Your search for the perfect
home may take you to a number of houses, some of which will interest
you more than others. It is there for important to make a list of
all the homes you visit and track the features of each home in a format
that you can use for objective comparison.
When you look at a home,
you'll need to inspect it from the ground up. Keep notes. If a camera
is available, attach a picture to each description so you can better
evaluate each property.
Check on the condition of
the plumbing, heating and electrical systems. Examine the condition
of the doors, windows, floors and the roofing. Note any items that
appear will need repairs or replacement. The severity of the problem
uncovered during the home inspection and the cost of fixing it, may
impact your offer amount. A
Consumer Home Inspection Kit
prepared by Freddie Mac will explain how to conduct your own consumer
home inspection with an easytouse, stepbystep approach.
You should be also concerned
about potential environmental hazards in and around the home. They
include asbestos, lead, radon, and other chemical contaminants that
may cause health problems.
There are many other
factors to consider when purchasing a home:
If you have children, you may want to know if there are other children
in the neighborhood and what schools or playgrounds are nearby.
Analyze your future housing
expenses, including utilities, insurance, and property taxes. If you
are required to become a member of a neighborhood homeowner association,
ask about dues, rules and special assessments. The dues or periodic
assessments payable to the association may be a significant expense
item. According to the American Housing Survey data the median monthly
homeowner association fee averages $134.
Consider reading the association's
declaration of covenants and restrictions before you buy and find
out if you can live by them.
A homeowners' association
manages the common areas of a planned unit development (PUD) or condominium
project. In a PUD project, it holds title to the common elements.
In a condominium project, it has no ownership interest in the common
If you purchase a condominium
the learning everything you can about the homeowner association is
especially important. Poorly managed associations can drag down property
values and make living there difficult for residents. Find out if
dues are expected to increase and if any special assessments are planned.
Speak with residents to get their views on the association's finances
and how it operates.
Don't rush to buy, the home
you select should meet all or the majority of your needs. And always
contact AllieMae for advice.