The Top 10 Things You Should Know Before Buying a House

Number 10: The Neighborhood

Get to know the neighborhood. Make sure your dream house is in the right kind of neighborhood before you commit to such a big investment. Is the neighborhood full of rentals? Go for a walk and talk to some of your potential neighbors.

Number 9: Survey

Have a professional survey done of the property. You want to know exactly where your property ends and where someone else’s begins. If you build a shed or put up a fence you’ll want to make sure you’re doing so on the right property.

Number 8: HOA

Is the house part of the Homeowners Association? There are many things to consider when a house is part of the HOA. Some associations have meticulous standards including grass length, paint colors, etc. Other associations exist to keep houses from turning into rental properties. Rental properties have the potential for bringing down surrounding home values.

Number 7: Real estate agent

It’s important to have a real estate agent that you trust and with your interests at heart but always keep in mind that there is commission involved and business is business. It’s okay to question and ask for 2nd opinions.

Number 6: Homeowners Insurance

Homeowners insurance is important but understand that there is insurance for the structure and there is insurance on your personal property inside the structure. Make sure you have adequate coverage and if the house is in an area with even a potential to flood, add that extra flood insurance.

Number 5: Home Inspection

Walk thru the house with a home inspector and find out if the house of your dreams is a bottomless money pit that needs everything from a new roof to a new kitchen sink. Try and keep emotions out of it and take notes. If there are updates that are needed, you should be able to negotiate the cost of the updates in the price.

Number 4: Staging

Professional staging involves a lot of psychology and marketing. Visualize the rooms without all the furnishings. What are the true dimensions of the room? Professional stagers can make a room look much bigger by using certain patterns on window treatments and furniture placement. Don’t be too fooled by the size of a room if it appears staged.

Number 3: House Poor

Create a budget and stick to it. Consider the utility bills. Any remodeling that needs to be done. The mortgage is just part of it. If you end up being house poor, you will have no money to enjoy life while living in it. Buy a house that you can afford without having that extra stress at the end of every month as you can barely make ends meet.

Number 2: Credit Report

Before you start looking for a house and especially before you start filling out mortgage paperwork you should get a copy of your credit report. You’ll need time to correct any mistakes and get it updated. While credit could cause your interest rate on your mortgage to be a couple points higher or lower, depending on the mortgage amount, that could mean thousands of dollars.

Number 1:

‘Location. location. location.’ This commonly used phrase stresses location three times, so it most definitely suits our number one spot on this top 10 list. The location of a house is vital. If you find your dream house in an undesirable location you should move along. Being located next to a freeway overpass or train tracks will make the house very difficult to sell. If you have kids is the area safe? Will you be near any abandoned buildings or lots? Take your time in scoping out locations and finding the house that is the perfect fit for you and/or your family.

Time for the question of the day:

Have you recently purchased a house or if not recently, do you remember as if it were yesterday? If so, what were some of the things you watched out for, or felt were important when finding that right home to settle in?

Let us know your thoughts and go ahead and leave your comments below.

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Voice Over by Christopher Hudspeth
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Music by Kevin MacLeod (incompetech.com),
Licensed under Creative Commons: By Attribution 3.0
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