What Should I Look For When I Want To Purchase An Existing Home?

Posted by Nick Niesen on November 8th, 2010

You should be on the look out for any major problems which may cause you significant problems and money later on down the line! It?s a good idea to do your homework when you?re looking to purchase an existing home or any home you may be considering. You want to know what you should be looking for? Well consider some of these tips and information while you?re shopping for an existing home:

1) Consider having a home inspection done on the property you?re thinking about purchasing. This is very important! By having a home inspection, you will be provided with valuable information about the condition of the home you want to purchase by an independent expert. You can find a certified home inspector via the American Society of Home Inspectors(ASHI) www.ashi.org. You?ll be glad that you hired an independent inspector to go over the home you may want to purchase. It may save you major headaches in the long run! Make sure to make the home inspection a contingency of the prospective purchase agreement of the home you?re considering.

2) Look at the price the existing home is being sold for. In most cases you?re able to get a better price for an existing home than you would for a new one. The existing home is usually in a neighborhood which is already established. In addition, the home will probably have upgrades already done. If you have children, schools are usually already established for the neighborhood that you may be planning to live in.

3) Try to steer away from existing homes which have some form of preexisting structural and roof damage. If you don?t, this could cost you thousands of dollars in the long run!

4) If you decide to purchase an exiting home, you may want to establish a home maintenance account for any potential repair problems in the future.

5) Make sure you check out the landscaping of the home which of course includes the lawn, plants, flowers, bushes and trees! If there is a potential problem with the landscaping, you can put in your contingency agreement that this problem must be corrected by the seller, prior to you purchasing the home. This could save you money in the long run.

6) Research and investigate any easements on the property you?re planning on purchasing. You want to make sure if there are any easements, that this will not create a problem for you in the long run.

7) Purchase title insurance! This will protect you from any potential problems that may come up about the legal owner of the property that you have purchased.

The purchase of an existing home can be a good thing if you do your homework before and during your prospective purchase. There are some great deals on existing homes if you do your research. Just keep in mind some of the tips and information that you?ve learned, while you?re planning to make your purchase. You?ll be glad that you did.