Buying a home can be overwhelming. Not only is it one of the biggest purchases you will ever make but there are so many things to consider. How important is a big yard? Near great schools? Decisions like these need to be made, but then you need to consider if you want a home that is older, or one that is more modern.
Old and new homes each have their pros and cons. A new home has got clean carpet, fresh paint, its move-in ready and has that new house smell. One big negative of a new home is that the price is often quite high.
A fixer-upper has been around a while, and can be quite old. The home has probably gone though many owners, and has been used for many years. They often have more character but could require their new owners to launch a few do-it-yourself projects.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. Another way to look at it is that they give you the potential to make them your own. A fixer-upper home is usually less costly, and the square footage is typically more than what a newer home has to offer. But always remember that they will require some work - maybe more than you think.
When considering purchasing a fixer-upper home, remember to follow these important steps:
Do your research to determine the difference between an easy and difficult fix. It won't take you much time to put a fresh coat of paint on the home or to replace the carpet, and the price for these is low considering the overall price of the home. It can be quite costly to redo the plumbing, and if repairs are needed on the foundation itself, it is another major process.
For you to invest your money in a house, protect your investment by making sure the home's structure is in good shape. Steer clear of houses with structural damage, water damage, pests, and outdated wiring or plumbing. Issues like this can be very expensive to fix.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. Your lender will require you to purchase homeowners insurance if you are buying a home.
Usually, older homes cost more to insure than newer ones. Home insurance carriers pay special attention to the age of the roof, electrical and plumbing fixtures, and heating and air conditioning systems. Here's why:
Structural weakness and leaks are more likely to occur in an older roof. Leaks are also more likely to happen with older plumbing, which can result in further water damage to your home. Electrical systems that are older can pose a big fire risk, and the kinds that use fuse boxes and ungrounded power outlets are particularly bad.
If you are interested in a home with a higher risk problem, it's a good idea to call and get an idea of your home insurance premiums. Keep in mind that the renovations that you do, and your overall home budget needs to be considered which include your insurance premiums. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Do not make an offer on a home before you have had a home inspection, even if the home appears to be everything you've always wanted. A home inspector will be able to see damage that is concealed or otherwise hard to find, and this will protect you from moving in and then finding that the structural damage to your home is severe because of termites or something else that you didn't notice yourself.
Old and new homes each have their pros and cons. A new home has got clean carpet, fresh paint, its move-in ready and has that new house smell. One big negative of a new home is that the price is often quite high.
A fixer-upper has been around a while, and can be quite old. The home has probably gone though many owners, and has been used for many years. They often have more character but could require their new owners to launch a few do-it-yourself projects.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. Another way to look at it is that they give you the potential to make them your own. A fixer-upper home is usually less costly, and the square footage is typically more than what a newer home has to offer. But always remember that they will require some work - maybe more than you think.
When considering purchasing a fixer-upper home, remember to follow these important steps:
Do your research to determine the difference between an easy and difficult fix. It won't take you much time to put a fresh coat of paint on the home or to replace the carpet, and the price for these is low considering the overall price of the home. It can be quite costly to redo the plumbing, and if repairs are needed on the foundation itself, it is another major process.
For you to invest your money in a house, protect your investment by making sure the home's structure is in good shape. Steer clear of houses with structural damage, water damage, pests, and outdated wiring or plumbing. Issues like this can be very expensive to fix.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. Your lender will require you to purchase homeowners insurance if you are buying a home.
Usually, older homes cost more to insure than newer ones. Home insurance carriers pay special attention to the age of the roof, electrical and plumbing fixtures, and heating and air conditioning systems. Here's why:
Structural weakness and leaks are more likely to occur in an older roof. Leaks are also more likely to happen with older plumbing, which can result in further water damage to your home. Electrical systems that are older can pose a big fire risk, and the kinds that use fuse boxes and ungrounded power outlets are particularly bad.
If you are interested in a home with a higher risk problem, it's a good idea to call and get an idea of your home insurance premiums. Keep in mind that the renovations that you do, and your overall home budget needs to be considered which include your insurance premiums. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Do not make an offer on a home before you have had a home inspection, even if the home appears to be everything you've always wanted. A home inspector will be able to see damage that is concealed or otherwise hard to find, and this will protect you from moving in and then finding that the structural damage to your home is severe because of termites or something else that you didn't notice yourself.
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