Buying a Built House: What you Need to Know
When buying a built house from an individual, there are a few things
that you should make sure you are aware of in order to have the best
outcome. Remember that buying a house that is already built is much
different from building your own home.
First, always make sure that you take the time to verify all property
documents before you make an offer on the home. The last thing that you
want to do is to get excited about buying a home, even put some of your
hard earned money toward that house and then to find out after the fact
that there is a problem with it. Take the time to have your lawyer
review and verify the property documents. Check specifically to
determine whether there could be any pending litigations against the
property which may prove to be problematic later on. If there is any
chance at all that the property could be disputed, make sure that you
take the time to do your homework first.
The importance of actually inspecting the condition of the structure
cannot be emphasized strongly enough. One of the great advantages of
buying a home that is already built, although it may have been
previously lived in, is that the neighborhood is usually firmly
established, meaning that you will have convenient access to many
amenities including shops and markets. Unfortunately, one of the biggest
disadvantages to buying a home that is already built is that it will
have experienced some wear and tear over the years. Sellers can take
some steps to help conceal some flaws, but if you want to make sure that
you are fully protected, you will take the time to not only inspect the
property on your own but also to have a professional property inspector
go over the property as well and inspect all of the systems, including
the sewage, water systems, ventilation, lighting, electrical wiring,
plumbing, foundation, etc.
Consider how the home looks during every season of the year. A home can
oftentimes look quite attractive during spring when everything is
blooming, but what will it look like in the dead of winter? Consider
asking the seller if they have photos of the home showing how it looks
during every season. While this may not ultimately be a deal breaker for
you, it is a good way to make sure that you are prepared for how the
home will look year around and avoid any unpleasant surprises.
Similarly, make sure that you do a walk-through of the home not only
during the day but also at night as well. Many times you will find that
a home that is quite charming during the day is suddenly not attractive
at night. This is also a good way to make sure you know what the
surrounding neighborhood is like at night as well. You do not want to
find out after the fact that the neighbors blast their radio every night
or that every dog in the neighborhood starts barking as soon as the sun
goes down.
Another great advantage to buying a property that has already been built
is that you will be able to take possession and move in much sooner than
if you were to build your own home. In today's market, you may also be
able to take advantage of a great deal as well. Still, just to be sure,
it is a good idea to have a professional appraiser review the property
to make sure you really are getting what you are paying for.
It is also a good idea to keep in mind that despite having the property
inspected, there may still be some repairs that will be needed that are
not anticipated. For this reason, it is a good idea to maintain a little
safety cushion for repairs which may become evident only after you have
moved into the home. Remember that it is quite common for home owners
not realize certain repairs until after they move in. Keeping a cushion
will help you to comfortably pay for those repairs.
Consider the age of the home when determining whether you will make an
offer on it or not. Some lenders are hesitant to approve loans on homes
that are older than thirty years old. If you are considering purchasing
a home that is older than thirty years old, double check with your
lender first to find out whether they will have any hesitation regarding
approving the loan.
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