A home is a financial asset and more: it's a place to live and raise children; it's a plan for the future; it's an investment in your community. Start your home buying experience by visiting your local bank to determine how much money you are qualified to borrow.
Some first time home owners only want a new house. They don't want to inherit somebody else's worn carpeting, personal taste in kitchen appliances or look at some kid's initials scrawled into once-wet cement that they didn't put there. The home must be brand spankin' new, fresh and clean without so much as a finger print on the walls.
Before you sign a purchase contract, talk to a real estate lawyer. Standard purchase agreements are designed to keep everybody out of court, but they don't necessarily contain language that protects the buyer. Ask questions about removal of contingencies and your cancellation rights. Make sure you understand your liability and commitments. Find out if the materials used by the builder contain chemicals that are hazardous to your health. If your contract contains a warning about health issues, it's probably because it's a valid concern and other buyers have gone to court over it.
You can further protect yourself by including in the purchase agreement that you can have the new home inspected at specified times during construction. Hire an experienced contractor or home inspector to visit the house you're buying at various phases during construction to evaluate the quality of the work. When a house is being worked on, it's easy to see whether construction standards are high or not -- for example, the wiring can be checked before it's been covered over by wallboard.
Some home buyers are in existing homes and need to move due to growing size of family or change in circumstances. Consider the costs and your reason for moving. Perhaps an extension would be a better option. What will the new location be like compared to where you are living. Is it worth losing good neighbors?
If the home is finished when you buy it, hire a home inspector to give it a thorough examination. Really. Plenty of stories exist of homeowners who lit their first fire only to discover that the chimney was sealed over, drew a bath that sent a flood of water through the ceiling to the floor below, and so on. And these are just the obvious problems that appear within the warranty period. Other problems, like improperly applied stucco, may only become visible years later, after moisture has accumulated and the stucco starts falling off the walls.
Some first time home owners only want a new house. They don't want to inherit somebody else's worn carpeting, personal taste in kitchen appliances or look at some kid's initials scrawled into once-wet cement that they didn't put there. The home must be brand spankin' new, fresh and clean without so much as a finger print on the walls.
Before you sign a purchase contract, talk to a real estate lawyer. Standard purchase agreements are designed to keep everybody out of court, but they don't necessarily contain language that protects the buyer. Ask questions about removal of contingencies and your cancellation rights. Make sure you understand your liability and commitments. Find out if the materials used by the builder contain chemicals that are hazardous to your health. If your contract contains a warning about health issues, it's probably because it's a valid concern and other buyers have gone to court over it.
You can further protect yourself by including in the purchase agreement that you can have the new home inspected at specified times during construction. Hire an experienced contractor or home inspector to visit the house you're buying at various phases during construction to evaluate the quality of the work. When a house is being worked on, it's easy to see whether construction standards are high or not -- for example, the wiring can be checked before it's been covered over by wallboard.
Some home buyers are in existing homes and need to move due to growing size of family or change in circumstances. Consider the costs and your reason for moving. Perhaps an extension would be a better option. What will the new location be like compared to where you are living. Is it worth losing good neighbors?
If the home is finished when you buy it, hire a home inspector to give it a thorough examination. Really. Plenty of stories exist of homeowners who lit their first fire only to discover that the chimney was sealed over, drew a bath that sent a flood of water through the ceiling to the floor below, and so on. And these are just the obvious problems that appear within the warranty period. Other problems, like improperly applied stucco, may only become visible years later, after moisture has accumulated and the stucco starts falling off the walls.
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