Whether you’re purchasing your first home or you’ve experienced this process before, you may need either an overview or a refresher of what to expect along the way. Purchasing a home certainly involves a number of components, and you’ll definitely want to ensure that you check on the following elements before making an offer.
Your Credit Score
While your credit score has nothing to do with the structure or space of the house, it has a tremendous effect on the process of buying the house. Checking your actual credit score and obtaining copies of your credit report can help you to see how likely you are to get approved for a mortgage. Low credit scores may cause problems here, especially if you’re planning to apply for a large mortgage. In the event that you do qualify for a mortgage, you may discover that your low credit scores lead you to high interest rates.
Your Bank Account
You also must make sure that you have enough money for a proper down payment. Speaking with a professional from Pumped On Property can help you to gain a better sense of what specifically you may need to put down on a house. The amount of down payment you can make plays a prodigious role in how much of a mortgage you can take on and how expensive of a house you can purchase. Furthermore, you want to make certain that you have money left in your bank account for the costs of furnishing and painting house.
Electrical System
While you may want to immediately see how much space the yard has and if the kitchen has gadgets from the most exquisite designers, remember how important the bones of a house are. An old electrical system that isn’t up to code could put your entire family at risk of a deadly fire. Even if the house is electrically safe, you should also make sure that the system has enough amperage to support the needs of your household. Upgrading the amperage is a possibility, but you may not want to take on the cost. You should also ensure that the house is grounded.
Plumbing System
Another system to look into is the plumbing system. An old plumbing system can mean that you spend your days unclogging sinks, standing in water up to your calves when taking a shower and hoping that the toilet will finally flush. Upgrades to a plumbing system can certainly come with a large price tag attached to them, so before purchasing a house with old or bad plumbing, decide if these renovations are ones that you want to tackle.
Kitchen and Bathrooms
These two types of rooms often require the most extensive renovations when you consider the appliances, fixtures, plumbing and electrical needs of the spaces. Therefore, seriously check into how well the kitchen and bathrooms function and when they were last renovated. You might feel willing to make the renovations yourself when you move in; however, keep in mind that these types of upgrades can cost a great deal of money and take months and months to complete.
Historic Properties
Whether you’re looking to make renovations in the near future or at some point later on in time, you need to know if such emendations are even permitted. For example, some houses are protected because they are considered historic properties. If you’re thinking about buying a historic property, you need to look into what legislation governs such houses. In other words, the legislation may prohibit you from making any changes or certain changes to the house.
Expansion Restrictions
Even when a house is not registered as a historic place, you may still lack the ability to make all of the renovations that you want. For example, as you are looking at a house, you may think that within a few years, you will add an extension on to the top floor to create more bedrooms or that you would like to put a pool into the yard by the time summer comes around. However, local laws may prohibit you from making these types of modifications to the property.
School Ratings
If you have children or are planning to have children, looking at the ratings of the neighborhood schools is important before buying. Keep in mind that not everyone is looking for the same qualities in a school. For example, you might be interested in a school that has a high rating in terms of diverse or a school that boasts strong programs in the arts. You may want to know about safety ratings, test scores, graduation rates and other factors. In the event that you want to send your children to private school, investigate the options in the area.
Safety Ratings
Getting a strong sense of how safe the town is proves quite important in the buying process. You can look at crime maps and crime ratings online to learn what is going on in the neighborhood. Keep in mind that you should explore the types of crime. For example, a town might seem to have a high crime rate because of many traffic accidents at a busy intersection. While you should avoid buying near that intersection, remember that this rating does not necessarily mean that violent, targeted crimes are happening in the neighborhood.
Taxes
When you see a stunning house with a low price tag attached, you might be eager to go visit and make an offer. However, you must also consider how high the taxes are. While you may have the ability to afford the house, the taxes might be out of your budget. Before you go to look at a house, find out what the taxes are. You don’t want to fall in love with the house only to discover that the taxes are impossible for you to pay.
Checking into these different elements takes some work. However, doing so now can save you confusion and stress later on. Instead, you can focus on getting your new house ready for your family.