First-Time Homebuyers: If You Know, You Know?
It’s the month of love, so here’s a love poem from your friendly neighborhood construction crew.
Roses are red,
Violets are blue.
If I’m a first-time homebuyer,
What the heck do I do?
It’s actually a very, very good question and one that any happy couple or individual buying a new home for the first time should be asking. Being a first-time homebuyer can certainly be one of the most exciting and stressful life experiences. It is likely the largest amount of money you’ve ever spent, and you want to be sure you’re buying a good investment. The number one question is what – if anything – is wrong with the home.
Learn and Prepare
Always start with a reliable and vetted home inspector. It won’t be cheap, but well worth it for a quality report. Current home inspection prices in North Carolina range around $400 - $500 for a 2,500-square-foot home and cost more for larger homes. Once you have a list of potential issues, you can negotiate with the seller on needed repairs.
Even before the home inspection process begins, understand that North Carolina law states that the sellers must disclose any known issues for you to review before making an offer on the home. All sellers in North Carolina are required to fill out a Residential Property and Owners’ Association Disclosure Statement. Familiarize yourself with the form even before you start looking so that you’ll know exactly what to expect and your rights.
Be a Detective
As you visit and explore potential properties, take your time and do a little detective work on your own. You might just be able to uncover potential problems that, if big enough, may deter you from even making an offer. One of the most important things you want to look for is structural integrity and a good foundation. When visiting a home, take the time to do the following:
Walk the perimeter of the property and look for cracks in the foundation.
Check the crawl space for any standing water or excessive moisture.
Examine the walls in each room and look for drywall patchwork above interior doors and windows, which could be a tell-tale sign of a homeowner trying to cover up foundation problems.
Pay close attention to the floors. Are they bouncy? Do you notice missing grout or cracked tiles? This could be a sign that floor joists are not offering proper support.
Don’t Lose Hope
If structural or foundation problems are found, that doesn’t have to mean the home is not worth buying. However, if you decide to proceed, our best advice would be to hire a qualified and reputable structural engineer to evaluate the problems and make recommendations for repairs. A structural engineer has much higher qualifications and knowledge than a home inspector and will provide a much more detailed report. You can often get the seller to pay for this if it is deemed necessary.
Understand, as a first-time homebuyer, it’s very rare to ever find a “perfect” home for sale. There are almost always some issues – either small or large – to confront. In most cases, the homeowners are willing to make repairs indicated by a home inspection. There are, of course, homes being sold “as is.” They often come at a much better price, but it’s up to the buyer to deal with any repairs or issues. As long as you know exactly what you’re getting into and what it will cost to repair, you should be fine.
When all is said and done, few experiences in life rival the purchase of a home for the first time. Here you will live life, make mountains of memories and, of course, learn just how much upkeep there can be with a home of your own. It is all good once you find the place that’s just right for you. As always, let us know if we can help.