Things to be Aware of As You Search for a Home

This market is anything but friendly to buyers. If you’re currently in the process of looking for a new home, or know someone who’s embarked on a home buying search, you can sympathize all too well with the state of the market. Currently, it seems as though sellers have all the leverage and buyers are bending over backwards to get their offers accepted.

It’s in times like these when competition and congestion is high in the buying market that home buyers forget what to look for as they search for a home. While we understand fully that you may be eager to put in an offer on any home that you love at first sight, these are a few things to keep in mind as you search for a home:

Water Damage

Water damage is often underplayed in home descriptions. It may be referred to as “minor leakage” or “water staining” in a basement, but it’s super important to get details regarding what actually happened.

Sometimes “water damage” is very miniscule, and may have only occurred in a small portion of a basement. It can be as simple as replacing a section of drywall or fixing a pipe, however, it can be as complicated and costly as replacing an entire water heater or doing major plumbing work on the house.

Make sure you get very clear details from your realtor on what the extent of the water damage is and if it should be of any concern to you!

Age of Appliances

We all know that the market is overpriced right now and competition is high. What does that mean for home buyer budgets? You’re often upping the cost of moving in by a ton simply by offering way over asking price. Not only is this expensive due to the end price of the home - you may be covering appraisal gaps, a down payment, and additional move-in costs along the way. In other words, your “savings” pile can get small really quick in this market.

One thing to be aware of in addition to all the cost craziness is the age of appliances in the home. Water heaters, AC units, plumbing, washer/dryer, refrigerator, etc. - none of them are cheap. Check the year the appliances were replaced and be aware of roughly when you can expect it to go out. This will help you as you budget for what you’re able to take on in a new home purchase.

Awareness of What Creates Competition

Since sellers have much more leverage than buyers in general, it’s important to keep in mind what actually drives competition to a home. Often, if a home has been fully remodeled, repainted, has updated lighting fixtures, and looks “modern” on appearance, you can bet that everyone and their mother is going to be checking it out and likely putting in an offer.

We get the draw! It’s so much easier to envision your “perfect home” when it’s already presented as such. Brand new paint, renovations, fixtures, and other details add the extra “lift” to a home that makes it so appealing to buyers. But be aware of the fact that many of the remodeling tasks necessary to carry a home from outdated to modern and elegant aren’t actually that expensive or time intensive.

Don’t look for homes that are perfect at face value - look for homes with the functionality and layout that you need and worry about the design details later. While a fully remodeled house might attract upwards of 20 offers over a weekend, a similar sized home with outdated paint and old lighting fixtures can detract many buyers. Shooting for those homes with an expectation to do a little painting/fixtures/refinishing TLC can help you find a slightly outdated home at an amazing price with less competition and a low cost to remodel! Always remember, Tony McClung is only a phone call away to help make that outdated home look like your dream home!