When To Walk - First Time Home Buyers - First time home buyers may not have the knowledge to make an informed decision about purchasing. Learn more about factors that should affect your decisions
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First time home buyers may not have the knowledge to make an informed decision about purchasing. Learn more about factors that should affect your decisions
Author: Bella James
Date: Sep 12, 2011 - 5:58:08 PM
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Purchasing your first home is a huge milestone. The process of getting there isn’t necessarily like a day at the beach. House hunting can be stressful enough, and often, people tend to lower their expectations because they can’t seem to find what they’re looking for as quickly as they’d like it. These people can sometimes find themselves in a situation that costs them time, effort and a big wad of cash. So how do you know you’re settling? How do first time home buyers know when it’s the right time to walk away from what appears to be a good, even great home?
The Wrong Fit
Here’s the scenario: You’ve found a cozy little house to buy in an outstanding neighbourhood. But it’s the smallest one on the block, the lot’s smaller, the basement’s partially finished and it’s missing a bedroom. This type of house will probably be priced similarly to its neighbours down the street, but it’s worth much less due to it’s shortcomings. If you’ve found a property that doesn’t quite keep up with “the Joneses” and you’re worried about the resell value, this is not the house for you. Generally, the renovations you will need to have done simply to get the house up to snuff for the area, will not be worth the time in a resale scenario.
The “Fixer Upper”
Also known as the “Handyman’s Special”, and the “Money Pit”, these houses are very popular with flippers and do-it-yourself types of people… And these are the ONLY types of people who should buy a fixer-upper. These types of houses are oftenat least a little overpriced and sometimes they can be hiding major flaws beneath the layers of grime and carpet. If you are looking for this type of real estate, a home inspection is always a requirement as is a contractor’s estimate before you sign the papers. At a certain point, your charming handyman special can turn into a money-sucking being simply due to lack of forethought at the time of inspection. If the problems are too many (even little problems) they may strongly impact the resale value and your desire to live in a construction zone for a year.
Major or Minor Foundation Problems
There is always a debate about whether or not foundation problems can be fixed easily. The answer is: some can and some can’t. Minor foundation issues such as a small amount of settling can cause small cracks in the drywall, which can be fixed somewhat inexpensively and are often an easy fix. Major settling issues that result in cracks in the basement cement floors or water seepage are occasionally an ugly hidden issue that will need much more effort and cash. Be sure to have the time, money and labor estimated well before you agree to buy this house.
Electrical, Plumbing and Sewer Problems
Commonly expensive to change and a pain in the butt to live through, major electrical, plumbing and sewer problems may decrease your adoration of a property. Older and newer houses can suffer from wiring that is not “up-to-code” and may need complete overhauls. Likewise with the plumbing; if the pipes are ready to give, you may need a whole new set. These are huge expenses, can take a huge chunk out of your savings and become very time consuming to complete.
When house hunting with your realtor, here are things to think about before you buy your house:
• What type of work needs to be done?
• How much work?
• What is the cost?
• Will you recoup your losses in resale?
• Does it require a contractor or is it minor DIY work?
• Will the seller lower the price of the house to cover some of the expense of the work that needs to be done?
First time home buyers should trust their instincts, decide whether the house is worth their time, money and effort, and remember that there is always “another fish in the sea.”
An Experienced Real Estate Agent can make a huge difference. Melody Kilbank has a long history with Edmonton Real Estate and shares some advice about how to make the right choice in buying your first home.
An Experienced Real Estate Agent can make a huge difference. Melody Kilbank has a long history with Edmonton Real Estate and shares some advice about how to make the right choice in buying your first home.
View all articles by Bella James
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