It’s always going to feel like you’re taking a big risk when you’re in the homebuying process. I’ll cover how to mitigate these risks, and how you can even ensure value in the future.
Home Inspections: How Can They Save Me from Making a Mistake?
Think you’re just touring homes? Get ready to uncover the hidden side of inspections and protect your investment.
Getting comprehensive home inspections can save you a lot of headaches and protect you from making a potentially bad purchase. They identify problems that can’t be seen by the naked eye, like issues behind walls, under floors, in the attic, or within the electrical and plumbing systems. Some issues can even be safety concerns, like mold or faulty wiring.
What the inspector finds is crucial to your negotiations and may even give you more leverage. If significant issues are discovered, buyers can request repairs or a price reduction to cover the cost of addressing these problems. Sellers may be more willing to negotiate when presented with a comprehensive inspection report rather than the opinion of your persistent family member. Unless said persistent family member is a reputable home inspector.
Inspections can help with the long-term investment in your home. If you’re going into a purchase fully aware of the condition of the property, you can make more informed decisions from the closing table and after.
Decoding Appraisals: Will My Chosen Home Hold Its Value?
Worried about post-purchase regret? Time to decode appraisals and ensure your chosen home stands the test of time.
Appraisers start by identifying recently sold properties that are as similar as possible to the house you’d like to buy. They’ll adjust what they find to suit the house’s unique features and condition. Then, they’ll give you the final value estimate.
Knowing the appraisal value can help you make an informed decision about how you’d like to proceed with the purchase. It might give you some negotiating power if the seller overestimated the price, or you might have to start budgeting for repairs and upgrades.
This is also a good insight into future resale and investment. If you were planning on selling in 5 years, you can start looking at what that ROI might look like and if this house still fits your financial goals.
Remember to leverage your real estate professionals. Realtors and lenders like me can help educate you and come up with a plan when you get the appraisal back.
Estimating and Tracking Your Home’s Value: A Homeowner’s Guide
Lost in the numbers game of home values? Let’s chart a course and equip you with the tools to understand and monitor your property’s worth.
A home’s value is influenced by a variety of factors:
Location and neighborhood
Special features such as a pool, garage, or updated kitchen
The overall condition of the house
Current market supply and demand
...and much, much more
So how do you find your home’s value? There are some online resources that can give you a rough estimate. These are great because you don’t need a professional; they’re quick, easy, and often free. I’d recommend these if you’re simply looking for a rough estimate as a jumping off point.
However, nothing even closely compares to a professional assessment of your home. An appraiser will look at your unique property with an in-depth property analysis, comparable sales, verify data, and adjust for differences with your home. Appraisers must also comply with local, state, and federal regulations and laws, something that online resources don’t.
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