1. Budget Realistically for Repairs and Renovations It’s easy to underestimate how quickly renovation costs can add up. Even cosmetic changes like paint and flooring can run thousands—and bigger repairs like plumbing, roofing, or foundation work can blow the budget fast. Before making an offer, get contractor quotes and set aside a buffer for unexpected […]
1. Foreclosures Are Often Sold As-Is—So Budget for Repairs Yes, foreclosed homes are often priced below market value. But that discount comes with a trade-off: the property is typically sold as-is, meaning: No repairs from the seller Potential hidden damage No guarantees about condition You’ll be responsible for any and all repairs, from plumbing issues to structural concerns.
1. The Perks (and Price) of New Construction New builds offer: Modern layouts and finishes Energy-efficient systems and appliances Customization options (flooring, cabinets, paint colors) They’re perfect if you want a move-in ready home with zero surprises. However, new construction can come with a higher price tag and longer timeline—you might wait several months before you can move in,
1. Expect Rules on What You Can (and Can’t) Change When you buy in a designated historic district, your home’s exterior is often protected by preservation guidelines. That means: No major exterior changes without approval from a local historic commission You may need permits for things like window replacements, paint colors, roofing, or fencing Modernizing interiors? Usually allowed—but still check
1. A Home Inspector Examines the Entire Property When you’re under contract, you’ll schedule a licensed home inspector to visit the property. During the inspection, they’ll review: Structural components like the foundation, roof, walls, attic, and basement Systems like electrical, HVAC, and plumbing Windows, doors, appliances, water heater, and more It typically takes 2–3 hours, and you’re encouraged to attend
1. A Home Inspection Is a Professional Check-Up A home inspection is a thorough examination of the property, done by a certified inspector. They assess everything from the roof, plumbing, HVAC, and electrical system, to the foundation and structure. Think of it like a physical exam — but for your future home. The goal? Spot
1. Flood Insurance Is Often Required—and Can Add to Your Monthly Costs If you’re using a mortgage to buy a home in a high-risk flood zone, your lender will likely require flood insurance. Here’s what to keep in mind: Premiums can range from a few hundred to several thousand dollars per year, depending on the property’s risk
1. A Home Inspection Checks the Condition of the Property A home inspection is your opportunity to dig into the physical condition of the home—and spot any costly issues before you buy. A licensed inspector will review things like: The roof, foundation, plumbing, and electrical systems Heating/cooling systems and appliances Visible signs of damage, leaks, or safety concerns
1. Property Disclosures List Known Issues and Past Problems Sellers are required to tell you about anything they know that might affect the home’s value, safety, or functionality. This can include: Roof leaks, foundation cracks, or water damage Termite infestations or mold issues Previous repairs or insurance claims History of flooding or fire It’s their legal obligation to
1. A Short Sale Happens When the Seller Owes More Than the Home Is Worth In a short sale, the homeowner is trying to avoid foreclosure by selling the home for less than what they owe on their mortgage. The lender must approve the sale (since they’re taking a loss) It can take weeks—or even months—for approval There’s usually