Things You Forget to Consider When Buying a New Home

Written by Posted On Friday, 17 May 2019 11:52

Things You Forget to Consider When Buying a New Home 

 

Things To Remember When Buying A New Home

The home buying process can be a very rushed process and you can often overlook some important things. However, it’s always a good idea to slow down and take your time when you are buying something this expensive because you don’t want to make a careless error.

 


Flood Zone

The seller isn’t required to disclose if the home is in a flood zone however if the home has ever been flooded they do have to disclose that detail. It’s a tricky situation and it means that you need to do your research and work with a real estate agent that you trust. A good agent will know this information beforehand and let you know prior to you buying the home. Furthermore, if the home has ever been flooded it has to be disclosed to the mortgage lender and this information could affect the terms of the loan. You should take matters into your own hand and look to see if the home you want to purchase is in a flood zone. You can do this by going to the FEMA website and entering your address. It will then tell you if they have the area where the address is located designated as a flood area. It will also give you links to flood insurance companies so you can get a quote to see how much you are going to have to pay for flood insurance. This added cost is important for you to know before you sign on the dotted line because it will directly affect your monthly budget and what you can afford.

 

Security

Having Wireless Security Cameras installed or already installed in your home will ensure that you, your family and your investment are protected at all times. Home robberies on vacant homes are on the rise and they are frequently broken into and the vandals will steal all of the copper wiring throughout the home. If you had to replace all the copper wiring in the home it would cost anywhere from three thousand dollars up to ten thousand dollars depending on the size of the home.

 

Asbestos

What exactly is asbestos? We have all heard about and we all know how deadly and toxic it can be, but few really know what it is. Asbestos is a commercial term for six naturally occurring fibrosis minerals. In terms that we can understand this stuff is deadly and basically indestructible. The seller is required by law to disclose if the home has asbestos but they are not legally obligated to have it removed from the home. Asbestos removal can cost anywhere from ten to twenty thousand dollars and even higher in some cases so you definitely need to know if it is in the home. You can’t ignore it, it doesn’t go away and you can’t live in the home until it is properly removed.

 

Home Inspection

A home inspection will inspect the roof, heating and cooling systems, plumbing and electrical, interior walls and it will also check for termites. The report that a home inspection will give you will only tell you the general condition of these things and it is not a warranty or a guarantee that these things will last. It is a good tool for you to get a general idea of what’s going on in your home. Take the report and read it carefully and if there are areas of the home that need attention you can negotiate the price with the sellers. A home inspection on a two thousand square foot home will cost around four or five hundred dollars and it will be well worth the money.

Rate this item
(0 votes)

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.