I am buying a house of what things should be alert?

Question

I am buying a 465 000 house I want to know some things that I must know from my agent or things that i should expect i dont want ot get rip off in other words I want to be alert.

Answer 1

Things you should know before buying a house.

Look for a developer first. Whether you find one through referrals or through your own research, investigate a developer's reputation carefully:

1. Visit other projects (especially older projects) that the same developer built.
2. Look for durability of construction.
3. Talk to homeowners in these developments and in the one you're considering.
4. Find out how well the builder responds to complaints and follows up on repairs. Some developers have a person or department right on site to handle repairs.
5. Talk to authorities.
6. Contact the Better Business Bureau, the state's regulatory agency for builders, and the county courthouse. Find out if there have been any complaints, disciplinary actions or lawsuits against the builder.
7. Talk to vendors.
8. Contact suppliers, subcontractors and lenders. Find out if the builder pays bills on time.
9. Approve the Location
10. Evaluate the location, just as you would for a resale home. New-home communities are often built on the developing edge of a metropolitan area, so make sure that a freeway isn't planned to come through in 20 years. Check with the local zoning and/or planning department and look at their master development plan (if they have one) for any future development activity that might affect you.

TIP: Heavy demand and short supply drive up prices in booming areas. If you're buying in a rapid-growth area, try not to overpay for a new home. The market will inevitably correct itself and may leave you with a house that's worth less than what you paid for it.

11. Negotiate Your Purchase
Most new-home developers want you to use their sales agents to purchase a home in the project, rather than bringing in your own representative, and most contracts favor builders. For example, a typical contract may not provide escrow funds to handle repairs after closing. In theory, the sales price, contract terms, upgrades and options are all negotiable. In reality, most builders would rather give upgrades to avoid lowering the price, which lowers the comparative market value of other homes in the development.

Before you sign the purchase contract, find out exactly what the price includes in addition to the house, such as window coverings or landscaping. Ask about quality. Are the carpets, light fixtures, doors and windows you saw in the model the same grade that you will get in your home? Make sure your purchase agreement includes an itemized list of finishing details and who pays for them, which both you and the builder should sign.


TIP: Plan for delays. Don't leave your present home until you're certain when you can occupy your new home. The builder may be willing to pay the cost of an interim rental or hotel room if construction is delayed.

12. Inspect Construction
When you buy a home before it's built, you can follow its construction from foundation to roof. Consider doing three inspections:


1. When the foundation is poured

2. When the framing is up but not yet covered.

3. When construction is complete.

Not all builders will agree to this condition (even though you pay for inspections), but if you can negotiate it into your contract, it gives you one way to exercise some quality control. If you buy the house before it's completed, use the final walk-through to make a list (called a "punch list") of finishing details that the builder still needs to complete. Have the builder sign a copy of the punch list.

Other inspection tips:


Make sure that your right to an inspection is covered in the purchase agreement.
Ask for copies of any previous inspection reports, including the soils report, so your inspector can review them.
Get copies of any blueprints, construction documents or surveys so your inspector can review them.
Understand your builder's warranty policy. A typical 10-year warranty covers structural defects for 10 years, as well as construction materials and defects for the first year and major mechanical systems for the second.

Answer 2

We see this question daily. The best answer I can give you is to do a few, basic things: 1) Hire an experienced Realtor 2) get a professional home inspection done 3) visit the selected property in the morning, afternoon and evening, and 4) talk to the neighbors on both sides, front and back. If you do these things, you'll find out whether or not you want to buy the property and you'll likely be safe. Make sure that the seller's disclosure is completed or, if you're buying as is, that you get the seller to service the furnace, pump the septic and/or do minor repairs. The biggest factor is to hire a good agent. The agency relationship requires your agent to act in good faith and for your best interests.

Answer 3

Convince yourself you are not overpaying. Ask your realtor to show you "comps" for three other properties that recently sold in your neighborhood. Next, look at the school system. Even if you don't have school age children, the potential future buyer to whom you will be selling this house to, very well may and it makes a big difference. Third, I would not want to commute futher then a 1/2 hr one way to where I work. Long commutes get old quick. 4th, It's always better to be a cheaper house in an up-scale expensive nieghborhood then the most expensive house in the neighborhood. Your house's value will tend to follow the mean in the market. And finally, when you go to make an offer, specify that the offer is subject to modifications/adjustments pending the outcome of an official home inspection. Make sure you pay for the home inspection. You want the inspector to work for you!

Answer 4

I would suggest two things (that we learned the hard way):
1) Make sure to hire a realtor you trust. If you don't have a realtor yet, ask around for recommendations. Ask mortgage brokers since they work with lots of realtors.
2) Hire a good inspector! Our inspector missed some things in our house that were covered up by the previous owner. Now we'll have to foot the bill.

Also, do some research in the neighborhood. Knock on some of your to-be neighbors' doors and ask them about living there. Call the police department and ask about the area (my friend almost moved in next to a low-security prison without being told!). If you have/will have children, find out about the schools there. Find the house you love before you make the deal.

Answer 5

Make sure that you have some outside party that you find, not that the realtor suggests to you to do a complete home inspection prior to purchase.

I bought a house and the owners swore that they had had the septic system emptied, about a month after we moved in, we found out they were lying.

BEWARE OF THE SELLERS.....even though by law they are suppose to disclose everything the know is wrong with the house, they don't always do that, just protect your best interests.

Answer 6

First be financially honest with yourself. Can you comfortably afford $46500.00. You need to have a reliable, honest agent. Asks for references and check them out. Once you find a house compare prices with other homes in the same neighborhood. Is there a big difference in prices? Ask about disclosures and disclosure laws in your state. This is a big one and should not be missed. Get all the necessary inspections and make sure you understand the what each report means. Before closing review your settlement statement. You will be given a book about RESPA laws. Read it and ask questions if you don't understand.

Answer 7

You don't need a lawyer to buy a house. Your agent's job is to answer all your questions, and s/he will give you good advice as to what to watch out for.

If you don't like their advice, or if you feel they're not giving you enough attention, you're perfectly within your rights to switch realtors.

Some things to watch for: fuse boxes vs. circuit breakers, mold or dampness, crumbling foundation, signs of water leakage or damage on walls or ceiling or in back of a sink, termite damage, etc.

If you like a house, it's also a good idea to go to the neighborhood at different times of the day/week. Talk to the neighbors to see how they like the neighborhood. As they say, beyond everything it's location, location, location.

Answer 8

pay the minimum down payment and get an interest only loan. Put the money that would normally go to the principal and invest. You will have millions by the time your 30 year mortgage is over. Stay away from bi weekly payment and 15 year amortizations. Putting extra money into a house is like putting money under the mattress. You will never see that money again until you either borrow it and pay interest on it again or sell your house. Check this out. http://www.kcmortgageplanning.com/tale

Answer 9

you're paying $465,000 for a house?! you can afford to be ripped off. is this your first home? then get a lawyer, and go from there.

Answer 10

humidity
endurance
fire resistance
how much it will cost in the future
neighbours
tax
title deed