Thursday, April 10, 2014
Buyers: What to Look For in A Home
For the most part, the point of my site is to provide useful information to buyers and sellers and to anyone else who has a general interest in real estate. Sometimes I will throw in a story about a celebrity or two but overall it is meant to be a resource for homeowners.
Questions that come up all the time or should be are questions about the age of the furnace, roof, central air system, windows and hot water heater. Once you find out the next question should be what is the life expectancy. These questions should be asked prior to making an offer so you know what you are buying. Sometimes agents and owners do not know the exact age of systems and roofs so it may take a home inspector to advise on this.
It is important to get this information. So, for example, a hot water heater. Many times during an inspection a hot water heater will come up and the inspector will say it is at its life expectancy. So the push back from the seller will be well you knew this when you made the offer. Is the seller, going to replace this? Most likely not. There are a few things that may happen. In a sellers, market nothing will come of it. In a buyer's market a seller may give you a concession but most likely will not replace it. The only time I have seen a seller replace it is when they had active leaks, rusty valves that were not worth being repaired. So, the reason to ask these questions is to determine the overall value of a home and what the home will "cost" you. Another example is this, you look at Home "A" it is 5 years old and then you look at Home "B", 20 years old and all the systems are 20 years old. Both homes are in the same neighborhood with same lot size and square footage. Both are also priced the same. So yes, you guessed it home "B" is overpriced and will cost you more initially than home "A".
It is also good to know the age of your appliances because it will let you know if your appliances are energy efficient.
Check out the link below about life expectancy of appliances, etc. It is useful but also depends on other factors. This is a good guide for homeowners as well so you will have a relative idea of replacement costs or at least allow you to maybe prepare.
Click here to check out life expectancy of appliances
Related: New You Can Use CFL's, LED Lights, Oh My