Check a House for Structural Issues Before Buying

Buying a home is an exciting thing to do, but it's also something that makes many people nervous. This is especially true if the house that's being considered is more than a few years old. Two competing sets of visions often come to mind when thinking of home buying Kingston. 

One involves a happy move-in day with plenty of smiles and cheer. The other can best be summed up as scenes from The Money Pit – a movie about a fixer-upper that causes runaway costs. How can a buyer be sure to make the first vision come true instead of the second?

Hire a Home Inspector

This is the easiest way for buyers to find out what they're getting into before they actually get into it. A good home inspector will examine the house both inside and out. Then, he'll write up a report that lists everything that needs to be fixed. It's typical for a house to need a few repairs, but if there are too many, it's usually a good idea to seek a different one.

Inspect the House Without Professional Guidance

For home buyers who have experience with old houses, this can work out fine. Direct experience with an old house will have taught them exactly what is likely to go wrong and what the signs of the problems look like. Those who don't have such experience can do well too, but it will take plenty of self-education beforehand in order to know what to look for.

Common Signs of Problems

One of the most important things to look for is water damage and signs of quick cover-up repairs. Start by looking at the roof, where most leaks originate. If that's obviously damaged, move on.

If the roof looks fine, go inside. Check the ceilings, walls next to chimneys, the area right below windows, the space underneath the sinks, and the floor. These are all common areas for water damage.

The electrical system can also be touchy in old homes. Check all of the switches and be sure that the associated light turns on.

If the house has a good roof, is free of leaks of all sorts, and has a good electrical system, it will likely be free of the need for costly repairs. Almost all pre-owned homes need at least a little work thanks to normal wear and tear, but that shouldn't be a deterrent to buying. A house that only needs a coat of paint is an excellent investment.

The Process for Buying a Home in Kingston

Purchasing a home can be an exciting and terrifying process at the same time. While choosing the right home means years of enjoyment, selecting the wrong home means potentially paying a mortgage on a home the individual hates. In any case, it's best to make a wise decision and conduct a sufficient amount of research. The following information explains the home buying Kingston and what people should expect. 

Plan a Budget

The first thing any potential buyer should do is check their own credit by requesting a free credit report from Annualcreditreport.com. Afterwards, the individual should sit down and make a real budget to determine how much home they can afford. There are several mortgage calculators designed to help the buyer determine an affordable mortgage. It's important to factor in the money required for a down payment, closing costs, fees, any potential remodeling, and estimated utility bill. 

Get Preapproved

The next step is to find a lender and attain a level of preapproval. In the process of finding a lender, it's best to shop around. The individual can start by asking their family and friends about their experience with lenders. In any case, it's best to talk to three or four different lenders and ask a bunch of questions in the process of finding a knowledgeable and ethical lender. It's also a great idea to read social online reviews about the lender and to check with the Better Business Bureau. After a lender is selected, the individual should get a letter of pre-approval or an actual approval letter, which will provide a real scope of how much home the lender is willing to mortgage. 

Finding a Home

While there are several ways to find a home, it's best to work with a realtor. Realtors have their ears to the real estate market and will be able to help the buyer easily navigate through the housing market. In any case, the individual should make a list of all of the things needed in a home and prioritize those items. Some of the most common considerations are number of rooms, types of schools in the area, type of neighborhood, proximity to work and shopping, etc. 

Making an Offer

After the individual finds a home that suits their needs, the next step is to make an offer. It's important to understand that most sellers price their home higher because they expect a bit of haggling. An excellent place to start is five percent below the seller's asking price. The real estate agent can also provide a list of the selling prices of comparable homes, which should give the buyer a better idea of what is a fair price. The seller can either accept the offer or counter it. If the seller counters the offer, the negotiations continue until both parties agree on a price. When the seller accepts the offer, the final step is the closing.