Ask Questions About the Condition of the Home Before Buying
If you know in advance that the home has structural issues or deferred maintenance, you might want to take those problems into consideration before choosing an offering price.
- How old is the roof? Newer roofs have a life expectancy of anywhere from 15 to 25 years or more, depending on its materials. Not only do you care about maintaining the roof, your lender might require repairs prior to closing, and who will pay for that? Source: Roofingcalc.com
- What is the type of foundation? Raised foundations allow access under the home to reach plumbing and electrical, as do homes with basements. Slab foundations are more common in newer construction. You might ask what existed in that area before the new homes were built. In other words, did the builders put up a new subdivision over a wetland area that is now likely to have issues with drainage or dampness? Source: Trulia.com
- Does the home have insulation in the walls and attic? In colder climates, insulation is more important, and each locale sets standards for the R factor. Insulating a home after you buy it will cut down on your utility bills but it doesn’t really increase your market value much. Source: InsulationInstitute.com
- Have any appliances or systems been replaced and, if so, when? It’s a plus factor if older plumbing and electrical have been updated. Moreover, some older appliances can’t be repaired because parts are no longer available. Look beyond whether the appliances are the newest trendy color and make sure they actually work as intended. Source: Homeadvisor.com
CONTINUE TO PART 3: HERE
Barb Miller NMLS#929071 – PrimeLending | 608-206-2988 | firstname.lastname@example.org | Apply For a Loan