Purchasing property these days is no easy task! There are so many factors you must consider before buying land and things you must be aware of before making a purchase.
To help you get prepared for your property-buying endeavour, we put together a list of things you should look for in your new property. With this list, you’ll be able to purchase your dream property without worries or stress.
Reliable Property Guides
Not all online property guides are created the same! Some tend to give more accurate details than others. For this reason, you should research your property guide before relying on it for pertinent information.
Some sites might have inaccurate specifications about the land, or the information they offer is outdated and no longer relevant. You should look for websites that often update and have a reliable reputation.
Remember, credible sources disclose their data sources and methodologies. They should clearly state how they collect, analyse, and present information. Transparent guides also provide contact details for feedback and inquiries, demonstrating their commitment to user trust and accuracy.
Moreover, authentic guides strive to present unbiased information without promoting specific properties or developers. They should also avoid using excessive jargon or misleading language, focusing on clarity and objectivity.
Furthermore, never rely on a single source for critical information when researching. Cross-reference details with other reputable websites, government agencies, and real estate professionals to verify the accuracy and validity of the data presented.
Property Passes a Thorough Home Inspection
A good home inspection could save thousands of dollars in repairs you might otherwise have to pay for. A home inspection is there to check for damage that you might not see.
For example, if your home inspector finds that the AC needs replacing, you can go to the sellers to ask for the cost of a new AC to be taken out of the home cost. In some cases, home inspectors might even find things about a home that are deal breakers for the buyers and save them the trouble of investing in a home that can’t be salvaged.
Things like damaged foundations or piping could mean hundreds of thousands of dollars in repairs and reconstruction and still not be noticeable to the average home buyer. Avoiding property with expensive underlying damage is one of the biggest goals of land buying. You can also negotiate with the seller armed with the inspection report. You can request repairs or price adjustments to reflect the property’s market value if significant issues arise. This strategy ensures you’re not overpaying for a home with hidden problems.
Has a Relatively New Roof
Replacing a roof takes months and a lot of investment financially. You can save yourself the hassle of dealing with a roof replacement by ensuring that your new home is equipped with a good roof. If it’s been replaced in the last ten years, it is even better!
Realistically, roofs can last up to 40 years if well maintained, so if your new home’s roof is on the lower side of this, you won’t have to worry about roof care for many years.
To avoid any surprises, ask questions. You can ask the most important question: “How old is the roof?”. You’ll want to know what it’s made of to learn how long it should last. Then, determine how many more years the roof has left.
It’s wise to ask for a roof certification letter. This is a document contractors give homeowners after an inspection. It estimates how many years before the roof needs to be replaced. Not all sellers will have this, but it doesn’t hurt to ask!
Reliable HVAC
Before closing on a property, ask about the existing HVAC system. How old is it? What type of cooling and heating system does the property have? Are there any maintenance records you can look at?
An HVAC unit may last anywhere from 10 to 25 years. If the system is nearing the end of its lifespan or broken, expect to spend around $7,000 replacing it.
You may also request maintenance records to understand the system’s upkeep and identify potential issues. After all, regular maintenance can extend the system’s lifespan and prevent costly breakdowns.
A home inspector can tell you the HVAC system’s condition and whether it’s reliable. Then, you can work with your real estate agent to request any repairs or replacements from the sellers.
On the other hand, for commercial properties, consider consulting a comprehensive commercial inspection checklist to ensure the property meets your expectations, from the structure’s structural integrity and HVAC systems to documentation and records.
Good Location
When you see your potential future home, pay close attention to the surrounding environment. If the property is close to a highway or a sports stadium, then it will likely be loud on that property.
You won’t have to worry if you’re used to the loud sounds of traffic and highways. But if you are looking for space that will be quiet, then make sure you buy land away from arenas, highways, sports stadiums, and other loud sources of noise.
In addition to noise considerations, ensure that the neighbourhood around the property is what you want it to be. It’s a good idea to drive around the area and note the condition of the property around it.
Finally, make a note of amenities in the area. You don’t want to be surprised to discover the closest grocery store is over an hour away after buying the place.
Final Thoughts
Buying property is an arduous task and takes a lot of time, energy, and stress. We made a list of some tips to remember to make the process less stressful.
Keeping some of these tips in mind, like using the right resources and a professional inspection, will help you end up with the property that is the perfect fit for you!
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