Buying A Home? Take Stock Of These Things
What are some of the most important factors that buyers take into consideration when looking for a new home? There are obvious things like price, square footage, location and lot size. Those are the basics. Other things that are often weighed are garage size, how updated the kitchen and baths are and whether or not the basement is finished.
All of these are very important to consider, but there are other more "hidden" aspects of a home that many prospective buyers may not consider. And it's these aspects that could really come to bite them where it hurts if they're not also assessed throughout the process. Here's a closer look:
Roof/Siding
Roofs tend to last about 20 years these days before replacement is necessary. The home inspector you hire to assess the home will be able to tell you the condition of the roof and whether replacement is imminent - and that's information that you need to know. New roofs are expensive and can range anywhere from $5,000 to $12,000 on a standard single-family home. Siding is another thing to assess. Though siding can last anywhere from 20 to 40 years, it may cost nearly as much as a roof to replace.
HVAC Unit
What's the age of the furnace and air conditioner? Has the seller properly maintained each via filter changes and other standard service? A home inspector will be able assess the status of the HVAC unit to a certain extent, but it's important to know whether or not replacement is imminent or more of a long-term issue. With furnaces averaging about $2,500 and air conditioners anywhere from $3,700 to $7,000, these are costs that must be considered.
Hot Water Tank
Hot water tanks typically only last anywhere from eight to 12 years, and replacement costs for a new hot water tank are about $1,000 while a tankless unit could be significantly more expensive. Make sure you know how old the hot water tank is in the home and what type of maintenance has been performed on it since it was installed. Annual flushing helps remove debris and contaminants that infiltrate the tank.
Windows
What's the age and overall condition of the windows in the home? Being that a standard vinyl window costs about $600 and a wood window may cost upwards of $1,000, a whole-house window replacement job is a pretty penny.
The bottom line is that no home is going to be 100 percent perfect in every single aspect - and that's why it's important to look at the big picture during the home buying process. Failure to consider thos may potentially result in thousands of dollars of other expenses beyond your mortgage payment.
Looking to buy a new home? Be sure to contact a trusted mortgage advisor with Bond Street Mortgage for pre-approval and financing options.
Frequently Asked Questions
Buyers commonly consider price, square footage, location, and lot size as the basic factors when searching for a new home.
Roofs typically last about 20 years, and replacement can be costly, ranging from $5,000 to $12,000, so knowing its condition helps avoid unexpected expenses.
The age and upkeep of the furnace and air conditioner impact their longevity and potential replacement costs, which can be substantial, so their condition should be carefully evaluated.
Hot water tanks last about 8 to 12 years, cost around $1,000 to replace, and require regular maintenance like annual flushing to ensure proper function.
Buyers should also assess elements like roof and siding condition, HVAC unit status, and hot water tank age to avoid costly repairs after purchase.
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