Tag: first time buyers (page 1 of 17)

New construction home inspection checklist

My loyal readers know how much I believe in the importance of a home inspection once a home goes under contract or prior to closing.  It lets you take a look at the state of the current appliances and utilities and lets you know what repairs are necessary or to be expected in the future.  What you may not realize is how important an inspection is when you’re purchasing new construction.  You figure since the home is brand new that everything is perfect.  I’ve had clients buy new construction only to move in and find the air conditioning doesn’t work or they have leaky windows.  And given the current economy, it’s possible that some home builders are paying less to find subcontractors who in turn are doing poorer work.

It’s also very important to make sure you hire an inspector that’s not affiliated with the builder.  You’ll want an unbiased independent inspection to make sure everything is working the way it’s supposed to.  Here’s several items that you’ll want to look at:

1. Open all the windows.  Make sure the latches work, nothing is leaking, and that there is no broken glass.  If they have screens, make sure nothing is torn.

2. Check all light fixtures.  Make sure the switches operate and you know what light they turn on and off.  

3. Check all the floors.  Carpeting should be tightly fitted without gaps.  Tile and vinyl should not be cracked or chipped.  

4. Countertops should not be nicked or scratched.  Make sure all toilets are properly secured to the floor by sitting on them.  The tub should be free of scratches, as well.

5. If you have a basement in your new home, check to make sure you don’t see any water damage on the walls or any cracks.  Find out where the water heater, furnace, and air conditioning unit are located and how they work.  

More great tips can be found here.  It’s important to read over your contract to make sure of the period that you’re allowed a home inspection and final walk-through to look for these items.  Some contracts state that any problem you find after closing are not the responsibility of the builder, so make sure to be thorough in your inspection.

I can be reached online with more questions.

What buyers are looking for this year

We all know there’s a lot of houses on the market.  Inventory is high.  Values are down.  It’s harder to get a loan.  Interest rates are low.  People’s discretionary income is lower.  So what does all this mean in terms of the housing market?  Here’s a list of some items that Bankrate.com has put together of what home buyers are looking for when they buy a home this year.  This will also help sellers be aware of how to stage their home and what buyers are looking for when it comes time to negotiate.

1. A deal.  An amazing deal.  They want to tell everyone they know that they got this amazing house for such a good deal.  In 2007, it would have cost them $500,000, but they just closed on it for $395,000.  So this makes them a lot more critical.  They’re going to take longer than usual to find a house.  They’re not going to feel like they have to settle.  And that’s because they don’t.  Unfortunately for sellers, buyers hold the power when negotiating right now.  So understand that when turning away a low offer.  It might be worth it just to counter to see what happens.

2. Good condition.  I mentioned before that discretionary income is limited.  They don’t want to have to redo carpet and paint and put in new appliances.  They want homes that are more updated and in good condition.  When showing your home, make sure it’s clean and presentable.  It’s like putting your best foot forward at a job interview.  You only get one shot.  Make it a good one.  And reconsider taking your appliances with you when you move.  It’s likely the buyers want them to stay with the home.

3. More green.  It’s a lot more common these days to find buyers looking for energy-efficient appliances, windows, furnaces, and air conditioners.  Again, this helps them save money down the line, aside from being good for the environment.  Buyers want to know that maintaining their home will be easy on the wallet.  So if you are looking to sell and plan to upgrade some items, try to go as green and energy efficient as possible.

4. Smaller homes.  This is not to say that if you are selling a 5,000 square foot home that nobody will be interested.  But consider how you stage your home.  Make use of space.  It’s more common that buyers aren’t interested in a sitting room.  Make it into an office.  Create a craft room with your sixth bedroom.  Buyers want homes that serve a purpose because they don’t feel like they need the extra space if all it is is just space.  “Three to five years ago, if they could get a loan that would get them into a McMansion with stone and tile and brick and more rooms than they needed, they would do it,” says Jeff Wiren, president of the Portland Metropolitan Association of Realtors. “Now they’re saying ‘I don’t know if I want to heat that place and clean it.’ They’re being much more realistic.”

So those are four of the nine items that Bankrate thinks buyers are looking for in 2011.  What do you think?  As a buyer, do you agree?  I’d love to hear your thoughts.  Please leave me a comment or visit me online.

Must-notice inspection items

So you found the house of your dreams.  You’re ready to make an offer or you’ve made an offer and now have the home inspection.  Have you seen the movie The Money Pit with Tom Hanks and Shelley Long?  It’s about a couple who get a great deal on a huge house (or so it seems) but the second they move in, everything starts falling apart?  Here are some tips to avoid that happening.  And while you definitely should have a home inspection done, these are items you want to make sure you check out prior to going through with a sale because it can save you a lot of money in the long run.

1. Check out the basement, if the home has one.  If it does, there’s a good chance that your furnace, water heater, and air conditioner are all down there.  You want to get an idea of the age of those systems as well as how well they’ve been maintained.  They’re all expensive items to fix.  The furnace and air conditioner should get routine maintenance checks at least yearly.  If there is a problem, you can always request that the seller fix it, but it’s important for the future to know yourself.  The basement will also help you determine the type of construction and materials used in the construction of the home.

2. Look at the foundation.  Tyson Kunz, a contractor and owner of TTK Home in Tomball, Texas, says you need to look at the size of the trees near the home and how close they are to the home.  Over time, the roots of those trees can cause the foundation to crack and break.  Also look for cracks or gaps in any hard-surface floors to tell you how structurally sound the foundation is.  If there’s only carpet throughout, you can look for cracks in the drywall to give you an idea.

3. Look for water damage.  The first place to start is obviously in bathrooms.  Make sure that exhaust fans in bathrooms bring the moisture outside.  I had a couple once who did their home inspection to find out the fan was venting it directly into the attic, which can cause major mold problems later on.  Check that all caulking is secure and there aren’t any leaky faucets.

4. Plan a bad-weather visit. MSN Real Estate also recommends going back to view the home on a non-sunny day.  You’ll be able to see if water is seeping into the home anywhere, how well the windows seal out cold and water, and that all the systems are working properly.  So even shopping for a new home in bad weather can be a good indicator of how well the home stands up to the elements.

If you have more questions, please be sure to visit me online.

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