Since, for most, the value of their house, represents, the single, biggest, financial asset, in their portfolio, doesn’t it make sense, for a potential homeowner, to consider, some of the essentials, of buying, and owning a house. I often refer to this, as, the basic, RAILING, of buying a home, in a meaningful manner. Since there are so many things to consider, it’s important to consider priority items, in order to differentiate between, major and minor considerations, and priorities. With that in mind, this article will attempt to review, consider, and briefly discuss, using the mnemonic approach, some important things, to keep, in mind.
1. Roof: Have the roof of the prospective house, carefully inspected. How old is it? Is it a 15 – year, 20, 25, etc, rated roof? Is the present roof, on top of previous ones, or directly on the house? When there are multiple layers, if, and when, you need to replace your roof, it is a far more expensive endeavor! Since, one of the mandatory requirements of transferring property, in most states, is the necessity for it being leak – free!
2. Air quality: No one wants to live in a house, where the air quality, is less than optimal! In some areas, if there is a prevalence of Radon, etc, it is wise to check for this, before purchasing! While we want a house, for energy conservation reasons, which is leak – free, it is important to be certain, to be certain, there is proper air ventilation.
3. Insulation: How well insulated, is the house? Have the Home Inspector check areas, which are visible, and identify, the amount, and quality of the insulation. What is the rating of this? Is it in all areas, needed, or only in some? Areas to consider, should include, the attic, windows, doors, behind outlets and sockets, etc.
4. Leaks: Are areas which are exposed to the exterior of the house, leak – free? Check around, above and below doors, and inspect the quality and installation of your windows. Is air leaking from outlets, etc? Air leaks are the equivalent of throwing money, out the window!
5. Improving/ improvements: Will you need to improve certain aspects, in order to enhance your appreciation of living there? Are you considering specific improvements, renovations, etc, such as modifying the kitchens, bathrooms, etc? Since one should add, the amount of potential renovations and improvements, to the purchase price, in order to realize the true cost of the home, this is the figure, potential buyers, should focus on!
6. Needs: How does this specific property meet your present needs, as well as anticipated future ones? Is your intention, to use this, as a Starter Home, or remain there, for the foreseeable future?
7. Good quality/ bones: Are the fundamentals, or bones, of a particular property, strong ones, and a smart house, to purchase? The better the fundamentals, the smarter the choice!