Buying real estate is a big investment and can be a big risk, especially when purchasing land which already has a building such as a house or commercial property. There can be underlying problems with many older homes that you will be responsible for after purchase but knowing what to look for while house hunting can help minimize your risks.
Your List of Needs
The first thing you should do after deciding to buy a house is to make a list of your needs, your wants and your deal breakers to give to your Smithfield VA real estate agent. Be sure to include things like locations, commute times and the layout of the house because the more specific your list is, the fewer miscommunications you are likely to have.
Your Realistic Budget
Setting a realistic budget, and keeping to it, can be one of the best ways to keeping out of financial trouble with a real estate purchase. It is important to keep in mind that you will need some money to arrange the move, add a new coat of paint and closing costs as well as unexpected expenses. It is also a good idea to start looking at houses in the bottom of your budget before more expensive ones.
Look Beyond the Paint
It can be easy to be taken in by recent upgrades to a home, such as a beautiful paint job, and miss key signs of danger. If you can take a friend or relative with contracting experience with you, he or she can be more likely to see structural issues like roofs which need repair, outdated wiring or signs of mold, and will probably be less emotionally vested in the process.
Finding the right house for you and your family is a combination of knowing what you want and need, what your deal breakers are and what your realistic budget is. You do not have to be an expert in everything and finding an experienced agent can help you spot things like quality roofs, upgrades beyond the cosmetic or signs of water damage.