subject: Home Buying – What Matters Most [print this page] Author: Kyle Pavey Author: Kyle Pavey
When buying a home, whether it is as a primary residence for yourself, or an investment you plan to fix up and resell or rent, you want to pay attention to those things that really matter the most. Remember a used house is like a used car, there is always going to be something wrong with it, but some things make a big difference and some things dont. Do you know what matters most? Well, once you have picked the area you want to buy in; here is what to look for Those things that matter most fall into three (3) major categories. They are 1) Things that significantly affect the true value of the home. a) Foundation/Structure (slab-on-grade, pier supports, partial orfullbasement) b) Roof (age; if replaced, was it taken back down to the deck?) c) Exterior Surfaces, such as brick or siding and windows. d) Electrical system (panel size, breaker type, copper not aluminum wiring, etc) e) Heating system (size and efficiency offurnace. w/ac or can ac be added?) f) Plumbing system (copper, pvc, city services, rural septic system) 2) Things that significantly affect the ability to occupy the home. a) Mold or odors caused by rot or decay, or filth. b) Flooding, water seepage or leaks. c) Adequate electrical service (modern 100 amp panel or more) d) Working plumbing fixtures. 3) Things that significantly affect the ability to resell, or rent the home. a) Everything in items 1 and 2 above, plus b) Usable garage and/or driveway (parking) c) Curb appeal, steps and porches, color combinations (siding and trim) and landscaping. Everything else is relatively cosmetic or a personal preference that you might change or improve anyway; however, personal preference changes usually will not give you a dollar for dollar or better return on your investment. As you can see, some items deserve attention in more than one category. Obviously, some of these items are more significant than others and some can actually work in your favor when youre negotiating a better purchase price. For example, you can usually talk a seller down on their price if the roof or siding is in really poor condition; and, thediscounts you can get for these items are typically more than the actual cost to replace them. The key to being a successful bargain shopper when it comes to buying real estate is to be educated beforehand and to use that knowledge when negotiating the purchase.About the Author:
