Don't
let your emotions cloud your judgment
Wait! That house may seem like
everything you’ve ever wanted, but before you make an offer, take some time to
consider a few things beyond the size, style and price.
When buying a home, it’s easy to let emotions get in the way of reality, or get
sudden amnesia about factors that may make a difference.
"Sometimes we want something so
badly, we’re not willing to ask all the questions we should,” says Leslie
Levine, author of "Will This Place Ever Feel Like Home?"
For instance, she says, you may see a basketball hoop over the garage and
assume the neighborhood is great for kids. But a closer inspection may show
that it’s rusted and hasn’t seen a ball in a decade, and that other yards in
the neighborhood have no jungle gyms or tire swings out back.
1. Visit at various times of day
The windows that let in so much light during the day may be a peeping Tom’s
dream at night. That seemingly quiet residential street may be a noisy,
highway-feeder street during morning or evening rush hour; or it may be near
impossible to get from your quiet street across traffic and onto the feeder
street in the morning. The adjacent school may seem like a nice perk if you’re
buying in the summer, but during the school year, daily playground noise and
extra traffic may be more than you bargained for.
2. Talk to neighbors
How many people in the neighborhood own their homes? Sometimes it’s hard to
tell at first if you’re choosing a neighborhood that’s primarily rental houses.
3. Ask if the neighborhood has an
association
“Is there a newsletter for it? How often does the neighborhood get together? Do
they have a block party every year?” Levine asks. “Even if you don’t plan to
attend, the fact that they’re having a gathering says they care about their
community, that they want to get to know each other, that they’re willing to socialize
that way. People who behave that way are building a community. They’re going to
look out for your kids; they’re going to look out for your house. It’s a nice,
safe way to celebrate something.”
4. Quiz the sellers
What problems are they aware of that the house had in the past – even if
they’ve been fixed? An ice dam five years ago may have caused water damage that
has since been repaired. But it’s good to know that the house may be prone to
ice dams so you can take preventive measures rather than find out the hard way.
Discovering the basement flooding was solved by building up the landscaping in
a particular area will prevent you from leveling the ground there in later
years.
5. Get a home inspection
Virtually all houses have defects, according to National Association of
Exclusive Buyers Agents. Some will be obvious and most will be curable. But
knowing what needs fixing can help you negotiate a lower price – or at least
prepare you for costs you’re soon to incur. Strongly consider getting inspections,
too, for lead paint, radon and wood-eating pests.
6. Get detailed records on past improvements
This isn’t always possible. But if you’re told the house’s exterior was painted
two years ago – and then see a receipt noting the whole project cost just $1,000
– then you’ll be forewarned that cheaper materials were used and that you may
be looking at repainting sooner than you thought.
7. Don’t just assume remodeling will
be a snap
If you voice your ideas to the sellers, you may be able to glean valuable insights.
For instance, perhaps that shower is in an odd location because, when
remodeling 10 years ago, the previous owners discovered a costly structural
impediment to putting a shower where it would seem more appropriate.
8. Consider the view
“So many neighborhoods now have teardowns. So look at the two houses on either
side of you. If this neighborhood has had some teardowns, one of those houses
might be a candidate. And they may build some behemoth structure that affects
your light or the way your house looks or your view,” Levine says.
9. Pay close attention to taxes
Don’t just ask what the seller’s most recent tax bill was; ask what several
recent tax bills have been. In some areas, houses are re-appraised – and taxed
at higher rates – frequently. That great deal and good investment may not seem
quite so grand if the property taxes skyrocket year after year. Again, look at
newspaper archives or talk to your Realtor about the way taxes are used in this
area. In some cities, schools are substantially funded through property taxes –
which means you can count on yours increasing regularly.
10. Check with city hall
Look at the property’s and
neighborhood’s zoning, as well as any potential easements, liens or other
restrictions relating to your property. The seller should disclose these facts,
but it’s better to be safe. If you’re using a buyer’s agent, he or she should
be able to help you with this.
11. Reconsider the bells and whistles
Are you sure you can live with a one-car garage, or a detached garage, or
on-street parking? The pool may be a nice bonus, but can you afford the upkeep?
12. Explore the surrounding area
If you’re not just making a cross-town move, you may not know that only three
blocks away, this pretty neighborhood backs up to a dumpy commercial area or a
less-than-savory part of town. If the home is near an airport, fire station,
police station, hospital or railroad track, expect to hear trains, planes or
ambulances throughout the day and night. Make sure you’re not too close to an
agricultural area that may generate odors or kick up dust or other airborne
problems.
“To spend one hour learning from a wise man is worth more than ten years of studying books.” – Chinese Proverbs
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