it would be better to look for houses in a different vicinity.
- Be prepared to make adjustments – Some homes may not be built with modern standards. Adjusting to certain situations like technology advancements can now allow your home for a more energy efficient and cost effective. So be ready to spend extra cash for upgrades or renovations.
- Always make an inspection first – First impression lasts. Remember to check the outside before you make your way inside. Go into detail. Check everything and the essentials (doors and windows, electrical wiring, and the foundation, faucets, flush, etc.) should be working properly. Be watchful about household pests as well.
- Don’t get carried away – If after the first visit you found the house to be picture perfect, do not write a check yet. As mentioned, you have merely done step one in a series of assessments. A more thorough inspection and budget considerations must be taken into account.
- Hire a professional inspector – Don’t think twice about shelling out money for a professional inspector. Problems that you can easily overlook on your own can cost you more in the long run.
- Buget carefully and thoroughly – If you discover minor problems, you can use these to negotiate for a lower price. Remember that the cost of renovation shouldn’t exceed your budget. You still have to consider property taxes and insurance in your expenses, and on top of that, an allowance for unexpected repairs.
- Ensure honesty of previous owner – No matter how big or small. Be wary of an owner or real estate agent who doesn’t fully disclose all the property’s issues. Consult a real estate lawyer to guide you throughout the sales process, and the seller should be amenable to this.
*This article has been revised for online reading. The original article appeared on the March 2014 issue of My Home Magazine. Get the e-mag version My Home Magazines on Magzter.