What should you look out for when buying a house?
The stakes when buying a home are high. Not only is it a sizable chunk of change to put down, for likely the most expensive item you will ever end up owning, but it is also the place you will spend a lot of your time for years to come. So, how can you make sure you do not end up with a case of buyer’s remorse?
It’s impossible to predict how you will feel in the future and whether your life or needs will shift significantly, but there are a number of key factors to consider in your home search to prepare. Paying attention to these can go a long way toward ensuring you end up buying a house you feel good about, or at least one that you feel confident you can later resell.
Location and noise level
Location, location, location — you hear it a lot when it comes to real estate, and for good reason. While you can change many things about a house, “you can’t change a house’s location,” so be sure to “consider safety, schools, amenities and proximity to family and friends” before buying, said NerdWallet.
One factor that might not be as readily apparent, depending on when you tour a home, is the noise level in that particular location, whether it be from a nearby railroad, airport or major road. Beyond being “just annoying,” a noisy location “can also affect the home’s value” when you go to sell, said Ramsey Solutions, a personal finance blog.
Layout and square footage
The inside of a home matters just as much as where it is. “The layout of a home is essential to how you’ll live in and enjoy the space,” said Zillow, so consider whether the rooms flow in a way that aligns with your lifestyle and whether the dimensions of different rooms are suitable for your needs. As one example, “an open floor plan might be great for entertaining, but it may not suit your needs if you prefer more defined spaces,” said the outlet. Or, say, you have a king-sized bed you love, but the master bedroom is not the most spacious.
Do not underestimate the importance of the appropriate square footage overall. Get a house that is too small, and you could find yourself on the hunt again once you decide to have a kid. Going too big can pose problems, too, if a disproportionate amount of your monthly income has to go toward mortgage payments.
Signs of major issues or untended repairs
It hardly matters how perfect a home’s location and layout are if you move in to discover the house is in need of extensive, and expensive, repairs. Some biggies to look out for are issues with the exterior, namely the foundation and the roof, as well as major systems, like plumbing and HVAC. Another red flag to keep your eyes peeled for: signs of mold or water damage, as either of these left untreated “can cause a ton of problems like structural issues, rot and mold — especially in basements,” not to mention pose a potential health risk, said Ramsey Solutions.
Finally, pay attention to the overall upkeep of the home. “If the seller couldn’t afford the time or money to fix maintenance issues you can see at a cursory glance, just think what your home inspection will reveal,” said Realtor.com.