Tips For First Time Home Buyers: Fill & Download for Free

Pay for an independent home inspector. Since there are no certifications for this sort of thing, so be careful. In fact, for $500, cash. Small denominations, used bills, non-consecutive serial numbers. And I can do it from here.Seriously, use Angie’s list or something, ask for references, check with the better business bureau. And do not use the one your realtor recommends “Oh yeah, he’s great, use him all the time.” Serious conflict of interest.Go down to your towns planning department (going in uniform wouldn’t hurt) and ask if it would be possible to see any building permits issued for the house in the last, say 10 years. That will give you an idea about what should be in the house, and has been properly inspected.Casually ask the homeowner what improvements they have made on the property, and look for anything that looks new, or odd, and compare that to building permits. They should match up. If not, you’ve got a DIY at work, and that may be fine, but you will know that those jobs were not properly inspected.Many state laws require this anyway, but make sure your contract says that any defects you find in the first 12 months, the repairs are on them.A survey should be part of the package. See where the utility easements run. I didn’t do that, and when it came time to build a little tool shed in the backyard, I found that the only place I could put it, and not obstruct easements, was right in the middle of the back yard, making it useless for kids to play.Check the circuit breaker panel, and add up the total amperage on all the breakers, and see if there are any blanks, where you can add breakers. Houses used to be built with 100 amp service. I had mind upgraded to 200 amp, because as we get more and more electronics in our lives, we’ll it’s obvious. It’s okay to have 100 amp service, just be aware that in the future, you may be looking at some money.Are you bringing old appliances with you, or buying new? Either way, if you prefer gas stoves, and the one there is electric, make sure there is a gas line. Adding one is not cheap. And vice versa. Adding a 220vac circuit is not cheap (code requires a separate breaker), which brings us back to the breaker panel again. Same with the dryer.Ask to see the roof warranty. When was it installed, how long is the warranty. A good home inspector should do this, but you should be aware.Windows. Double or triple glazed? Look for condensation, or signs of it, between the panes. Rude, but open and close every window. If they stick, it could just be they are old, but it could be the House has settled, warping the frames.Same idea with doors. Open and close freely and easily. If you open them halfway, do they stay there, or tend to swing more open, or more closed. If so, they weren’t installed correctly, or the house has settled.If there is a basement, pay attention to damp/mildew smells. Examine exposed concrete for cracks. Ask to see the sump pump. How old is it. Is there a backup pump. How old are the batteries on it?Is there an attic? Look around up there to see if it’s well insulated. Look up. And stains on the roof sheathing? Maybe from water leaks?How old are furnace and AC. See if the furnace has a little sticker on it (all the companies do it) showing when it was last serviced. If a long time, it tells tyou something about the owners, there should be an annual inspection/cleaning. Not by law, but if they don’t what does it tell you about their general attitude about maintenance.I’ll,probably think of some more. I’ll QM you if I do.

I have bought 4-5 flats in India in last 15 years and here is my experience to share with first time buyers.Glossy Brochures, Tempting ads and Wow Model Unit : The sales and marketing dept of the builder will go all about to create ‘love at first sight’ experience to buyers. Once you walk in, you will have positive experience if not great. In reality, you should be happy if 25% of what is stated in brochures and model unit is delivered.Escalation in cost during handover time : Brace for an escalation of cost on one pretext or other to squeeze some extra money from the buyer.Delay in handover : Almost all the projects in India get delayed. You are lucky if the delay is by 1 year, feel normal if it is 2 years, bad if it is 3 years, worse if it is 4 years and horrible for 5 years and beyond.Additional costs: Account for 15-30% of the costs for interiors and if you want include brand new furnishing, brace for another 30% more.Interest rates on Loans : You would only see one way direction of interest loan after you bought your dream home. You will scratch head that interest rates would stay same or only go up but never comes down even after host of RBI announcements or news paper articles. My 15 year loan extended to 30 year period to keep the same monthly payment. Felt like my slavery period doubled within my first year of buying the home.Post handover hassles: You would be running around host of offices for electricity bill name transfer, Khata, property tax, Water connections, Association meetings mainly to address the last pending works abandoned by the builder & Maintenance issues.Selling: You would hardly get any buyer and may end up selling the unit at heavy discount or might get on par with the bank deposit rate.I have not included leaky stuff that you realize during rainy period, parking issues, plubming problems and so on.Don’t buy home if you are below 40. It makes you lot poorer than you think and also denies good opportunities of career growth and working abroad. .1 View

Somebody who is in the process of buying a home the first time.