Consider Home Repair Costs
When purchasing a pre-loved home, there are often things that need to be repaired or upgraded. While you may be able negotiate with the seller to have repairs made before purchase, some may also have to be paid for out of your pocket once you move in.
When Purchasing the Home of Your Dreams
Follow these three guidelines to limit any costly repairs after purchasing a home:
1. Take Your Time While Shopping
Purchasing a home is exciting, but finding the home that is best for you may take a while. Although a house might offer you everything you need and be in your price range, too many repairs could add up to major costs. As you walk through the home, pay close attention to its condition. Make note of anything that may need to be fixed or updated. If this list begins to look lengthy, you may be shelling out more money than you would want for repairs once the home is purchased.
2. Pay for a Home Inspection
An inspection is not always required by your lender; however, it is a very important part of knowing what you are buying. Would you buy a used car without test driving it and looking under the hood? Have a licensed inspector conduct a thorough analysis of the home and all of its working parts, such as plumbing, electrical, etc. If the inspector finds anything wrong, you may need to talk to the seller and negotiate to have these things fixed. If the seller is unable to address any issues, you may have to pay for these repairs if you purchase the home.
3. Consider a Home Warranty
A home warranty provides repairs and replacement services on the major components of a home such as HVAC systems, plumbing systems and electrical systems. While this is an optional service, it may be a good investment if you are purchasing an older home.