5 Things All New Home Buyers Wish They Knew About Their Home

Published on January 9, 2020 by Seven Gables • In Real Estate

Joining the landlords’ ladder can be overwhelming even daunting, although the initial joy is pretty sweet! After joyfully moving into our new house, the pleasure seemed to fade away on discovering we failed to give attention to some details.

After 1 year in our own compound, we started enduring a heavy slice of hell. Despite the fact that we had in place a good home protection plan, the neighborhood, the drainage, an almost everything didn’t look appealing anymore! 

There are several things we should have looked into in the buying process which I’ll clearly outline below 

Although these might not apply to every home buyer, they are pretty general in the sense that they are important when considered during the home buying process. 

1.Know Your Roof Well

At first sight, our roof appeared so perfect. Later after moving in, we discovered that there were plenty of missing tiles and the paintwork on the ceiling was quite substandard. The rot on the woodwork was unbearable! 

You can easily be enticed by the stunning state of the roof when viewing for the first time.  You will barely get the real state of the woof when you only cast a glance and don’t investigate it.

Take your time to investigate your roofing to find out if it’s in good condition. 

While much of this should be pulled out in a home survey, it’s better to have an idea before you put in an offer because it could lead to some expensive roof repairs. 

2. Know Your Neighborhood 

Another key thing to grasp regarding your home is the neighborhood. You don’t want to find yourself in a neighborhood where neighbors don’t reply to a simple ‘hello’! Although it might be hard to determine the kind of neighbors, a good relationship with neighbors will make your stay quite easy.

Additionally, check the following things about your neighborhood: 

  • Crime rates

As a homebuyer, safety comes first and it’s the first consideration when choosing a neighborhood. You see, a neighborhood with a low crime rate is safe for both your property and the lives of your loved ones. Also, properties in a safe neighborhood tend to increase in value faster than those in crime stricken areas.

Consult the law enforcement agencies for crime statists, check if there are sex offenders through the National Sex Offender Registry and walk/drive about the neighborhood to check on the state of the place. 

  • Lifestyle

Among the factors to consider is the availability of parks, social amenities, proximity to shopping centers, open spaces, among others.

Scan your neighborhood through Facebook groups, next-door site, or other forums just to get a feel of the community lifestyle vibe.  

  • Accessibility 

You don’t want to live in an enclosed locality that only ‘God knows where”. Be sure to check the walkability, bike access, and distance from the main road or urban center. 

3. Beware of Unexpected Costs 

Although some people know how to get the best deal for a home, probably through an agent, buying a home is perhaps the most expensive thing. This is because the actual price will always extend past the quoted home price.

There are several costs included in buying a home and which are not disclosed upfront. These include: 

  • Inspections costs 

Inspection costs come immediately after your purchase offer has been accepted. Firstly, your lender will want an inspection report, including details of the sewer, drainage, and electrical installations among others. These will come at an additional cost. 

  • Lender fees

Lender fees include wire transfer fees, administrative costs, fees for pulling your credit report and others. 

  • Appraisal

A home appraisal is demanded by the lender. This cost can be huge because the lender wants to be sure the home appraises for the sale price agreed on.

  • Title or attorney fees

These costs involve escrow fees, notary fees, government filing expenses, and any other costs for transferring the deed to you. 

  • Insurance fees

As a homeowner, you may want to sign up for several insurance covers including title insurance, homeowners’ insurance, flood insurance, and others. Although none of these are extremely pricey, they add to the expense eventually.

4. There Is No Perfect Home 

Although we felt overwhelmed when our expectations were frustrated, our friends revealed that they once had their fair slice of trouble with their homes as well. 

We learned that even though you’re thinking that you’ve finally got an ideal home, as the house gets old, the idea of perfect home starts to vanish as regular repairs and fixes become the order of the day. 

So if you get obsessed with perfect home craving, it may never happen. Maybe you can look for a home with a specific liking, or that meets your needs or one that you can modify to fit your liking. 

5. Moving Out Is Not Easy 

For some homeowners, moving out of their home to find another one which is a perfect home feels like a solution. 

However, this can’t be more off from reality. 

Unlike renting which gives an option to move out relatively quickly, home owning is meant for those who want to stay in for a quite a while. Moving out of your home into a different one is so costly. 

Most likely, the cost of another home will probably be way higher than the first one due to price escalation.

-Kristina Marshall, Guest Author