The to do list
No matter how carefully home buyers do their homework, certain tasks on the home-buying to-do list often fall through the cracks. And not tiny ones, either! We're talking about oversights that can lead to major money down the drain, battles with local government or the homeowners association, and other regret-filled dramas that could have been easily avoided-that is, had home buyers known where these issues were hiding a bit earlier.
1. Considering resale value
Think like a seller. Few buyers stay in their homes for 30 years like our parents did, people are more mobile and things change quickly. Life happens! Buyers should consider how easy a home will be to sell later. Keep up-to-date about trends and what the resale could be in two years.
2. Factoring in the expenses you'll face after you buy
People focus on the mortgage payments and closing costs but sometimes fail to look at the bigger picture including landscaping, electricity and other expenses of home-owning. So, get a property expense list from the current owner to estimate the monthly costs and decide what you need to set a side for typical maintenance.
All too often buyers learn the hard way that their property comes with restrictions. Things like can't park wherever they want, or they discover their house is within a historic district that prohibits renovations or additions to a home. Zoning, title issues, or covenants go with the property, not the seller.
4. Up to code?
The seller is responsible for disclosing any renovations, non permitted work, and items not up to code. Buyers need to check any and all past permits to make sure that the work was done and signed off on by the local municipality. You never know!
5. HOA Scoop
Don't forget to do your due diligence on the homeowners association. Upcoming assessments and delinquent homewoners can leave you and the HOA to foot the bill. Be sure to understand how it works in your potential subdivision!
The neighborhood should be inspected as much as the property. Understanding the area will help you make decisions on your potential landing place. Do you want to live close to the beach or away from the traffic on the island during the summer vacation months? How far is Charleston and Walmart...HA!
I am always here to help in the process of buying a home. Ultimately, you have to decide what makes the most sense for YOU! (Courtesy of realtor.com/well some of it!)