A home is likely one of the largest investments you’ll make in your lifetime. While visions of living there can easily cloud the excitement of a home search, do your due diligence. Your lender will require you to get a home inspection before providing clearance for your loan, but don’t stop there. Check the functionality, quality, and age of these components of your new home to ensure you’re making a smart buy.
1. Heating and Air System
Your home’s heating, ventilation, and air conditioning system, or HVAC, is critical to the comfort level of your home. Depending on when you’re conducting your home search, you may not think to assess the out-of-season system. However, opting out of inspecting your heat pump can give you an unwelcome surprise come winter.
Turn on your potential home’s heat and air systems to assess their functionality during your tour. Request maintenance records and the system’s age to gauge when you’d need to budget for replacement or repairs. On average, a new HVAC system can cost anywhere from $5,000 to $12,000. However, if you find you do need to replace the system, there are ways to save.
For example, you could utilize a company like HVACDirect.com, an e-commerce marketplace that offers a variety of heat pumps and high-quality HVAC systems at wholesale prices. Not only can you buy from them, but their team of engineers and technicians can assist with questions from everything around purchases and troubleshooting problems. By investing wisely in a reliable HVAC system, you can protect your investment in your new home and ensure its long-term comfort and efficiency.
2. Plumbing System
A home’s plumbing system can be a mystery, so a professional inspection is imperative. Older homes may have copper pipes while newer builds may have PEX. No matter the material, check for leaks and the layout, as plumbing on exterior walls may be at risk for freezing. Test to check system pressure and drain condition, especially for areas at risk for clogs like the kitchen or bathroom. Get a septic inspection to check the fingers, leach field, pump, and distribution box, stress-testing the system’s capacity and overload.
Plumbing repairs can vary widely in cost, with minor fixes like unclogging a drain averaging around $200, while more extensive work like replacing pipes can range from $1,000 to $4,000 — or more. You’ll want to know what you’re getting into with a new property. In general, it’s wise to budget for potential plumbing repairs as part of your overall home maintenance plan. Additionally, finding a reliable local plumber, electrician, and other service professionals when you move to a new location is important for when you will eventually need service. Angi (formerly Angie’s list) is a great place to start looking for certified pros in your area.
3. Electrical System Safety and Layout
Speaking of an electrician, you’ll want to have the home's electrical system checked out. Building requirements change over the years and your potential home’s electrical system may not pass today’s standards. Historic homes may have knob and tube wiring, which can function but be dangerous to a novice homeowner.
Ensure your electrical system is safe and that it’s one you understand. Confirm the presence of ground wires and outlets where needed. Locate the electrical panel, outlet layout, and fixture wiring, which are easy to forget during a tour. Consider how you’ll live in the house and your electrical needs to ensure the home is up to the task. If there’s not an outlet for your phone charger by the bed, you might need to hire an electrician to install additional outlets. You might want to upgrade the electrical panel to accommodate modern appliances and technology too.
4. Foundation and Structural Integrity
A firm foundation is essential for any structure, and if your home’s structural integrity is at risk, prepare to pay. In addition to your official home inspection, look for cracks in the drywall and sagging windows or doors. These can be red flags for structural issues, even though some settling is to be expected. Look for loose mortar in brick and stonework, and ask the current homeowner to remedy issues before closing. Resist the temptation to take cash at closing to fix problems, as it may not be enough to resolve issues.
5. Zoning and Restrictions
The house is perfect, the yard is serene, and you have big plans for a workshop to be built in an open field. However, your dreams may be squashed if you skip confirming that your dream home’s zoning allows for your workshop. Review the property’s zoning with your city zoning office, and ask if your project is allowed. Act as if you’re ready to start the job now, which can give you a preview of the process. If it’s too cumbersome or expensive, it may change your plans for your new home.
6. Neighborhood Safety and Norms
Your home should be your respite from the outside world, but if you don’t research it, you may be shocked. Visit the home and neighborhood on different days of the week and at varying times. What may be quiet on a Tuesday morning may be wild and raucous on a Saturday night. Pull area police reports and sex offender registries to see what shows up for your potential home. Websites like Trulia can provide valuable insights into neighborhood crime rates and local amenities. They offer map overlays that detail commute times, schools, churches, and nearby businesses, giving you a comprehensive view of your potential new area.
Even if you don’t have children, knowing the quality and desirability of your home’s school district is important. School quality is aligned with resale value and is often a reason why people move. Check the school rating and how it’s trending, as districts on the rise may signal an early adopter advantage. Up-and-coming neighborhoods may see new investments in the area, which can then improve districts. Check the local news and district website to determine if improvements are planned. With all the facts available, you can make an informed decision on where you call home.
A Wise Real Estate Investment Offers Lifelong Benefits
Your home gives you a place to live and make your own, but it’s also key to building financial stability. As one of the best-appreciating assets, real estate is an investment that preserves your quality of life into retirement. Make a smart home-buying decision today that provides what you need at a cost you can manage. While maintenance costs are expected, checking the status of these components can ensure you’re taking on what you can handle.
