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When they find a home they want to buy, most homebuyers focus on the price tag or the features. Here are four more things you’ll need to ask about a home before you make an offer. The answers can affect affordability, resale value and how happy you are living there.
Is this home in a flood zone?
Technically, any home can be flooded, but only those in high risk areas are required to be covered by insurance. At $1,000 a year or more, that coverage might be a deal-breaker for some homebuyers. Also, the government is revising flood-hazard maps, so homes that previously weren’t in flood zones may now be. Find out more at http://www.floodsmart.gov/floodsmart/.
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Are there any easements?
This is one of those legal-sounding real estate terms no one is interested in until the utility company comes along and installs 150-foot power lines 15 feet from your home. An easement is simply the right someone else has to use part of your property for a certain purpose. Easements can restrict how you use your property, so be sure to find out all the details.
Do I have the time/ability to maintain such a big yard?
Do you dream of a home with wide open spaces and acres of lawn? You’ll soon discover those wide open spaces take lots of tending. Do your research and be prepared to pay someone to maintain your space or spend a lot of your own free time doing it. You can estimate 1.5 hours per acre for mowing and trimming—every week of the summer.
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Does this area have growth potential?
It’s important to know about any developments planned for the area before you move in. Some add value to your property, like the addition of city water, septic or gas lines. Others can lower property values, such as a highway that might run through nearby properties, or a trash dump—yuck!
Get an Expert’s Advice
When you ask questions like these, you want to be sure you’re getting honest, reliable answers. Dave’s real estate Endorsed Local Providers are experts you can trust. Get in touch with your ELP to get your questions answered today!