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Buying a piece of real estate is different than buying a home. The former requires getting the legal and financial parts right, while the latter means finding a property that you'll be happy living in. Here are some tips to help ensure that your next house is a place you'll want to stay for years to come:
If, at first glance, this looks like a house you'll want to pursue, sketch out floor plans and take pictures on your first visit; they'll help you envision the house hours or days later. Also, take note of special features. If you're looking at several homes, these will help you remember which was which.
Cast a critical eye. You have to see beyong the owners' posessions or professional "staging" -- window-dressing used to make a house look most enticing. If the floor plan doesn't suit you, can you rearrange space or add on?
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You'll want a professional inspection made later if you decide to buy, but you can make some tentative judgments on your own. Check for:
Poor water pressure. For example, turn water on in a bathroom sink and check for weak flow. Replacing corroding plumbing can be costly.
Ceiling stains that indicate something's leaking.
Overloaded electrical outlets or lots of extension cords. Today's electrical demands may exceed capacity of homes built even a decade ago.
Exterior features, like driveways, that slope toward a home. Without proper drainage measures that all but guarantees water in the basement and attendant problems.
Odors. Bad ones may be hard to get rid of. If a house smells too clean, like bleach, it may indicate that the owner has tried to cover up other problems, like mold or urine.
Deteriorating roof, gutters and exterior finish. Use your binoculars for a bird's-eye view.
Ease of opening and closing windows. This will also let you know if the house has updated thermal windows or old-style windows that you may need or want to replace later.
Are you looking at older houses with the intention of remodeling or expanding? If so, have an architect or contractor standing by to accompany you on a second visit. The judgment of these professionals on the ease and probable cost of renovation should play a major role in how much you offer.
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I want to sell our beach house to retire now, but my wife wants to keep it.I want to sell the $610K vacation home and retire now, but my wife envisions a beach retirement in 8 years. We asked financial advisers to weigh in.
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As Mortgage Rates Rise, Renting Is Now Cheaper Than Buying for Many: The Kiplinger Letter
The Kiplinger Letter A jump in mortgage rates has caused housing affordability to slump and priced many first-time home buyers out of the market.
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Rental Market Will Slow Through 2023: The Kiplinger LetterThe Kiplinger Letter Expected growth in the rental market is likely to remain slow for the rest of the year amid a slow housing market and cooling economy.
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