What are some things to look out for when buying a house?

Answer 1

A housing bubble do a little research on the housing bubble before you buy right now. You may be better off waiting 1 to 2 years before purchasing. Here is a great article for you to read.
http://www.foxnews.com/story/0,2933,187831,00.html?sPage=fnc.business/realestate

Answer 2

Do you know just what you want in a house? Use your imagination, experience, on-line realtor sites, or house plan/home remodeling magazines to figure out what you really need and what you really want in a house. Prioritize - because no house will have everything you want. The trade-off process is demanding, but know what you're looking for before you go.

Many counties in the USA have an on-line map to check for topographical features, special zonings, owners, values, etc. I would always check first for that, to learn the history of your potential neighborhood and the specific house. I also use Google Earth and Google Maps to learn a lot about the house from the air. I've learned so many houses I like were really close to things they don't seem close to on the ground! Like landfills, military proving grounds, flood plains, a huge new development, coming roads, etc.

Learn as much as you can about the house and its environs because this will loom large when you actually live there.

Always buy with a realtor and hopefully you live in a state that allows buyer's agents. If you don't sign an agreement that 'your' agent is actually a buyer's agent (and your buyer's agent) then the realtor ALWAYS works for the seller, in that they will protect the seller's interests first.

When you find a house you like, get an inspection. For approximately $350, you learn the condition of the house. This is a buyer's market and you can negotiate to get many of the broken/run down things replaced.

Go to the house on several different days of the week and at several different times of day. Avoid shocks that way!

Avoid aluminum wiring. If the property has a well, find out if wells have run dry near there recently. Many are.

Try to buy the cheapest house in the neighborhood rather than the most expensive. Leave room to pour money into it for your tastes without pricing it out of the next buyer's range. Look for fixer-uppers if you've got patience, skills, or extra money - that way, even in this stagnant market, you can build equity.

I resolved long ago never to buy on a street people use to commute. It will be widened one day....

Answer 3

Good time to buy?

In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.

If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.

If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.

Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).

http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm

Answer 4

I recommend books by Robert Irwin - they're easy to read and go step by step about the process.

Consider everything is negotiable. Get pre-approved before you start looking, not after you've found the "dream house". Never buy at the highest range you can afford, or the highest priced house in a neighborhood.
Hire a buyer's agent, he works for you not the seller.
Going in prepared is the only way to buy a home in the current market....

Answer 5

There are a lot of things to look out for and to be aware of. That's why you should use a real estate agent. A good agent will worry about all those things for you. You don't pay commission when using a realtor to buy a house, so there's no reason not to.

You should go to GetMeAnAgent.com. They will put you in touch with a great real estate agent, and give you back $500 at closing. You can't beat it!!

Answer 6

It's history, and actual condition of the house. does it have termites? Are there rats or mice, how about cockroaches? Why are they there? Was the previous owner doing his own shade-tree work on any electrical services? Are there owner installed walls or doors? Go over the house with a fine tooth comb!

Answer 7

are the following items present, missing or occurring

electrical - is it update, 100amp service
water, is it copper or pvc
windows, old or new
basement, do walls show signs of leakage
roof, how old are shingles, is there multiple layers
private driveway?
insulation, what was previoius heating bill
location - close to school or mall or work or bus or whatever you need it to be close to
neighbours/neighbourhood, do you need bullet proof windows?
this is just a start,

when you find your dream house, you can actually hire companies to come in and assess the state of the house in question

Answer 8

You need, for your protection, the following:

An appraisal, which will list anything serious defects
A house inspection and warranty
An honest Realtor, if one is involved in the sale

Sometimes, the seller will split costs with you. Doesn't cost to ask.

Answer 9

whats some thing to look for well for starters a loan.
second get a termite inspection done and a roof sert.
third have the loan officer check out title for back up taxes.