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Buying a Home : How to Avoid Paying Too Much! (Part #2)
Use your agent to narrow the prospect list.
A good agent brings to the table an in-depth knowledge of the current housing inventory in his or her area, and continually updates that knowledge by touring homes as they are placed on the market. This is to your advantage. Trying to personally see every available home that might fit your needs would be an overwhelming process. If you are thorough in communicating your needs and what you can realistically afford, then your agent can help you narrow down the list of prospective homes to those that best suit your needs. This will save you much time and energy.
When the time comes to settle on one home, you can do it with the confidence that you've made a wellinformed choice.
A complete working knowledge of the available homes in your area is your Realtor'sŪ strongest asset. He or she updates this list every week.
Show a little interest in everything you see.
As you tour the homes on your "short list," find something to admire in each one. If you don't show any interest until you've finally fallen in love with a home, then you've just put yourself at a competitive disadvantage. Never let anyone know how badly you want a home-it will cost you money!
Shop with your head, not your heart.
Don't ignore red flags when evaluating a home's pluses and minuses.
When evaluating the advantages and drawbacks of a particular property, be sure you know the difference between acceptable and unacceptable problems.
Some issues-peeling paint, worn carpeting, ugly wallpaper-are cosmetic and can be easily remedied. In fact, you can use these "problems" during negotiations to lower the asking price-after all, you'll need to spend money to bring the house up to snuff. Make careful note of what you see that can be used to your advantage. Don't nit-pick, however-if taken to extremes, you could end up alienating the seller and creating a hostile atmosphere.
Other problems may be warnings to walk away. Major foundation cracks, evidence of previous water damage, signs of serious dry rot or termite damage, antiquated electrical systems or plumbing-any one of these may be cause to reconsider your interest.
Don't let a house's positive attributes blind you to very real problems. If you do, the chances are good that you'll end up spending much more money than you ever expected down the line.
Hire a professional home inspector.
In my experience, spending a few hundred dollars on a professional home inspection is the best investment you'll ever make. A professional inspector brings experience in examining a great many homes, good evaluation standards and an unbiased perspective. And a written report can be an excellent negotiating tool.
A Typical Inspection Looks at:
- Foundation (slab, crawlspace, basement, etc.)
- Electrical, heating and plumbing systems
- Floors, walls and ceilings
- Attic
- Roof
- Siding and trim
- Porches, patios and decks
- Garage
- Property drainage
Make sure you accompany your inspector on the tour. You'll learn a lot about the home you're thinking of buying.
Once you have your evaluation, the decision to proceed is yours. A home inspector only gives you a professional opinion of the home's condition, not advice as to whether or not you should buy.
Click Here to Continue to Part #3