What to look for when buying a home

Buying a home involves a lot of work.  Aside from the obvious things that you should look for while searching for your dream home here are a few other things that you should consider.
(If you are considering buying a home for investment check out Pros and Cons of Investment Properties.)

1. What makes you want to call this neighborhood home?

When it comes to buying a home, everyone will want something different in terms of their environment. Affordability is obviously a top criterion, but peace and quiet, good schools, shops and a low crime rate are also likely to be important.

2. Is the house close to the things that are important to you?

Unless you are looking to live rural, making sure that prospective future homes have at least some level of proximity to the essentials is probably important to you. You may want to look for a house that’s a short drive or walk from the following:

• Shops, Grocery stores, Gas stations or public transit - The convenience of nearby shops to pick up essential goods allows you to spend more time enjoying your home and less time running errands.
• Parks, Recreation centers or other entertainment - If you have kids or pets or just need to get some fresh air, parks are a great way to enjoy the outdoors and be social with your local community.

• Schools if you have children - Closeness to schools is vital if you have children. You don’t want to leave yourself stuck with a half-hour drive every morning to get the kids to class.

• And close to employment if possible - Nobody likes commuting and with the dramatic increase in Colorado’s population traffic can be a huge drain on your time. It may not always be possible to live close to work but if you live near the lightrail if can reduce the headaches of traffic and parking.

3. Does the house have the right number of rooms to suit your needs?

Of course you will notice right away if a home has enough rooms from the online listing, but are they arranged in a way that will work for you?
The configuration of the home should be considered when buying a home. When it comes to rooms, you should consider the following:

• How close are the bedrooms to the living room? If you have a night owl living with you it may cause some sleepless nights while they watch TV.
• What direction do the bedrooms face? Bedrooms that face East will have sunlight directly pouring into the room all morning making them warmer.  In the West the mountains will drown out the sunlight early in the evening but will still have a warmer feel than bedrooms that face North or South.
• What does the future hold? Were you planning on having a kid/another kid anytime soon? Maybe you’ve got a parent who may need to come and live with you in the future due to illness? Either way, consider the number of rooms you’ll need in the future, rather than the number of rooms you may need right now.

4. Be aware of structural issues before buying a home.

You can’t rely solely on the word on the agent selling the house. Get an independent building inspection done, and go from there.
Have a building inspector check out:

• The overall build quality of the home
• Various fittings
• The level of insulation
• Electrical wiring

Problems with construction and build quality can be a deal breaker if severe enough, so it’s important that you are prepared to deal with that potential.

5. What is the neighborhood like?

Swing by the house outside of the showing to see what the neighborhood is like.  Is it quiet during the day and chaos at night?  Does a neighbor park a bunch of cars along the street?  Do the neighbors take care of their homes and gardens?  It’s best to know before you sign if the neighbors are going to positively or negatively affect your living experience.

6. Does the house have good natural light?

The natural lighting (or lack thereof) of a house is one of those things that seems to get overlooked initially, and then noticed post-move, which can lead to some serious disappointment if it’s an area where the house doesn’t excel.
That’s why we’d definitely recommend putting natural lighting on your list of things to consider when buying a house. Try to look for homes that face north for optimum natural lighting, and make sure that the house in question is well-equipped in terms of windows.

7. Have you checked out the following?

Here’s a list of little things to consider when buying a house which aren’t major on their own, but can definitely have an impact on the attractiveness of a potential home:

Lights	We talked about natural lighting before, but it’s also important that the home in question has sufficient electric lighting to keep it well-lit at night. Try to see if you can inspect the home at night to see what it looks like when relying on electric lighting.
Water pressure	This may not be a concern for some, but for certain people low water pressure can be seriously irritating, and even a deal breaker in some cases. Turn on faucets and showers just for a minute.  See if it blasts water or drizzles slowly.
Power supply	Make sure that any home you’re looking at has an adequate number of power outlets for its size, and that the power outlets are in suitable locations.
Air-conditioning	Does the home have it? Is it central air, a swamp cooler, or window units? Is it an efficient system or will it cost you a lot of money over time? Air-conditioning can be crucial to staying safe in the summer months, but an inefficient or weak system can cause you more problems than it solves, especially when it comes to your wallet.

8. Are there any signs of termite activity?

You can get a professional pest inspection done, and go from there. Termite damage isn’t the end of the world, but it’s something that you definitely need to know about sooner rather than later; especially considering the financial headaches it can cause.

9. Are there any planned developments nearby?

Nearby construction can be a pain in terms of both noise levels and increased traffic, but it can also deal a pretty hefty blow to the value of that home you’re thinking about buying.
Colorado is a booming housing market. Ask your agent about upcoming construction or even drive around the area to get a better idea of what to expect when buying a home in an up and coming neighborhood.

10. Is the garden suitable?

Think about what you’re looking for in a backyard, and whether or not a garden is even that high on your buying a house checklist; it might not be, and that’s perfectly fine. But if you do care about a yard or garden, make sure that you’re aware of what you want, and consider the resale implications of choosing a home with a nice garden or backyard.

11. Does the property provide sufficient parking space?

How many cars do you have, and how much parking space does the property in question offer? Does it only offer a driveway, or does it come with a garage/carport? On top of that, do you have a boat, caravan, or trailer that also needs to be parked somewhere? Keep this in mind when considering parking space.

12. Is the property at risk of flooding, erosion, or fire?

Consider the property risks when buying a home. Colorado boasts 300 days of sunshine a year, but that doesn’t mean that the homes are safe from flooding. If the home is near a lake, river, or just has inefficient drainage on the streets your home could potentially be in danger. Check any basements for proper insulation and any signs of leakage.
Fires are rare in the heavily populated areas of Colorado, but if you have a home near a forest during the drought years it could potentially be in danger.  A quick search online will show if it is an area that has historically had fires nearby.

13. What will some of the ongoing costs be?

Ongoing costs are another consideration when buying a home. Some of the other costs of ownership can include:

• HOA – Many neighborhoods in Colorado have a home owner’s association.  As costs rise, so do the HOA dues.  Find out what to expect from the seller’s agent
• Utilities –Electricity and gas can vary depending on suburb and the efficiency of the home, so make sure that you know what you’re likely to be paying for them before you move.
• Home owner’s insurance – Your contents may have not changed, but moving to a new home and a new area will have a direct impact on your home owner’s insurance premiums, so be sure to take that into consideration when shopping around for a new home.
• Real Estate Taxes – Many local municipalities add taxes to fund local school systems and infrastructure.  This creates a wide range of property taxes that you could pay when buying a home.  Find out from your agent what the local property taxes will be.  Also note that new legislation has changed in regards to mortgage interest deductions. Read the article on the tax changes here.

14. Will you need to do any renovations?

There are pros and cons to buying a fixer-upper, but buying a property that is a “renovator’s dream” can turn into a debt nightmare.
If you are planning on doing a lot of structural work, get approximate estimates before putting in an offer. Financing a renovation (or several) can be done post-purchase.
As with any property purchase, ensure that you do your homework and get independent advice before putting in an offer.