Three Things You Need to Consider When Buying a New Home
In the market to purchase a new-to-you home? Here are some things to look for before you submit an offer!
Location, Location, Location – Do you know what school district you want to be in? Or how long of a commute you’re willing to take to work every day? Are you up to date on your desired neighborhood’s crime report? Is the home you’re considering in a flood zone? (If so, that doesn’t mean you should immediately dismiss it if you love it.) Location is definitely important when deciding on a new home. Talk through all of these different options with your realtor before making a final decision.
Cost vs. Value – First, get prequalified for a home loan so you know how your monthly mortgage payment will fit into your budget. If you use a no-downpayment home loan, be aware it will take more time to build equity in your home vs. putting money down. Also consider buying an older home at a lower price and hiring a contractor to renovate it before you move in. This can immediately add value to your new home, and you get to customize it the way you want! Please note: some renovations DO affect the efficiency of your home comfort system.
Condition is Critical – Condition is more than just what you can see. We’re not just talking about the roof, siding, or windows. We’d be remiss to not mention the most expensive home appliance – HVAC! You should absolutely know the age of the home comfort system prior to signing on the bottom line. Having a record of the maintenance is also beneficial. Different types of systems require different maintenance (oil, gas, electric, etc.). If the system was replaced prior to 2010, there’s a chance it still requires R22, which is being phased out and is extremely costly to maintain.
To determine how old a system is, you need to know two things: the serial number and the manufacturer. Typically, the serial number will include some combination of the month and year of your system. With that information, you can contact the manufacturer or look up the information online to find out the age. If our team installed it, we can tell you the exact date it was put in!
Have any questions? Call (757) 868-7600 to speak to one of our Client Care team members today!