When it comes to major investments, buying a house is at the top of the list for most people. That means that limiting costly mistakes beforehand will help obtain the most value for the price paid. Listed below are some important tips on making sure that whether it’s a new home or one that’s being sold by the current resident, such an investment turns out to be a good one.
Buy What You Can Afford
Seemingly everyone wants to live in a large home, yet few can afford the expense of buying and then maintaining it. Establishing a regular budget for the foreseeable future will help determine what type of home is best.
Before taking the plunge of buying a house, make sure to have 20 percent of the purchase price as a down payment. In addition, eliminate as much debt as possible to improve your credit score.
Check for Foundation Problems
Nothing’s worse than purchasing a home and quickly finding out that major foundation problems exist and will cost plenty to fix. That’s like paying a surcharge on your purchase price.
To avoid this, make sure to check all walls and home siding for any cracks. In addition, if the doors and windows appear to be out of alignment or the floors are uneven, it’s clearly a foundation issue. Some sellers seek to hide such problems, so make sure to ask about everything to protect yourself.
Avoid Drainage Issues
Another expensive error to make is to not check for or ask about problems with a home’s drainage system. These can usually be spotted when you see water stains in the basement or when gutters are overflowing. This is something that can damage either paint jobs or siding, or worse, cause foundation damage.
In the latter case, foundation concerns may be the direct result of issues with the home’s drainage system. These cracks can begin small but when they widen, that’s the precursor to major damage repair, something that turns a home into a money pit.