People
around the nation spend countless hours, days and years working toward the goal
of buying a home. It’s part of the American Dream. While people understand that
it’s a big deal, the astronomical amount of money required to acquire property
in 2013 is still under noticed by most.
This
article is an appeal to potential homebuyers that it’s time to utilize
leverage. If you are someone looking for a home, you shouldn’t take your own
money for granted when you jump into the real estate market. Don’t let a
listing fool you, as you are the one forking over the cash. The traditional real
estate listing is an advertisement, and to really make a calculated decision,
you have to look beyond it.
With so much money and your personal life at
stake, it’s imperative to pick the right home and make sure the features of the
property are the level of quality you’re paying for.
Why Leverage?
In
most real estate transactions, there are negotiations that naturally cause
fluctuation in the asking price. If you are a homeowner, make sure when these
negotiations start that you have the leverage. You are in control and you are
the one spending money on the ballpark scale of $100,000. It’s so important to not let a real estate
agent or a home owner bully you into a higher asking price. There’s always
another house you can find that will suit your needs and demands.
Just remember that you are the consumer. You are
the one that gets to pick and choose whether a particular property is your
dream home. It’s not up to anyone else, and there’s no hurry.
A real estate listing can be
deceiving on a number of levels. If you’re a searching for a house, just as you
should try and use leverage in price negotiations, it’s important to do so in
the property evaluation as well. For instance, you have the right to be curious
when it comes to major components of a house. There shouldn’t be anything that
isn’t accessible to your eyes when you’re deciding whether or not to buy a home.
Some areas to focus on:
1. Quality and
condition of roof: A common
housing feature that’s not promoted or discussed in a listing is the roof. The
roof is very important to your life and the value of a house. Not only does it
provide you shelter from weather, it also protects the entire structure of the
home. A faulty roof can lead to irreversible water damage and major
renovations.
Not only do you have the right to inspect the
roof of a prospective house carefully, but you should make it a priority. With
legitimate money on the table, it’s worth it with regards to personal comfort
and future financial obligations.
2.
State of floor materials: Regardless of the type of floor material in the
house you’re looking at, it’s vital to accurately gauge the upkeep of them. All
or parts of the house could be carpet, marble, hardwood or tile. When you’re in
the evaluation process, take a hard look at the floors. Does it look like the
hardwood has been refinished recently? Is the marble floor in the kitchen
stained? Is the carpet in the master bedroom damaged to the point of a possible
replacement?
The floors are where you will be walking and
living in your new house. Make sure you are more than comfortable with both the
style and condition of the floor material throughout the property. This is
another example of something that won’t be listed in the advertisement but is
very important when comfort and money are concerned. An extensive flooring
project in your house will tack on thousands of dollars to your already hefty
investment.
3.
Sewer line condition: The sewer line is a feature of any property that
often goes unnoticed. They are underappreciated and undervalued. It is common,
however, for people to get the sewer line of a prospective house checked out
before purchase. You need to make sure to
do this. In addition, take note of any large trees or major landscaping
that is anywhere near the sewer route. These can lead to major obstructions in
the future and can end up costing you thousands of dollars.
In addition to a standard check on the sewer
line, look for other factors that may come up in the future. Replacements are
expensive, and the road near your house often has to be ripped up when a big
problem needs to be fixed.
Buying a house is a big deal even if you find the
perfect house and the dream situation. It’s important to focus on both the
listing and the features that exist behind the scenes. While scanning a
property and applying it to your personal needs and desires, remember that you
are the consumer and you have the leverage. It can go a long way in
negotiations.
Tim Richmond writes about the mortgage industry, real estate,
green building, personal finance and home ownership. He currently writes for
the Native American mortgage specialists 1st Tribal Lending.
