When you make the switch from being a renter to a homeowner, you no longer have the "luxury" of depending on your landlord for repairs, yard maintenance or help with plumbing emergencies. Now, when the AC quits or the furnace breaks, the responsibility (and cost) of getting it fixed is all yours.
Fortunately, there are key steps you can take to help minimize possible major expenses as a new homeowner.
Purchasing a home with energy-efficient appliances, a newer roof, updated HVAC system and a dry basement are great ways you can bypass many predictable problems down the road. Wear and tear will eventually take a toll on everything from hot water heaters to microwave ovens, but if you can postpone having to replace more major elements of the home, your budget will thank you.
Ideally, you want to buy a home with recent upgrades. In addition to comparing the maintenance history of homes you're considering, there's also the essential step of hiring an experienced structural inspector. When you've narrowed down your homebuying possibilities, a property inspector can help you identify any major red flags.
As your real estate agent will probably tell you, if any major problems are identified in the home inspection process, you might be able to negotiate your offer or back out of the sale. Otherwise, you can make a formal request for certain repairs to be made before proceeding with the purchase. Depending on the seller's concessions included in the contract, the seller can accept or reject the request.
Since legalities are often complex and every real estate transaction is different, it's always essential to consult an experienced real estate professional whenever questions, problems or complications arise during the process.
While it's a good idea to "expect the unexpected" when purchasing and moving into a new home, it pays to work with a team of trusted advisors. Working with a seasoned real estate agent, a knowledgeable real estate attorney, and a reputable property inspector will help make sure your experience is both satisfying and relatively problem free.
